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質問 # 82
Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10
years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of
$ 1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense
for the current year?
- A. $4,500
- B. $3,200
- C. $5,000
- D. $3,750
正解：C
解説：
Choice "d" is correct. A change in estimated useful life is a change in accounting estimate, and is
therefore accounted for prospectively. The revised useful life should be used as of the beginning of the
year of the change and should be applied to the current book value of the fixed asset. The first step in
determining the depreciation expense in the year of the change in estimate is to determine the book value
of the labeling machine at the time of the change:
Original cost $46,000
-Accumulated depreciation 15,000 = [(46,000 - 1,000) / 12] *4 Current book value $31,000 This book
value is then depreciated over the remaining life of the fixed asset based on the new estimated life. In this
problem, the new estimated life is 10 years, four of which have already passed, so the asset must be
depreciated over the remaining 6 years: ($31,000 - 1,000) / 6 = $5,000 Choice "a" is incorrect. This
answer is incorrectly calculated by adding the salvage value to the current book value, and by using the
entire 10 year revised estimated life. Salvage value should always be subtracted and the asset should
only be depreciated over the remaining life of the asset. Choice "b" is incorrect. This is the annual
depreciation before the change in estimated life ($46,000 -$1,000) / 12 = $3,750]. The depreciation after
the change in estimate should be calculated as described above. Choice "c" is incorrect. This would have
been the annual straight-line depreciation if the original useful life of the asset had been 10 years rather
than 12 years. The change in estimated life is applied prospectively, as described above, not
retrospectively.
質問 # 83
On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores.
Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should
include:
- A. One-fifth of the cabinet costs in cost of goods sold.
- B. All of the cabinet costs in cost of goods sold.
- C. One-fifth of the cabinet costs in selling, general, and administrative expenses.
- D. All of the cabinet costs in selling, general, and administrative expenses.
正解：C
解説：
Choice "b" is correct. One-fifth of the cabinet costs (depreciation expense) should be included in selling,
general, and administrative expenses for 1991.
Choice "a" is incorrect. Merchandise display cabinets in stores relate to selling activities, not to the
purchase cost of goods sold.
Choices "c" and "d" are incorrect. Merchandise display cabinets are fixed assets whose cost should be
allocated systematically over their five-year useful life.
質問 # 84
On December 2, 20X1, Flint Corp.'s board of directors voted to discontinue operations of its frozen food
division and to sell the division's assets on the open market as soon as possible. The division reported net
operating losses of $20,000 in December and $30,000 in January. On February 26, 20X2, sale of the
division's assets resulted in a gain of $90,000. Assuming that the frozen foods division qualifies as a
component of the business and ignoring income taxes, what amount of gain/loss from discontinued
operations should Flint recognize in its income statement for 20X2?
- A. $90,000
- B. $60,000
- C. $40,000
- D. $0
正解：B
解説：
Choice "c" is correct. The $60,000 gain from discontinued operations would be reported in Flint's 20X2
income statement. The operating loss for January would offset the gain from disposal in February, and the
net amount would be reported as a gain (in this case) from discontinued operations. The operating losses
for December would have been reported in Flint's 20X1 income statement. Choice "a" is incorrect per the
above. It would be correct if all of the gains and losses were included in 20X1 instead of 20X2. However,
gains and losses from discontinued operations are included in the year they occur. Choice "b" is incorrect.
It includes the operating loss for December, 20X1 in with the 20X2 amounts. Choice "d" is incorrect. It
ignores the January operating loss. Operating losses are included in gain/loss from discontinued
operations, along with impairment losses and gains/losses on disposal.
質問 # 85
According to the FASB conceptual framework, which of the following statements conforms to the
realization concept?
- A. Product unit costs were assigned to cost of goods sold when the units were sold.
- B. Depreciated equipment was sold in exchange for a note receivable.
- C. Cash was collected on accounts receivable.
- D. Equipment depreciation was assigned to a production department and then to product unit costs.
正解：B
解説：
Choice "b" is correct. Revenues and gains are realized when assets are exchanged for cash or claims to
cash. SFAC 5 para. 83.
Choice "a" is incorrect. Assigning depreciation in a production department is an example of allocating
overhead. There is no realization associated with the assignment.
Choice "c" is incorrect. The realization concept is integral to accounting for revenues and expenses and is
not connected to collection of receivables.
Choice "d" is incorrect. Assignment of overhead costs to products and thus to cost of goods sold is an
example of matching. There is no realization associated with this assignment.
質問 # 86
Which of the following accounting pronouncements is the most authoritative?
- A. AICPA Statement of Position.
- B. FASB Statement of Financial Accounting Concepts.
- C. FASB Technical Bulletin.
- D. AICPA Accounting Principles Board Opinion.
正解：D
解説：
Choice "c" is correct. The AICPA accounting principal board opinion (APBO) is a first floor (category A) of
established accounting principle pronouncements.
Choice "a" is incorrect. FASB statement of financial accounting concepts (SFAC or FACs) is a fifth floor
(other accounting literature) category.
Choice "b" is incorrect. FASB technical bulletins are a second floor (category B) accounting
pronouncement.
Choice "d" is incorrect. AICPA statement of position is a second floor (category B) accounting
pronouncement.
質問 # 87
In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as
AICPA:
- A. Industry Audit and Accounting Guides.
- B. Accounting Research Bulletins.
- C. Issues Papers.
- D. Statements of Position.
正解：B
解説：
Choice "d" is correct. AICPA Accounting Research Bulletins, FASB Standards, FASB Interpretations,
FASB Staff Positions, FASB Statement 133 Implementation Issues, and APB Opinions and
Interpretations are the most authoritative sources of generally accepted accounting principles. Choice "a"
is incorrect. AICPA Statements of Position, AICPA Accounting and Auditing Guides, and FASB Technical
Bulletins are secondary sources of generally accepted accounting principles. Choice "b" is incorrect.
AICPA Statements of Position, AICPA Accounting and Auditing Guides, and FASB Technical Bulletins
are secondary sources of generally accepted accounting principles. Choice "c" is incorrect. AICPA Issues
Papers and Practice Bulletins, FASB Concepts Statements, and other authoritative pronouncements are
tertiary sources for generally accepted accounting principles.
質問 # 88
On January 1, 20X1, Pell Corp. purchased a machine having an estimated useful life of 10 years and no
salvage. The machine was depreciated by the double declining balance method for both financial
statement and income tax reporting. On January 1, 20X6, Pell changed to the straight-line method for
financial statement reporting but not for income tax reporting. Accumulated depreciation at December 31,
2 0X5, was $560,000. If the straight-line method had been used, the accumulated depreciation at
December 31, 20X5, would have been $420,000. Pell's enacted income tax rate for 20X6 and thereafter is
3 0%. The amount shown in the 20X6 income statement for the cumulative effect of changing to the
straight-line method should be:
- A. $0.
- B. $140,000 credit.
- C. $98,000 credit.
- D. $98,000 debit.
正解：A
解説：
Choice "d" is correct. A change in the method of depreciation is now considered to be both a change in
method and a change in estimate. These changes should be accounted for as changes in estimate and
handled prospectively. The new depreciation method should be used as of the beginning of the year of
change and should start with the current book value of the underlying asset. No retroactive or
retrospective calculations should be made, and no adjustment should be made to retained earnings. And,
certainly, the cumulative effect should not be reflected on the income statement any more. Choices "a",
"b", and "c" are incorrect, per the above Explanation: .
質問 # 89
A development stage enterprise should use the same generally accepted accounting principles that apply
to established operating enterprises for:
- A. Option D
- B. Option C
- C. Option A
- D. Option B
正解：C
解説：
Choice "a" is correct. Development stage enterprises must use all the same principles as established
enterprises including those of revenue recognition and deferral of expenses. The primary difference is
that development stage enterprises must provide additional disclosures not required of established
operating enterprises. SFAS #7, para. 10
質問 # 90
Which of the following facts concerning fixed assets should be included in the summary of significant
accounting policies?
- A. Option D
- B. Option B
- C. Option C
- D. Option A
正解：C
解説：
Choice "c" is correct. Yes - No.
Yes - "Depreciation methods" should be disclosed in the "summary of significant accounting policies."
No - Composition of fixed assets (or any other account) should not be disclosed in the "summary of
significant accounting policies."
質問 # 91
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. $150,000
- C. $178,000
- D. $190,000
正解：C
解説：
Choice "b" is correct. $178,000.
質問 # 92
Dean Co. acquired 100% of Morey Corp. prior to 1989. During 1989, the individual companies included in
their financial statements the following:
What amount should be reported as related party disclosures in the notes to Dean's 1989 consolidated
financial statements?
- A. $155,000
- B. $175,000
- C. $330,000
- D. $150,000
正解：B
解説：
Choice "c" is correct. The only related party transaction that would require disclosure (assuming that all
amounts are material to the financial statements) would be the loans to officers since they are outside of
the ordinary course of business. Choices "a", "b", and "d" are incorrect. Officers' salaries, officers'
expenses and intercompany sales (between entities included in a consolidated set of financial statements)
are all transactions in the ordinary course of business and generally would not require disclosure.
質問 # 93
According to the FASB conceptual framework, comprehensive income includes which of the following?
- A. Option D
- B. Option C
- C. Option B
- D. Option A
正解：C
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 # 94
A transaction that is unusual in nature and infrequent in occurrence should be reported separately as a
component of income:
- A. Before cumulative effect of accounting changes and before discontinued operations of a segment of a
business. - B. After cumulative effect of accounting changes and after discontinued operations of a segment of a
business. - C. After cumulative effect of accounting changes and before discontinued operations of a segment of a
business. - D. After discontinued operations of a segment of a business.
正解：D
解説：
Choice "d" is correct. An extraordinary item (a transaction that is both "unusual in nature" and "infrequent
in occurrence") should be reported separately as a component of income after discontinued operations of
a segment of a business.
The cumulative effect of a change in accounting principle is shown on the retained earnings statement.
This is why memorizing the mnemonic "idea" is so important.
質問 # 95
According to the FASB conceptual framework, the usefulness of providing information in financial
statements is subject to the constraint of:
- A. Reliability.
- B. Cost-benefit.
- C. Representational faithfulness.
- D. Consistency.
正解：B
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 # 96
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. $600
- B. $900
- C. $1,500
- D. $2,400
正解：A
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 # 97
During a period when an enterprise is under the direction of a particular management, its financial
statements will directly provide information about:
- A. Enterprise performance but not directly provide information about management performance.
- B. Management performance but not directly provide information about enterprise performance.
- C. Neither enterprise performance nor management performance.
- D. Both enterprise performance and management performance.
正解：A
解説：
Choice "c" is correct. Financial reporting, and especially financial statements, usually cannot and do not
separate management performance from enterprise performance. Financial reporting provides
information about an enterprise during a period when it was under the direction of a particular
management but does not directly provide information about that management's performance. SFAC 1
para. 53
質問 # 98
Conn Co. reported a retained earnings balance of $400,000 at December 31, 1991. In August 1992, Conn
determined that insurance premiums of $60,000 for the three-year period beginning January 1, 1991, had
been paid and fully expensed in 1991. Conn has a 30% income tax rate. What amount should Conn report
as adjusted beginning retained earnings in its 1992 statement of retained earnings?
- A. $440,000
- B. $420,000
- C. $428,000
- D. $442,000
正解：C
解説：
Choice "b" is correct. $428,000 net of tax.
質問 # 99
An extraordinary gain should be reported as a direct increase to which of the following?
- A. Income from discontinued operations, net of tax.
- B. Income from continuing operations, net of tax.
- C. Comprehensive income.
- D. Net income.
正解：D
解説：
Choice "a" is correct. Extraordinary items are reported as a component of net income, after income from
continuing operations and discontinued operations.
Choice "b" is incorrect. An extraordinary gain (or loss) only indirectly affects comprehensive income as a
component of net income.
Choice "c" is incorrect. Extraordinary items are reported net of tax after income from continuing operations
and discontinued operations.
Choice "d" is incorrect. Extraordinary items are reported net of tax after income from continuing
operations and discontinued operations.
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 changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)
- A. Change in accounting principal.
- B. Correction of an error in previously presented financial statements.
- C. Neither an accounting change nor an accounting error.
- D. Change in accounting estimate.
正解：A
解説：
Choice "a" is correct. Change in inventory pricing method from FIFO to average cost is a change in
accounting principle.
質問 # 101
In which of the following situations should a company report a prior-period adjustment?
- A. The correction of a mathematical error in the calculation of prior years' depreciation.
- B. A switch from the straight-line to double-declining balance method of depreciation.
- C. The scrapping of an asset prior to the end of its expected useful life.
- D. A change in the estimated useful lives of fixed assets purchased in prior years.
正解：A
解説：
Choice "b" is correct. Prior period adjustments consist of: corrections of errors in the financial statements
of prior periods, retroactive restatements required by new GAAP pronouncements, and changes from a
non-GAAP method of accounting to a GAAP method of accounting (which are corrections of errors).
Choice "a" is incorrect. This change is a change in accounting estimate. Choice "c" is incorrect. This
change is a change for one GAAP method of depreciation to another GAAP method of depreciation.
Under SFAS No. 154, it is treated as a change in accounting estimate effected by a change in accounting
principle and is handled prospectively, and not as a prior-period adjustment. Choice "d" is incorrect. This
is a business activity ordinary in nature.
質問 # 102
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