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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:

1. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:

A) $168,000
B) $161,000
C) $200,000
D) $140,000

2. An extraordinary item should be reported separately on the income statement as a component of income:

A) Option B
B) Option C
C) Option A
D) Option D

3. According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Matching.
B) Recognition.
C) Allocation.
D) Realization.

4. On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?

A) $420,000
B) $600,000
C) $500,000
D) $350,000

5. A segment of Ace Inc. was discontinued during 1992. Ace's loss from discontinued operations should not:

A) Include employee relocation costs associated with the decision to dispose.
B) Include operating losses of the current period up to the date the decision to dispose of the segment was made.
C) Exclude operating losses from the date the decision to dispose of the segment was made until the end of 1992.
D) Include additional pension costs associated with the decision to dispose.

Solutions: