AICPA FAR 問題集

質問 1：
In September 1996, Koff Co.'s operating plant was destroyed by an earthquake. Earthquakes are rare in
the area in which the plant was located. The portion of the resultant loss not covered by insurance was
$ 700,000. Koff's income tax rate for 1996 was 40%. In its 1996 income statement, what amount should
Koff report as extraordinary loss?
A. $700,000
B. $280,000
C. $0
D. $420,000
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 2：
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.
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 B
A. Retroactive or retrospective restatement approach.
B. Prospective approach.
C. Cumulative effect approach.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 3：
Deficits accumulated during the development stage of a company should be:
A. Capitalized and amortized over a five year period beginning when principal operations commence.
B. Reported as a part of stockholders' equity.
C. Capitalized and written off in the first year of principal operations.
D. Reported as organization costs.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 4：
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 manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is
preferable, accounting for these long-term contracts was switched from the completed-contract method to
the percentage-of-completion method.
List B (Select one)
A. Retroactive or retrospective restatement approach.
B. Prospective approach.
C. Cumulative effect approach.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 5：
On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to
discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would
be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its
carrying amount in 20X3. Maxy's effective tax rate is 30%.
In its 20X2 income statement, what amount should Maxy report as loss from discontinued operations?
A. $1,190,000
B. $1,700,000
C. $980,000
D. $1,400,000
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 6：
What is the purpose of information presented in notes to the financial statements?
A. To provide recognition of amounts not included in the totals of the financial statements.
B. To provide disclosures required by generally accepted accounting principles.
C. To present management's responses to auditor comments.
D. To correct improper presentation in the financial statements.
正解：B

質問 7：
Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting
principle. Which of the following should the auditor consider the most authoritative?
A. AICPA Technical Practice Aids.
B. FASB Statements of Financial Accounting Concepts.
C. AICPA Accounting Interpretations.
D. FASB Technical Bulletins.
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 8：
Foy Corp. failed to accrue warranty costs of $50,000 in its December 31, 1992, financial statements. In
addition, a $30,000 change from straight-line to accelerated depreciation was made at the beginning of
1 993. Both the $50,000 and the $30,000 are net of related income taxes. What amount should Foy report
as prior period adjustments in 1993?
A. $0
B. $30,000
C. $50,000
D. $80,000
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 9：
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which
capital maintenance concept is applied to currently reported net income, and which is applied to
comprehensive income?

A. Option A
B. Option C
C. Option D
D. Option B
正解：B
解説: (Topexam メンバーにのみ表示されます)