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質問 92
At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the
costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an
increasing number of demos placed with customers that did not result in sales. Off-Line had deferred
demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the
remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount
should Off-Line report as cumulative effect of change in accounting principle?
- A. $500,000
- B. $350,000
- C. $200,000
- D. $0
正解: D
解説:
Choice "a" is correct. When a change in accounting principle is considered inseparable from a change in
estimate, the change is handled as a change in estimate - prospectively. No cumulative effect adjustment
is made.
Choices "b", "c", and "d" are incorrect since no cumulative effect adjustment is made.
質問 93
Rock Co.'s financial statements had the following balances at December 31:
What amount should Rock report as comprehensive income for the year ended December 31?
- A. $420,000
- B. $520,000
- C. $570,000
- D. $400,000
正解: B
解説:
Choice "c" is correct. Comprehensive Income includes all items included in "Net Income" plus "Other
Comprehensive Income" items. Since the $50,000 extraordinary gain is already included in Net Income,
Comprehensive Income is:
質問 94
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. $140,000
- B. $120,000
- C. $90,000
- D. $70,000
正解: B
解説:
Choice "b" is correct. $120,000 expense included in the determination of net income or loss for the six
month interim period ended June 30, 1991.
質問 95
Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its
small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest
of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the
earliest point at which Envoy should report the small appliance group as a discontinued operation?
- A. When Envoy first sells any of the assets of the segment.
- B. When Envoy receives an offer for the segment.
- C. When Envoy sells the majority of the assets of the segment.
- D. When Envoy classifies it as held for sale.
正解: D
解説:
Choice "a" is correct. The earliest period that a component of an entity can be reported in discontinued
operations is when the component meets the following "held for sale" criteria:
1 . Management commits to a plan to sell the component.
2 . The component is available for immediate sale in its present condition.
3 . An active program to locate a buyer has been initiated.
4 . The sale of the component is probable and the sale is expected to be completed within one year.
5 . The sale of the component is being actively marketed.
6 . It is unlikely that significant change to the plan to sell will be made or that the plan will be withdrawn.
Choices "b", "c", and "d" are incorrect, per the Explanation: above.
質問 96
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 and, in addition, shows cumulative amounts
from the enterprise's inception. - C. Shows only cumulative amounts from the enterprise's inception.
- D. Is the same as that of an established operating enterprise, but does not show cumulative amounts from
the enterprise's inception.
正解: B
解説:
Rule: Development stage enterprises should present financial statements in accordance with
GAAP and make additional disclosures such as cumulative amounts from inception for: net losses,
deficits, sales, expenses, and cash flows and supplementary data.
Choice "a" is correct, per the rule shown above.
Choice "b" is incorrect. Current amounts are shown as well as cumulative amounts.
Choice "c" is incorrect. Cumulative amounts from inception are shown.
Choice "d" is incorrect. A statement of cash flows is required.
質問 97
According to the FASB conceptual framework, comprehensive income includes which of the following?
- A. Option C
- B. Option B
- C. Option D
- D. Option A
正解: B
解説:
Choice "b" is correct. Comprehensive income is the change in equity of a business during a period from
transactions and other events and circumstances from non-owner sources. It includes all changes in
equity except those resulting from investments by owners and distributions to owners. SFAC 6 para 70.
質問 98
According to the FASB conceptual framework, the usefulness of providing information in financial
statements is subject to the constraint of:
- A. Consistency.
- B. Reliability.
- C. Representational faithfulness.
- D. Cost-benefit.
正解: D
解説:
Choice "b" is correct. The pervasive constraint on providing information in financial statements is that the
cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23,
SFAC 2 para. 133 Choice "a" is incorrect. Consistency is an underlying concept for financial statements
(and a secondary quality of accounting information), but it is not a constraint on providing information.
SFAC 2 para. 120 Choice "c" is incorrect. Reliability is a primary quality of accounting information and an
underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2
para. 58 Choice "d" is incorrect. Representational faithfulness is an underlying concept for financial
statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.
質問 99
According to the FASB conceptual framework, the objectives of financial reporting for business
enterprises are based on:
- A. Generally accepted accounting principles.
- B. The needs of the users of the information.
- C. The need for conservatism.
- D. Reporting on management's stewardship.
正解: B
解説:
Choice "d" is correct. The FASB conceptual framework states that the objectives of financial reporting
stem from the informational needs of the external users of the information. SFAC 1 para. 28 Choice "a" is
incorrect. Generally accepted accounting principles (GAAP) are derived from and based on the objectives
of financial reporting, not the other way around. Choice "b" is incorrect. Information concerning
management's stewardship is only one aspect of the information financial statements are intended to
provide. SFAC 1 para. 50 Choice "c" is incorrect. Conservatism is an underlying concept for financial
accounting but is not the basis for the objectives. SFAC 2 para. 91-97
質問 100
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 A represents possible clarifications of these
transactions as: a change in accounting principle, a change in accounting estimate, a correction of an
error in previously presented financial statements, or neither an accounting change nor an accounting
error.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are performed over
several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income
from these service contracts.
List A (Select one)
- A. Neither an accounting change nor an accounting error.
- B. Change in accounting principal.
- C. Correction of an error in previously presented financial statements.
- D. Change in accounting estimate.
正解: C
解説:
Choice "c" is correct. Change from the cash method to the accrual method is a correction of an error in
previously presented financial statements.
質問 101
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
1 990?
- A. $0
- B. $5,000
- C. $(350,000)
- D. $(90,000)
正解: A
解説:
Choice "a" is correct. $0. Note: The sale of the steel transportation component resulted in a loss from
discontinued operations and is reported after "income from continuing operations." The steel forming
segment's hurricane damage (4th in 5 years) of $255,000 is only "unusual in nature" and does not occur
infrequently, therefore, it is not an "extraordinary item," and should be reported separately as a
component of "income from continuing operations." The retirement of debt, although unusual, is not
infrequent for the company; therefore, the gain does not qualify for classification as an extraordinary item
per APBO No. 30 (and SFAS No. 145).
質問 102
APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be
viewed primarily in which of the following ways?
- A. As if the interim period were an annual accounting period.
- B. As reporting for an integral part of an annual period.
- C. As reporting under a comprehensive basis of accounting other than GAAP.
- D. As useful only if activity is spread evenly throughout the year.
正解: B
解説:
Choice "c" is correct. Interim financial reporting should be viewed as reporting for an integral part of an
annual period.
Choices "a", "b", and "d" are incorrect, per the above rule.
質問 103
In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as
follows:
"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave
$ 140,000 to health and human-service organizations, of which $80,000 was contributed by employees
through payroll deductions. In addition, consistent with the Company's commitment to the environment,
the Company spent $100,000 to redesign product packaging."
What amount of the above should be included in Yew's income statement as charitable contributions
expense?
- A. $490,000
- B. $390,000
- C. $310,000
- D. $410,000
正解: C
解説:
Choice "a" is correct. Charitable contributions include amounts the company gave to recognized charities.
This includes:
Note: Of the $140,000, employees gave $80,000, and the company $60,000. Redesigning packaging is
not a contribution to a charity.
Choice "b" is incorrect. The company gave only $60,000 of the $140,000. Employees gave $80,000.
Choice "c" is incorrect. Redesigning packaging is not a contribution to a charity.
Choice "d" is incorrect. The company gave only $60,000 of the $140,000. Employees gave $80,000.
Redesigning packaging is not a contribution to a charity.
質問 104
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
正解: A
解説:
Choice "d" is correct. $240,000 The gain on debt extinguishment does not meet the unusual and
infrequent criteria of APB 30 to be treated as an extraordinary item (per SFAS No. 145, extinguishments
of debt are no longer automatically extraordinary), so it is included as part of income from continuing
operations.
質問 105
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
1 992 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
1 992 financial statements.
Item to Be Answered
As a result of a production breakthrough, Quo determined that manufacturing equipment previously
depreciated over 15 years should be depreciated over 20 years.
