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AICPA CPA Financial Accounting and Reporting Sample Questions (Q100-Q105):
NEW QUESTION # 100
Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its
fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter
recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other
declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in
its interim financial statements for the first and third quarters?
Answer: B
Explanation:
Choice "a" is correct. Temporary market declines in inventory need not be recognized at interim when a
turn-around can reasonably be expected to occur before the end of the fiscal year.
NEW QUESTION # 101
According to the FASB conceptual framework, the quality of information that helps users increase the
likelihood of correctly forecasting the outcome of past or present events is called:
Answer: D
Explanation:
Choice "b" is correct. The quality of information that helps users increase the likelihood of correctly
forecasting the outcome of past or present events is called predictive value. Forecasting is predicting.
Choice "a" is incorrect. The quality of information that helps users increase the likelihood of correctly
forecasting the outcome of past or present events is called predictive value, not feedback value.
Feedback value enables decision makers to confirm prior expectations or to adjust or correct the
decisions made previously. Choice "c" is incorrect. The quality of information that helps users increase
the likelihood of correctly forecasting the outcome of past or present events is called predictive value, not
representational faithfulness. Representational faithfulness is the agreement between financial reporting
and the resources or events represented. Choice "d" is incorrect. The quality of information that helps
users increase the likelihood of correctly forecasting the outcome of past or present events is called
predictive value, not reliability. Reliability is the combination of neutrality, representational faithfulness,
and verifiability.
NEW QUESTION # 102
How should the effect of a change in accounting estimate be accounted for?
Answer: C
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent (future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice "a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
NEW QUESTION # 103
A material loss should be presented separately as a component of income from continuing operations
when it is:
Answer: B
Explanation:
Choice "d" is correct. Gains or losses that are unusual in nature or occur infrequently but not both, are
presented as a component of income from continuing operations. Choice "a" is incorrect. Extraordinary
items are shown net of tax in a separate section of the income statement after income from continuing
operations. Choice "b" is incorrect. Cumulative effects of changes in accounting principle are now shown
net of tax as an adjustment to the opening balance of retained earnings in the retained earnings statement.
This treatment is called retrospective application. There really are no longer any cumulative effect types of
changes in accounting principle. The cumulative effect is merely how the amount of the change is
measured.
Choice "c" is incorrect. This is the definition of an extraordinary item.
NEW QUESTION # 104
Earnings per share data should be reported on the income statement for:
Answer: B
Explanation:
Choice "b" is correct. Yes - Yes.
Both the "extraordinary items" and "income before extraordinary items" should be shown with an earnings
per share number on the income statement.
NEW QUESTION # 105
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