Financial-Accounting-Reporting無料問題集「Admission Test Certified Public Accountant (Financial Accounting & Reporting)」

質問 1

In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?

（A）Effect of a decrease in the estimated useful life of depreciable equipment.

（B）Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.

（C）Effect of a failure to provide for uncollectible accounts in the previous period.

（D）Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.

正解：A 解答を投票する

質問 2

Which of the following should be disclosed in a summary of significant accounting policies?

（A）Basis of profit recognition on long-term construction contracts.

（B）Depreciation expense.

（C）Future minimum lease payments in the aggregate and for each of the five succeeding fiscal years.

（D）Composition of sales by segment.

正解：A 解答を投票する

質問 3

The summary of significant accounting policies should disclose the:

（A）Criteria for determining which investments are treated as cash equivalents.

（B）Terms for convertible debt to be exchanged for common stock.

（C）Maturity dates of noncurrent debts.

（D）Concentration of credit risk of all financial instruments by geographical region.

正解：A 解答を投票する

質問 4

The following costs were incurred by Griff Co., a manufacturer, during 1992:

What amount of these costs should be reported as general and administrative expenses for 1992?

（A）$635,000

（B）$550,000

（C）$810,000

（D）$260,000

正解：D 解答を投票する

質問 5

Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:

（A）$200,000

（B）$140,000

（C）$168,000

（D）$161,000

正解：B 解答を投票する

質問 6

The following information pertains to Aria Corp. and its divisions for the year ended December 31, 1988:

Aria and all of its divisions are engaged solely in manufacturing operations. Aria has a reportable segment if that segment's revenue exceeds:

（A）$200,000

（B）$204,000

（C）$264,000

（D）$260,000

正解：D 解答を投票する

質問 7

Which of the following is true regarding the comparison of managerial to financial accounting?

（A）Managerial accounting has a past focus and financial accounting has a future focus.

（B）Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.

（C）Managerial accounting is generally more precise.

（D）The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.

正解：B 解答を投票する

質問 8

In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

（A）Issues Papers.

（B）Industry Audit and Accounting Guides.

（C）Accounting Research Bulletins.

（D）Statements of Position.

正解：C 解答を投票する

質問 9

Earnings per share data should be reported on the income statement for:

（A）Option D

（B）Option B

（C）Option C

（D）Option A

正解：B 解答を投票する

質問 10

Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December 31, 1988. The following information was taken from Chester's accounting records for the above period:

For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net loss?

（A）$350,000

（B）$150,000

（C）$ 50,000

（D）$450,000

正解：D 解答を投票する

Financial-Accounting-Reporting 無料問題集「Admission Test Certified Public Accountant (Financial Accounting & Reporting)」

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