About Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam torrent

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

1. Ocean Corp.'s comprehensive insurance policy allows its assets to be replaced at current value. The policy has a $50,000 deductible clause. One of Ocean's waterfront warehouses was destroyed in a winter storm. Such storms occur approximately every four years. Ocean incurred $20,000 of costs in dismantling the warehouse and plans to replace it. The tax rate is 30%. The following data relate to the warehouse:
Current carrying amount $ 300,000
Replacement cost 1,100,000
What amount of gain should Ocean report as a separate component of income before extraordinary items?

A) $0
B) $730,000
C) $1,030,000
D) $780,000

2. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Extraordinary gain, net of income taxes.
B) Part of continuing operations.
C) Gain from discontinued operations, net of income taxes.
D) Reduction of the cost of the new warehouse.

3. In financial reporting of segment data, which of the following must be considered in determining if an industry segment is a reportable segment?

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

4. 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. Coffey prepares a multiple-step income statement for 1988.
Income from operations before income tax is:

A) $240,000
B) $190,000
C) $200,000
D) $230,000

5. According to the FASB conceptual framework, predictive value is an ingredient of:

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

Solutions: