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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. On November 1, 20X2, Smith Co. contracted to dispose of an industry segment. Throughout 20X2 the segment had operating losses. These losses were expected to continue until the segment's disposition.
If a loss is projected on final disposition, how much of the operating losses should be included in the loss from discontinued operations reported in Smith's 20X2 income statement?
I. Operating losses for the period January 1 to October 31, 20X2.
II. Operating losses for the period November 1 to December 31, 20X2.
III. Estimated operating losses for the period January 1 to February 28, 20X3.

A) II and III only.
B) II only.
C) I and II only.
D) I and III only.

2. In financial reporting of segment data, which of the following items is always used in determining a segment's operating income?

A) Gain or loss on discontinued operations.
B) Sales to other segments.
C) Income tax expense.
D) General corporate expense.

3. What information should a public company present about revenues from its reporting segments?

A) Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.
B) No disclosure of revenues from foreign operations need be reported.
C) Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.
D) Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.

4. Which of the following is true regarding the presentation of "comprehensive income."

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

5. During 1990, Fuqua Steel Co. had the following unusual financial events occur:
* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.
* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in 1990?

A) $(350,000)
B) $(90,000)
C) $5,000
D) $0

Solutions: