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AICPA CPA Financial Accounting and Reporting 認定 FAR 試験問題：

1. 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,
2 0X5, 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
3 0%. The amount shown in the 20X6 income statement for the cumulative effect of changing to the
straight-line method should be:

A) $0.
B) $98,000 credit.
C) $98,000 debit.
D) $140,000 credit.

2. The cumulative effect of a change in accounting estimate should be shown separately:

A) On the retained earnings statement as an adjustment to the beginning balance.
B) On the income statement after income from continuing operations and before extraordinary items.
C) It should not be recorded separately on any financial statement.
D) On the income statement above income from continuing operations.

3. Which of the following should be reported as a prior period adjustment?

A) Option A
B) Option C
C) Option D
D) Option B

4. Brock Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative.
The adjusted trial balance at December 31, 1989 included the following expense and loss accounts:

One-half of the rented premises is occupied by the sales department. Brock's total selling expenses for
1 989 are:

A) $480,000
B) $360,000
C) $400,000
D) $370,000

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

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