NO.1 Conceptually, interim financial statements can be described as emphasizing:
A. Timeliness over reliability.
B. Comparability over neutrality.
C. Relevance over comparability.
D. Reliability over relevance.
Answer: A
FAR 初心者
Explanation:
Choice "a" is correct. Interim financial statements emphasize timeliness (an element of relevance) by
providing financial information based on actual performance to date and estimates prior to year end.
Information must be available when it is needed to be useful. Reliability is impeded by the extensive
use
of estimates; however, the lag until verifiability is obtained detracts from usefulness. SFAC 2 para. 56
Choice "b" is incorrect. Relevance (particularly timeliness) of information in interim financial
statements is
emphasized more than reliability. Reliability is impeded by the extensive use of estimates in interim
data.
Choice "c" is incorrect. Since comparability is a secondary quality of information, there should be no
need
to trade off comparability for relevance (a primary quality). Choice "d" is incorrect. Neutrality is an
element
of reliability (a primary quality of information. There should be NO need for a trade-off for
comparability
over neutrality.
NO.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
1 990?
A. $(90,000)
B. $(350,000)
C. $0
D. $5,000
Answer: C
FAR 専門
Explanation:
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).
NO.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
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
Quo changed from FIFO to average cost to account for its raw materials and work in process
inventories.
List B (Select one)
A. Retroactive or retrospective restatement approach.
B. Cumulative effect approach.
C. Prospective approach.
Answer: A
FAR 認証 FAR ファンデーション
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings
statement of the earliest year presented as an adjustment of the beginning balance. All prior year
financial
statements are recast.
NO.4 The summary of significant accounting policies should disclose the:
A. Terms for convertible debt to be exchanged for common stock.
B. Maturity dates of noncurrent debts.
C. Criteria for determining which investments are treated as cash equivalents.
D. Concentration of credit risk of all financial instruments by geographical region.
Answer: C
FAR 関連 FAR 受験
Explanation:
Choice "d" is correct. The criteria for determining which investments are treated as cash equivalents
would be part of the summary of significant accounting policies. Choice "a" is incorrect. The maturity
dates of noncurrent debts are required disclosures, but are not a part of the summary of significant
accounting policies. Choice "b" is incorrect. The terms for convertible debt to be exchanged for
common
stock are not accounting policies; they would be disclosed separately. Choice "c" is incorrect. The
concentration of credit risk of all financial instruments by geographic region may be a required
segment
disclosure, especially for financial institutions. However, it would not be a part of the summary of
significant accounting policies.
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試験番号：FAR 出題内容
試験科目：「CPA Financial Accounting and Reporting」
最近更新時間：2017-03-26
問題と解答：165
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