Admission Test Certified Public Accountant (Financial Accounting & Reporting) : Financial-Accounting-Reporting

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Admission Test Certified Public Accountant (Financial Accounting & Reporting) Financial-Accounting-Reporting Prüfungsfragen mit Lösungen:

1. 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) $178,000
B) $150,000
C) $122,000
D) $190,000

2. 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) $115,000
B) $55,000
C) $95,000
D) $0

3. During a period when an enterprise is under the direction of a particular management, its financial statements will directly provide information about:

A) Management performance but not directly provide information about enterprise performance.
B) Neither enterprise performance nor management performance.
C) Both enterprise performance and management performance.
D) Enterprise performance but not directly provide information about management performance.

4. On January 2, 20X5, to better reflect the variable use of its only machine, Holly, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, 20X3, was $50,000, and its estimated life was 10 years. Holly estimates that the machine's total life is 50,000 machine hours. Machine hours usage was 8,500 during 20X4 and 3,500 during 20X3.
Holly's income tax rate is 30%. Holly should report the accounting change in its 20X5 financial statements as a(n):

A) None of the above.
B) Cumulative effect of a change in accounting principle of $2,000 in its income statement.
C) Adjustment to beginning retained earnings of $2,000.
D) Cumulative effect of a change in accounting principle of $1,400 in its income statement.

5. 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.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its increased investment, Quo changed its method of accounting for investment in Worth, Inc. from the cost method to the equity method.
List A

A) Neither an accounting change nor an accounting error.
B) Change in accounting principle.
C) Correction of an error in previously presented financial statements.
D) Change in accounting estimate.

Fragen und Antworten: