Printable PDFTest Prep FINANCIAL-ACCOUNTING-AND-REPORTING dumps - 100% Pass Guarantee!
Vendor: Test Prep
Certifications: Test Prep Certifications
Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Exam Code: FINANCIAL-ACCOUNTING-AND-REPORTING
Total Questions: 163 Q&As ( View Details)
Last Updated: Apr 20, 2024
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FINANCIAL-ACCOUNTING-AND-REPORTING Q&A's Detail
| Exam Code: | FINANCIAL-ACCOUNTING-AND-REPORTING |
| Total Questions: | 163 |
| Single & Multiple Choice | 163 |
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FINANCIAL-ACCOUNTING-AND-REPORTING Online Practice Questions and Answers
According to the FASB conceptual framework, which of the following relates to both relevance and reliability?
A. Comparability.
B. Feedback value.
C. Verifiability.
D. Timeliness.
A material loss should be presented separately as a component of income from continuing operations when it is:
A. An extraordinary item.
B. A cumulative effect type change in accounting principle.
C. Unusual in nature and infrequent in occurrence.
D. Not unusual in nature but infrequent in occurrence.
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, 20X5, 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 30%. The amount shown in the 20X6 income statement for the cumulative effect of changing to the straight-line method should be:
A. $98,000 debit.
B. $98,000 credit.
C. $140,000 credit.
D. $0.
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 A
B. Option B
C. Option C
D. Option D
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.
Item to Be Answered As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
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