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質問 # 72
The following items were among those that were reported on Lee Co.'s income statement for the year
ended December 31, 1989:
The office space is used equally by Lee's sales and accounting departments. What amount of the above
listed items should be classified as general and administrative expenses in Lee's multiple-step income
statement?
- A. $290,000
- B. $500,000
- C. $410,000
- D. $325,000
正解：A
解説：
Note: 1/2 of the office space of $240,000 was used by the sales department, which should be allocated to
"selling expenses" (not general and administrative).
Choice "a" is correct. $290,000.
質問 # 73
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. $140,000 credit.
- B. $98,000 credit.
- C. $0.
- D. $98,000 debit.
正解：C
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 # 74
A planned volume variance in the first quarter, which is expected to be absorbed by the end of the fiscal
period, ordinarily should be deferred at the end of the first quarter if it is:
- A. Option D
- B. Option A
- C. Option B
- D. Option C
正解：A
解説：
Choice "d" is correct. Yes - Yes.
Rule: Volume variances that are planned or expected to be absorbed by the end of the year should be
deferred at interim whether favorable or unfavorable.
質問 # 75
There are multiple active markets for a financial asset with different observable market prices:
There is no principal market for the financial asset. What is the fair value of the asset?
- A. $76
- B. $71
- C. $74
- D. $72
正解：C
解説：
Choice "c" is correct. When there is no principal market, the price in the most advantageous market is the
fair value measurement. Although transaction costs are not included in the fair value measurement, they
are used to determine the most advantageous market, as follows:
Market A: Net Price = Quoted Price - Transaction Costs = $76 - 5 = $71 Market B: Net Price = Quoted
Price - Transaction Costs = $74 - 2 = $72
Because the net price in Market B is higher than the net price in Market A, Market B is the most
advantageous market and the quoted price in Market B ($74) is the fair value of the asset. Choice "a" is incorrect.
This is the net price in Market A.
Fair value does not include transaction costs. Choice "b" is incorrect. This is the net price in Market B.
This net price indicates that Market B is the most
advantageous market, but the net price is not the fair value because fair value does not include
transaction costs. Choice "d" is incorrect. If Market A were the principal market for the asset, then this
would be the fair value of the asset. However, because there is no principal market, the price in the most
advantageous market (Market B) is the price of the asset.
質問 # 76
If a company is not presenting comparative financial statements, the correction of an error in the financial
statements of a prior period should be reported, net of applicable income taxes, in the current:
- A. Retained earnings statement as an adjustment of the opening balance.
- B. Income statement after income from continuing operations and before extraordinary items.
- C. Income statement after income from continuing operations and after extraordinary items.
- D. Retained earnings statement after net income but before dividends.
正解：A
解説：
Choice "b" is correct. The correction of an error in the financial statements of a prior period should be
reported, net of tax, in the current statement of retained earnings as an adjustment of the opening
balance.
Choice "a" is incorrect. The adjustment is before net income, not after net income.
Choices "c" and "d" are incorrect. Corrections of errors of prior periods go to retained earnings and do not
affect the income statement.
質問 # 77
Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting
principle. Which of the following should the auditor consider the most authoritative?
- A. FASB Technical Bulletins.
- B. FASB Statements of Financial Accounting Concepts.
- C. AICPA Technical Practice Aids.
- D. AICPA Accounting Interpretations.
正解：A
解説：
Choice "a" is correct. The most authoritative pronouncements (first floor) are FASB Statements, FASB
Staff Positions, FASB Statement 133 Implementation Issues, FASB Interpretations, AICPA APB opinions,
and AICPA Accounting Research Bulletins. When these pronouncements do not provide appropriate
guidance, the next level of pronouncements (second floor) are AICPA Industry Audit and Accounting
Guides, AICPA Statements of Position, and FASB Technical Bulletins. Choice "b" is incorrect. AICPA
Accounting Interpretations are not as authoritative as FASB Technical Bulletins, since they are on the
fourth floor. Choices "c" and "d" are incorrect. FASB Concepts Statements and AICPA Technical Practice
Aids are among the least authoritative of accounting literature (fifth floor).
質問 # 78
On March 15, 1992, Krol Co. paid property taxes of $90,000 on its office building for the calendar year
1 992. On April 1, 1992, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs
will benefit operations for the remainder of 1992. What is the total amount of these expenses that Krol
should include in its quarterly income statement for the three months ended June 30, 1992?
- A. $37,500
- B. $172,500
- C. $97,500
- D. $72,500
正解：D
解説：
Rule: Actual and estimated expenditures benefiting all interim periods equally should be expensed ratably
throughout the year.
Choice "c" is correct. $72,500 total expense for the three months ended June 30, 1992.
質問 # 79
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. Net effect of the two transactions in income before extraordinary items.
- B. Net effect of the two transactions as an extraordinary gain.
- C. Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in
income before extraordinary items. - D. Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond
transaction as an extraordinary loss.
正解：C
解説：
Choice "d" is correct, these are two separate transactions because Gold Corp. (1) sold Iron Corp. bonds
(an investment) for a loss, and, (2) bought back its own (Gold) Corp. bonds (a debt) for a gain. This is not
a "refinancing" (where one would sell new bond debt to buy back old bond debt outstanding).
The gain from the purchase of its own bonds is an "extraordinary gain" because it is both unusual in
nature and infrequently occurring (per APB Opinion No. 30 and SFAS No. 145). The Iron Corp.
transaction is a loss in "income before extraordinary items."
Choices "a" and "b" are incorrect. The two transactions are separate and cannot be netted.
Choice "c" is incorrect. Just the opposite. The sale of the investment is a loss in "income before
extraordinary items," while the purchase of its bond debt is an "extraordinary gain" according to the
provisions of APB Opinion No. 30.
