質問 1:In 1990, Brighton Co. changed from the individual item approach to the aggregate approach in applying
the lower of FIFO cost or market to inventories. The cumulative effect of this change should be reported in
Brighton's financial statements as a:
A. Component of income from continuing operations, without separate disclosure.
B. Component of income after continuing operations, with separate disclosure.
C. Component of income from continuing operations, with separate disclosure.
D. Retrospective adjustment on the retained earnings statement, with separate disclosure.
正解:D
解説: (Topexam メンバーにのみ表示されます)
質問 2:Earnings per share data should be reported on the income statement for:
A. Option A
B. Option C
C. Option D
D. Option B
正解:D
解説: (Topexam メンバーにのみ表示されます)
質問 3:Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
A. III & IV
B. I & II
C. I & IV
D. II & III
正解:A
解説: (Topexam メンバーにのみ表示されます)
質問 4:In open market transactions, Gold Corp. simultaneously sold its long-term investment in Iron Corp. bonds
and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions.
Gold's gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the
transaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently.
Gold should report the:
A. Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in
income before extraordinary items.
B. Net effect of the two transactions as an extraordinary gain.
C. Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond
transaction as an extraordinary loss.
D. Net effect of the two transactions in income before extraordinary items.
正解:A
解説: (Topexam メンバーにのみ表示されます)
質問 5:Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market
price is expected to return to previous levels by the end of the year. At the end of the year the decline had
not reversed. When should the loss be reported in Petal's interim income statements?
A. Ratably over the second, third, and forth [sic] quarters.
B. In the second quarter only.
C. Ratably over the third and fourth quarters.
D. In the fourth quarter only.
正解:D
解説: (Topexam メンバーにのみ表示されます)
質問 6:The cumulative effect of a change in accounting estimate should be shown separately:
A. On the income statement above income from continuing operations.
B. On the retained earnings statement as an adjustment to the beginning balance.
C. On the income statement after income from continuing operations and before extraordinary items.
D. It should not be recorded separately on any financial statement.
正解:D
解説: (Topexam メンバーにのみ表示されます)
質問 7:The following costs were incurred by Griff Co., a manufacturer, during 1992: What amount of these costs
should be reported as general and administrative expenses for 1992?
A. $810,000
B. $550,000
C. $260,000
D. $635,000
正解:C
解説: (Topexam メンバーにのみ表示されます)
質問 8:Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December
3 1, 1988. The following information was taken from Chester's accounting records for the above period:
For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net
loss?
A. $450,000
B. $ 50,000
C. $350,000
D. $150,000
正解:A
解説: (Topexam メンバーにのみ表示されます)
質問 9:Which of the following types of entities are required to report on business segments?
A. Nonpublic business enterprises.
B. Joint ventures.
C. Publicly-traded enterprises.
D. Not-for-profit enterprises.
正解:A
解説: (Topexam メンバーにのみ表示されます)
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AICPA CPA Financial Accounting and Reporting 認定 FAR 試験問題:
1. Which of the following should be disclosed in a summary of significant accounting policies?
I. Management's intention to maintain or vary the dividend payout ratio.
II. Criteria for determining which investments are treated as cash equivalents.
III. Composition of the sales order backlog by segment.
A) II and III.
B) I and III.
C) I only.
D) II only.
2. During 20X5, Dale Corp. made the following accounting changes:
What amount should be shown in the 20X5 retained earnings statement as an adjustment to the
beginning balance?
A) $98,000
B) $128,000
C) $0
D) $30,000
3. Which of the following is true regarding the comparison of managerial to financial accounting?
A) Managerial accounting has a past focus and financial accounting has a future focus.
B) Managerial accounting need not follow generally accepted accounting principles (GAAP) while
financial accounting must follow them.
C) The emphasis on managerial accounting is relevance and the emphasis on financial accounting is
timeliness.
D) Managerial accounting is generally more precise.
4. A statement of cash flows for a development stage enterprise:
A) Is not presented.
B) Is the same as that of an established operating enterprise, but does not show cumulative amounts from
the enterprise's inception.
C) Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts
from the enterprise's inception.
D) Shows only cumulative amounts from the enterprise's inception.
5. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack
discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial
statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained
earnings in its statement of retained earnings at December 31, 1991?
A) $122,000
B) $190,000
C) $178,000
D) $150,000
質問と回答:
質問 # 1 正解: D | 質問 # 2 正解: A | 質問 # 3 正解: B | 質問 # 4 正解: C | 質問 # 5 正解: C |