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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. During the first quarter of 1993, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech's 1992 effective annual income tax rate was 30%, but Tech expects its 1993 effective annual income tax rate to be 25%. In its first quarter interim income statement, what amount of income tax expense should Tech report?

A) $0
B) $30,000
C) $60,000
D) $50,000

2. Hyde Corp. has three manufacturing divisions, each of which has been determined to be a reportable segment. In 1989, Clay division had sales of $3,000,000, which was 25% of Hyde's total sales, and had operating costs of $1,900,000, as reported to the CFO. In 1989, Hyde incurred operating costs of $500,000 that were not directly traceable to any of the divisions. In addition, Hyde incurred corporate interest expense of $300,000 in 1989. In reporting segment information, what amount should be shown as Clay's operating profit for 1989?

A) $975,000
B) $875,000
C) $900,000
D) $1,100,000

3. Opto Co. is a publicly-traded, consolidated enterprise reporting segment information. Which of the following items is a required enterprise-wide disclosure regarding external customers?

A) Information on major customers is not required in segment reporting.
B) The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.
C) The identity of any external customer providing 10% or more of a particular operating segment's revenue.
D) The identity of any external customer considered to be "major" by management.

4. In Baer Food Co.'s 1990 single-step income statement, the section titled "Revenues" consisted of the following:

In the revenues section of its 1990 income statement, Baer Food should have reported total revenues of:

A) $215,400
B) $201,900
C) $216,300
D) $203,700

5. Income tax-basis financial statements differ from those prepared under GAAP in that income tax-basis financial statements:

A) Do not include nontaxable revenues and nondeductible expenses in determining income.
B) Contain no disclosures about capital and operating lease transactions.
C) Recognize certain revenues and expenses in different reporting periods.
D) Include detailed information about current and deferred income tax liabilities.

Solutions: