최신 CPA Certification Financial-Accounting-Reporting 무료샘플문제:

1. Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting principle. Which of the following should the auditor consider the most authoritative?

A) AICPA Technical Practice Aids.
B) AICPA Accounting Interpretations.
C) FASB Technical Bulletins.
D) FASB Statements of Financial Accounting Concepts.

2. On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
Quo manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List B (Select one)

A) Retroactive or retrospective restatement approach.
B) Prospective approach.
C) Cumulative effect approach.

3. An inventory loss from a market price decline occurred in the first quarter, and the decline was not expected to reverse during the fiscal year. However, in the third quarter the inventory's market price recovery exceeded the market decline that occurred in the first quarter. For interim financial reporting, the dollar amount of net inventory should:

A) Not be affected in either the first quarter or the third quarter.
B) Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery.
C) Decrease in the first quarter by the amount of the market price decline and not be affected in the third quarter.
D) Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the decrease in the first quarter.

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. Which of the following should be disclosed for each reportable operating segment of an enterprise?

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

질문과 대답: