Admission Test Certified Public Accountant (Financial Accounting & Reporting) 認定 Financial-Accounting-Reporting 試験問題:
1. Which of the following should be reported as a prior period adjustment?
A) Option B
B) Option D
C) Option A
D) Option C
2. 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 B
B) Option D
C) Option A
D) Option C
3. 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 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 B (Select one)
A) Cumulative effect approach.
B) Prospective approach.
C) Retroactive or retrospective restatement approach.
4. Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:
What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?
A) $0.
B) $5,000 decrease.
C) $2,000 increase.
D) $3,000 decrease.
5. Conceptually, interim financial statements can be described as emphasizing:
A) Reliability over relevance.
B) Timeliness over reliability.
C) Relevance over comparability.
D) Comparability over neutrality.
質問と回答：
| 質問 # 1 正解： A | 質問 # 2 正解： D | 質問 # 3 正解： C | 質問 # 4 正解： B | 質問 # 5 正解： B |
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