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AICPA CPA Financial Accounting and Reporting Sample Questions (Q11-Q16):
NEW QUESTION # 11
Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax
items:
. A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and
fourth quarters of 1990.
. A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized
on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount,
$ 12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:
- A. $115,000
- B. $91,000
- C. $103,000
- D. $111,000
Answer: B
Explanation:
Choice "a" is correct. $91,000 net income for the third quarter ended 9-30-90.
Rules: The entire amount of an "extraordinary" item should be reported during the period incurred.
A "cumulative effect" type accounting change is not included in the net income of the period of change;
instead, the beginning of the year retained earnings is restated.
Expenses, which benefit more than one interim period, such as property taxes, are allocated among the
periods benefited.
NEW QUESTION # 12
What is the purpose of information presented in notes to the financial statements?
- A. To present management's responses to auditor comments.
- B. To provide recognition of amounts not included in the totals of the financial statements.
- C. To correct improper presentation in the financial statements.
- D. To provide disclosures required by generally accepted accounting principles.
Answer: D
NEW QUESTION # 13
Which of the following should be reported as a prior period adjustment?
- A. Option B
- B. Option C
- C. Option A
- D. Option D
Answer: A
Explanation:
Choice "b" is correct. No - Yes Change in estimated lives of depreciable assets is a "change in estimate."
They affect only current and future periods (not "prior periods," not retained earnings). Change from
unaccepted principle to accepted principle is an example of an error of a prior period that should be
reported as a "prior period adjustment."
NEW QUESTION # 14
Earnings per share data should be reported on the income statement for:
- A. Option B
- B. Option C
- C. Option A
- D. Option D
Answer: A
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 # 15
In financial reporting of segment data, which of the following items is always used in determining a
segment's operating income?
- A. General corporate expense.
- B. Gain or loss on discontinued operations.
- C. Sales to other segments.
- D. Income tax expense.
Answer: C
Explanation:
Choice "b" is correct. Sales to other segments would be used in determining a segment's operating
income. Rule: Equity in net income of another company, general corporate expenses, interest, income tax
expense, and gains or losses on discontinued operations are all not included in segment profit unless they
are included in the determination of segment profit reported to the "Chief Operating Decision Maker."
NEW QUESTION # 16
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