Admission Test Financial-Accounting-Reporting 問題集

質問 1：
While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

A. Option A
B. Option C
C. Option D
D. Option B
正解：B

質問 2：
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. $5,000
B. $(350,000)
C. $0
D. $(90,000)
正解：C

質問 3：
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. I and II only.
B. I and III only.
C. II only.
D. II and III only.
正解：A

質問 4：
For interim financial reporting, the computation of a company's second quarter provision for income taxes uses an effective tax rate expected to be applicable for the full fiscal year. The effective tax rate should reflect anticipated:

A. Option A
B. Option C
C. Option D
D. Option B
正解：C

質問 5：
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. The identity of any external customer considered to be "major" by management.
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. Information on major customers is not required in segment reporting.
正解：B

質問 6：
Which of the following accounting pronouncements is the most authoritative?
A. FASB Statement of Financial Accounting Concepts.
B. FASB Technical Bulletin.
C. AICPA Accounting Principles Board Opinion.
D. AICPA Statement of Position.
正解：C

質問 7：
On June 30, 1991, Mill Corp. incurred a $100,000 net loss from disposal of a component of a business. Also, on June 30, 1991, Mill paid $40,000 for property taxes assessed for the calendar year 1991. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 1991?
A. $70,000
B. $90,000
C. $140,000
D. $120,000
正解：D

質問 8：
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
A. As a component of income from continuing operations, in the period of change and future periods if the change affects both.
B. By restating the financial statements of all prior periods presented.
C. As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
D. As a correction of an error.
正解：A

質問 9：
Which of the following factors determines whether an identified segment of an enterprise should be reported in the enterprise's financial statements under SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information?
I. The segment's assets constitute more than 10% of the combined assets of all operating segments.
II. The segment's liabilities constitute more than 10% of the combined liabilities of all operating segments.
A. I only.
B. Both I and II.
C. Neither I nor II.
D. II only.
正解：A