質問 # 80
Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax
items:
. A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and
fourth quarters of 1990.
. A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized
on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount,
$ 12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:
- A. $115,000
- B. $111,000
- C. $103,000
- D. $91,000
正解：D
解説：
Choice "a" is correct. $91,000 net income for the third quarter ended 9-30-90.
Rules: The entire amount of an "extraordinary" item should be reported during the period incurred.
A "cumulative effect" type accounting change is not included in the net income of the period of change;
instead, the beginning of the year retained earnings is restated.
Expenses, which benefit more than one interim period, such as property taxes, are allocated among the
periods benefited.
質問 # 81
Income tax-basis financial statements differ from those prepared under GAAP in that income tax-basis
financial statements:
- A. Do not include nontaxable revenues and nondeductible expenses in determining income.
- B. Include detailed information about current and deferred income tax liabilities.
- C. Contain no disclosures about capital and operating lease transactions.
- D. Recognize certain revenues and expenses in different reporting periods.
正解：D
解説：
Choice "d" is correct. Income tax-basis financial statements recognize events when taxable income or
deductible expenses are recognized on the entity's tax return. Non-taxable income and non-deductible
expenses are shown on the financial statement and included in the determination of income (and become
M-1 adjustments to arrive at taxable income). Please Note: This question appeared in the releases for
1 999 in FARE; however, it may also apply to OCBOA financial statements discussed in the Auditing
textbook. The question did not apply well to any FARE CSO line item, so we included it here so that you
could read the Explanation: and learn from it.
質問 # 82
On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the
weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of
the change is determined:
- A. As of August 31, 1992.
- B. During 1992 by a weighted average of the purchases.
- C. As of January 1, 1992.
- D. During the eight months ending August 31, 1992, by a weighted average of the purchases.
正解：C
解説：
Rule: The cumulative effect of a change in accounting principle equals the difference between retained
earnings at the beginning of period of the change and what retained earnings would have been if the
change was applied to all affected prior periods. Choice "a" is correct. As of January 1, 1992, the
beginning of the year. This assumes that the company is not presenting comparative financial statements.
If comparative financial statements are presented, then the adjustment is made to the beginning retained
earnings of the earliest year presented. Choice "b" is incorrect. The cumulative effect of the change is not
determined as of the date the decision is made. Choices "c" and "d" are incorrect. The cumulative effect of
the change is not determined by a weighted average. (A far out distractor.)
質問 # 83
Taft Corp. discloses supplemental industry segment information. The following information is available for
1 992:
Additional 1992 expenses, not included above, are as follows:
Indirect operating expenses $7,200
General corporate expenses 4,800
Segment C's 1992 operating profit was:
- A. $2,600
- B. $3,200
- C. $2,000
- D. $5,000
正解：D
解説：
Choice "a" is correct. $5,000 operating profit for Segment C.
Rule: Operating profit by segments is based on the measure of profit reported to the "Chief Operating
Decision Maker."
Interest expense, income taxes, and general corporate expenses are not allocated to the divisions solely
for the purposes of segment disclosures; they may be allocated if that is how the segments report to the
"Chief Operating Decision Maker."
質問 # 84
What information should a public company present about revenues from its reporting segments?
- A. Disclose as a combined amount sales to unaffiliated customers and intracompany sales between
geographic areas. - B. No disclosure of revenues from foreign operations need be reported.
- C. Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany
sales. - D. Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany
sales between geographic areas.
正解：C
解説：
Choice "a" is correct. Unaffiliated customers sales and intracompany sales must be disclosed separately.
質問 # 85
How should the effect of a change in accounting principle that is inseparable from the effect of a change in
accounting estimate be reported?
- A. As a correction of an error.
- B. By restating the financial statements of all prior periods presented.
- C. By footnote disclosure only.
- D. As a component of income from continuing operations.
正解：D
解説：
Choice "a" is correct. When the effect of a change in accounting principle is inseparable from the effect of
a change in accounting estimate, the reporting treatment for the overall effect is as a change in estimate.
Thus, the effect is reported prospectively as a component of income from continuing operations. Under
SFAS No. 154, this type of change is now called a change in accounting estimate affected by a change in
accounting principle. Choice "b" is incorrect. Restatement of all prior periods is the retroactive accounting
treatment that is applied to the correction of an error and the retrospective accounting treatment given to
changes in accounting principle. However, a change in accounting principle that is inseparable from the
effect of a change in accounting estimate is now treated as a change in accounting estimate. Choice "c" is
incorrect. Correction of an error is given retroactive treatment as a prior period adjustment to retained
earnings with restatement of prior periods. This is not the treatment appropriate for the effect of a change
in accounting principle that is inseparable from the effect of a change in accounting estimate. Choice "d"
is incorrect. While footnote disclosure is always appropriate for an accounting change, such disclosure
alone is never the appropriate accounting treatment.
質問 # 86
A statement of cash flows for a development stage enterprise:
- A. Shows only cumulative amounts from the enterprise's inception.
- B. Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts
from the enterprise's inception. - C. Is the same as that of an established operating enterprise, but does not show cumulative amounts from
the enterprise's inception. - D. Is not presented.
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 # 87
Which of the following accounting pronouncements is the most authoritative?
- A. FASB Statement of Financial Accounting Concepts.
- B. AICPA Accounting Principles Board Opinion.
- C. AICPA Statement of Position.
- D. FASB Technical Bulletin.
正解：B
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 # 88
According to the FASB's conceptual framework, the process of reporting an item in the financial
statements of an entity is:
- A. Matching.
- B. Allocation.
- C. Realization.
- D. Recognition.
正解：D
解説：
Choice "a" is correct. Recognition.
According to the FASB's conceptual framework, the process of reporting an item in the financial
statements of an entity is recognition.
質問 # 89
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