VALID FAR EXAM DISCOUNT, FAR EXAMS COLLECTION

Valid FAR Exam Discount, FAR Exams Collection

Valid FAR Exam Discount, FAR Exams Collection

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Tags: Valid FAR Exam Discount, FAR Exams Collection, Valid FAR Test Labs, FAR Examcollection Free Dumps, FAR Certification Exam Dumps

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AICPA CPA Financial Accounting and Reporting Sample Questions (Q35-Q40):

NEW QUESTION # 35
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. $442,000
  • B. $440,000
  • C. $428,000
  • D. $420,000

Answer: C

Explanation:
Choice "b" is correct. $428,000 net of tax.


NEW QUESTION # 36
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. Prospective approach.
  • B. Retroactive or retrospective restatement approach.
  • C. Cumulative effect approach.

Answer: B

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.


NEW QUESTION # 37
Tanker Oil Co., a development stage enterprise, incurred the following costs during its first year of
operations:

Tanker had no revenue during its first year of operation. What amount may Tanker capitalize as
organizational costs?

  • A. $55,000
  • B. $115,000
  • C. $0
  • D. $95,000

Answer: C

Explanation:

Choice "d" is correct. $0.
All organizational costs (start-up costs) should be expensed when incurred (per SOP 98-5).


NEW QUESTION # 38
FASB Interpretations of Statements of Financial Accounting Standards have the same authority as the
FASB:

  • A. Statements of Financial Accounting Concepts.
  • B. Statements of Financial Accounting Standards.
  • C. Emerging Issues Task Force Consensus.
  • D. Technical Bulletins.

Answer: B

Explanation:
Choice "d" is correct. FASB interpretations of the "statements of financial accounting standards" (SFAS)
have the same authority as the FASB statements of financial accounting standards (SFAS), which by
themselves determine GAAP. Choice "a" is incorrect. Statements of financial accounting concepts (FAC's)
have much less authority (fifth floor) and do not by themselves determine GAAP as is the case with
SFASs and interpretations of SFASs. Choice "b" is incorrect. Emerging issues task force (EITF)
consensus is in the nature of a "third floor" authority. The EITF was established in 1984 to aid the FASB in
identifying and implementing emerging issues before they become widespread and ultimately require
action by the FASB. After discussing the issues and the relevant accounting pronouncements, the group
can sometimes reach a consensus on an issue, in which case no action by the FASB is usually needed.
Choice "c" is incorrect. Technical bulletins of the FASB (second floor) do not by themselves determine
GAAP.


NEW QUESTION # 39
Which of the following should be reported as a prior period adjustment?

  • A. Option D
  • B. Option A
  • C. Option C
  • D. Option B

Answer: D

Explanation:
Choice "b" is correct. No - Yes Change in estimated lives of depreciable assets is a "change in estimate."
They affect only current and future periods (not "prior periods," not retained earnings). Change from
unaccepted principle to accepted principle is an example of an error of a prior period that should be
reported as a "prior period adjustment."


NEW QUESTION # 40
......

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