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AICPA CPA Financial Accounting and Reporting FAR Prüfungsfragen mit Lösungen (Q80-Q85):

80. Frage
Which of the following describes how comprehensive income should be reported?

A. Should not be reported in the financial statements but should only be disclosed in the footnotes.
B. Must be reported in a separate statement, as part of a complete set of financial statements.
C. May be reported in a combined statement of income and comprehensive income or disclosed within a
statement of stockholders' equity; separate statements of comprehensive income are not permitted.
D. May be reported in a separate statement, in a combined statement of income and comprehensive
income, or within a statement of stockholders' equity.

Antwort: D

Begründung:
Choice "c" is correct.
Comprehensive income must be presented in one of three formats:
1 . In a combined statement of income and comprehensive income;
2 . In a separate statement of comprehensive income that begins with net income; or
3 . In a statement of changes in equity.
Choices "a", "b", and "d" are incorrect, per the above.

81. Frage
Which of the following factors determines whether an identified segment of an enterprise should be
reported in the enterprise's financial statements under SFAS No. 131, Disclosures about Segments of an
Enterprise and Related Information?
I. The segment's assets constitute more than 10% of the combined assets of all operating segments.
II. The segment's liabilities constitute more than 10% of the combined liabilities of all operating segments.

A. I only.
B. Both I and II.
C. Neither I nor II.
D. II only.

Antwort: A

Begründung:
Choice "a" is correct. For segment reporting, if an identified segment's assets constitute more than 10% of
the combined assets of all operating segments, the segment should be reported. The same rule does not
apply for the segment's liabilities. The candidate does have to remember the 10% and also the 10% of
"what." Choice "b" is incorrect. For segment reporting, if an identified segment's assets constitute more
than 10% of the combined assets of all operating segments, the segment should be reported. The same
rule does not apply for the segment's liabilities. Choice "c" is incorrect. For segment reporting, if an
identified segment's assets constitute more than 10% of the combined assets of all operating segments,
the segment should be reported. The same rule does not apply for the segment's liabilities, so the correct
answer cannot be "Both." Choice "d" is incorrect. For segment reporting, if an identified segment's assets
constitute more than 10% of the combined assets of all operating segments, the segment should be
reported. The correct answer cannot be "Neither."

82. Frage
Which of the following should be disclosed for each reportable operating segment of an enterprise?

A. Option A
B. Option B
C. Option C
D. Option D

Antwort: A

Begründung:
Choice "a" is correct. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. In disclosure questions, if you are not sure, disclose the most rather than the least.
Choice "b" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. Choice "c" is incorrect. For each reportable segment of an enterprise, both profit or
loss and total assets should be disclosed. Choice "d" is incorrect. For each reportable segment of an
enterprise, both profit or loss and total assets should be disclosed.

83. Frage
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.
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 A

A. Change in accounting principle.
B. Correction of an error in previously presented financial statements.
C. Neither an accounting change nor an accounting error.
D. Change in accounting estimate.

Antwort: C

Begründung:
Choice "d" is correct. A change from the cost method (less than 20% ownership) to the equity method
(20% or more ownership or a Board seat or other significant influence) of accounting for investment in an
investee is neither an accounting change nor an accounting error. If it is not an accounting change, it
cannot be a change in accounting principle or a change in accounting estimate since those two types of
changes are both accounting changes.
There is a considerable amount of controversy on this particular answer. Some people think that this
change is a change in accounting principle (something certainly changed, but was it the accounting
principle?), and others think it is a change in accounting entity (which is not one of the available answers;
anyway, did the accounting entity actually change or is it the same entity accounted for differently?).
Under SFAS No. 154, a change in accounting principle is treated retrospectively and a change in
accounting entity is treated retrospectively.
This kind of change (cost to equity) has never been specifically identified in any accounting literature as
either a change in accounting principle or a change in accounting entity. The words "cost method" were
never mentioned in APB 20 (other than the full cost method for oil & gas companies, which is an entirely
different subject), nor was it mentioned in SFAS No. 154. It was, however, discussed in APB 18 (the
pronouncement for the equity method) in Paragraph 19m (bold added): "An investment in common stock
of an investee that was previously accounted for on other than the equity method may become qualified
for use of the equity method by an increase in the level of ownership described in paragraph 17 (i.e.,
acquisition of additional voting stock by the investor, acquisition or retirement of voting stock by the
investee, or other transactions). When an investment qualifies for use of the equity method, the investor
should adopt the equity method of accounting. The investment, results of operations (current and prior
periods presented), and retained earnings of the investor should be adjusted retroactively in a manner
consistent with the accounting for a step-by-step acquisition of a subsidiary."
What does all this mean? It means that, when there is a change in the percentage of ownership that
changes accounting from the cost method to the equity method, the change is treated retroactively (just
like changes in accounting entity used to be treated, although they are now treated retrospectively). It
does not say that the change is a change in accounting principle or anything else. Nothing in SFAS
No.154 changed this treatment. So all this still makes Choice "d" correct. This whole issue might easily be
considered to be splitting hairs, at the very least. Some questions on the CPA exam are just that way.
Most are not.

84. Frage
Which of the following is true regarding the comparison of managerial to financial accounting?

A. Managerial accounting has a past focus and financial accounting has a future focus.
B. The emphasis on managerial accounting is relevance and the emphasis on financial accounting is
timeliness.
C. Managerial accounting need not follow generally accepted accounting principles (GAAP) while
financial accounting must follow them.
D. Managerial accounting is generally more precise.

Antwort: C

Begründung:
Choice "d" is correct. Public companies must follow GAAP for (external) financial reporting purposes.
GAAP need not be followed for (internal) managerial accounting purposes.
Choice "a" is incorrect. Financial accounting is generally more precise.
Choice "b" is incorrect. Managerial accounting has a future focus, while financial accounting focuses on
reporting past results.
Choice "c" is incorrect. The emphasis of financial accounting is providing useful information to financial
statement users (including the characteristic of relevance), while the emphasis of managerial accounting
is providing timely information to management decision makers.

85. Frage
......

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FAR Übungsmaterialien & FAR realer Test & FAR Testvorbereitung

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AICPA CPA Financial Accounting and Reporting FAR Prüfungsfragen mit Lösungen (Q80-Q85):

Seit Neuem aktualisierte FAR Examfragen für AICPA FAR Prüfung

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