List B (Select one)
- A. Retroactive or retrospective restatement approach.
- B. Cumulative effect approach.
- C. Prospective approach.
正解: C
解説:
Choice "C" is correct. This affects only the prospective (current and subsequent) periods - not prior
periods, not retained earnings.
質問 106
Mellow Co. depreciated a $12,000 asset over five years, using the straight-line method with no salvage
value. At the beginning of the fifth year, it was determined that the asset will last another four years. What
amount should Mellow report as depreciation expense for year 5?
- A. $900
- B. $600
- C. $2,400
- D. $1,500
正解: B
解説:
Choice "a" is correct. Over the first 4 years, the asset would be depreciated down to $2,400. Once it was
determined that the asset would last for another 4 years, $600 would be depreciated each year of that 4
year period. This change is a change in accounting estimate (the estimate being the life of the asset).
Changes is accounting estimate are accounted for in the current year and future years if the change
affects both. Choice "b" is incorrect. This answer is the annual difference between the depreciation
expense IF depreciation expense had been retroactively restated ($24,000 / 8 = $1,500) and the correct
depreciation expense. Retroactive restatement is not appropriate for changes in accounting estimate.
Choice "c" is incorrect. This answer is the depreciation expense IF depreciation had been retroactively
restated ($24,000 / 8 = $1,500). Retroactive restatement is not appropriate for changes in accounting
estimate. Choice "d" is incorrect. This answer is the undepreciated amount at the beginning of the fifth
year or the amount of the annual depreciation expense for each of the first 4 years. Either way, it certainly
is not going to be the depreciation expense for that year because the remaining cost will depreciated over
the remaining period.
質問 107
Which of the following is a generally accepted accounting principle that illustrates the practice of
conservatism during a particular reporting period?
- A. Reporting inventory at the lower of cost or market value.
- B. Accrual of a contingency deemed to be reasonably possible.
- C. Capitalization of research and development costs.
- D. Reporting investments with appreciated market values at market value.
正解: A
解説:
Choice "d" is correct. The rule of conservatism states that revenues and gains should be recognized when
the earnings process is complete, but that expenses and losses should be expensed immediately.
Reporting inventory at the lower of cost or market requires the recording of a loss on inventory when
market is lower than cost in the period the loss is sustained, rather than when the inventory is sold,
consistent with the rule of conservatism. Choice "a" is incorrect. Because the future benefits of R&D costs
are questionable, these cost should be expensed immediately, consistent with the rule of conservatism
and the matching principle. Choice "b" is incorrect. The rule of conservatism only requires the accrual of
"probable" losses. The accrual of a reasonably possible loss is not required and the accrual of any
contingent gain, whether probable, reasonably possible, or remote, is prohibited. Choice "c" is incorrect.
The reporting of marketable securities with appreciated values at market value requires the recording of a
gain on the asset before the gain is realized. This contradicts the rule of conservatism, but is allowed
because fair value is a more relevant measure of the value of marketable securities.
質問 108
On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to
discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would
be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the
division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?
- A. $500,000
- B. $420,000
- C. $350,000
- D. $600,000
正解: B
解説:
Choice "c" is correct. The 20X3 loss from discontinued operations would include both the 20X3 operating
loss of $500,000 (which turned out to be a correct estimate) and the "additional" loss (on disposal) of
$ 100,000, net of tax, for a total of $600,000 x .70 or $420,000. Choice "a" is incorrect. It includes the 20X3
operating loss of $500,000 but not the $300,000 impairment loss but does report the 20X3 operating loss
net of tax. Choice "b" is incorrect. It includes the 20X3 operating loss of $500,000, but not the $100,000
loss on disposal, and reports the 20X3 operating loss gross of tax and not net of tax. Choice "d" is
incorrect. It reports the 20X3 loss from discontinued operations gross of tax and not net of tax. The 20X3
loss from discontinued operations should include both the 20X3 operating loss of $500,000 and the loss
on disposal of $100,000, net of tax, for a total of $600,000 x .70 or $420,000.
質問 109
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