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AICPA CPA Financial Accounting and Reporting FAR Prüfungsfragen mit Lösungen (Q55-Q60):

55. Frage
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting
estimate should be reported:

A. As a component of income from continuing operations, in the period of change and future periods if the
change affects both.
B. By restating the financial statements of all prior periods presented.
C. As a separate disclosure after income from continuing operations, in the period of change and future
periods if the change affects both.
D. As a correction of an error.

Antwort: A

Begründung:
Choice "c" is correct. A change in accounting principle that is inseparable from a change in accounting
estimate should now be reported as a change in estimate and thus as a component of income from
continuing operations, in the period of change and future periods if the change affects both. Distinguishing
between a change in accounting principle and a change in accounting estimate is sometimes difficult. For
example, a company may change from deferring and amortizing a cost to recording it as an expense
when incurred because future benefits of the cost have become doubtful. The new accounting method is
adopted, therefore, in partial or complete recognition of the change in estimated future benefits. The effect
of the change in principle is inseparable from the effect of the change in estimate. Changes of this type
are often related to the continuing process of obtaining additional information and revising estimates and
are therefore considered as changes in estimates. Choice "a" is incorrect. Restating the financial
statements of all prior periods would be done in the case of prior period adjustments (corrections of
errors), changes in accounting principle (retrospective application), and changes in accounting entity
(retrospective application). Choice "b" is incorrect. Correction of an error would be treated as a prior
period adjustment. Choice "d" is incorrect. Separate disclosure after income from continuing operations
would be done in the case of extraordinary items or discontinued operations. However, this disclosure
would not be made "in the period of change and future periods if the change affects both" but only in the
period of the extraordinary item or discontinued operation.

56. Frage
Which of the following is not a valuation technique that can be used to measure the fair value of an asset
or liability?

A. The cost approach.
B. The impairment approach.
C. The market approach.
D. The income approach.

Antwort: B

Begründung:
Choice "b" is correct. The impairment approach is not used to measure the fair value of an asset or liability.
Instead, when an entity is determining whether an asset has been impaired, the entity will use the market
approach, the income approach or the cost approach to determine the fair value of the asset. Choice "a" is
incorrect. The market approach is an accepted method of fair value measurement in which price and
other market information from identical or comparable assets or liabilities is used to measure fair value.
Choice "c" is incorrect. The income approach is an accepted method of fair value measurement in which
future cash flows or earnings are discounted to determine fair value. Choice "d" is incorrect. The cost
approach is an accepted method of fair value measurement in which current replacement cost is used to
determine the fair value of an asset.

57. Frage
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
. Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain.
Fuqua has frequently retired bonds early when interest rates declined significantly.
. A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth
similar loss sustained in a 5-year period at that location.
. A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in
1 990?

A. $5,000
B. $(90,000)
C. $0
D. $(350,000)

Antwort: C

Begründung:
Choice "a" is correct. $0. Note: The sale of the steel transportation component resulted in a loss from
discontinued operations and is reported after "income from continuing operations." The steel forming
segment's hurricane damage (4th in 5 years) of $255,000 is only "unusual in nature" and does not occur
infrequently, therefore, it is not an "extraordinary item," and should be reported separately as a
component of "income from continuing operations." The retirement of debt, although unusual, is not
infrequent for the company; therefore, the gain does not qualify for classification as an extraordinary item
per APBO No. 30 (and SFAS No. 145).

58. Frage
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation
arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax
expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its
December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings
by a:

A. $230,000 debit.
B. $370,000 debit.
C. $230,000 credit.
D. $300,000 credit.

Antwort: A

Begründung:

Choice "b" is correct. $230,000 debit.

59. Frage
Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard
decided to change to the weighted-average method for determining inventory costs at the beginning of
1 990. The following schedule shows year-end inventory balances under the FIFO and weighted-average
methods: What amount, before income taxes, should be reported in the 1990 retained earnings statement
as the cumulative effect of the change in accounting principle?

A. $0.
B. $5,000 decrease.
C. $3,000 decrease.
D. $2,000 increase.

Antwort: B

Begründung:
Choice "a" is correct. $5,000 decrease. The cumulative effect of change in accounting principle is
determined as of the beginning of the year of change if comparative financial statements are not
presented. In this case, the year of change is 1990, so the cumulative effect is the difference in inventory
as of the end of 1989. [Note that inventory is a balance sheet item, so the change is based on the
balances at the end of the last year the prior method was used. Had this question shown annual income
statement amounts of cost of goods sold, we would have had to look at all the past years in the
aggregate.] This will allow us to arrive at the adjustment to obtain the amount of retained earnings that
would have been reported at the beginning of the period of change if the new accounting principle had
been used for all prior periods.

60. Frage
......

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