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AICPA CPA Financial Accounting and Reporting Sample Questions (Q96-Q101):

NEW QUESTION # 96
Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is
researching accounting issues arising from the two business combinations. Which of the following
accounting pronouncements are the most authoritative?

A. FASB Statements of Financial Accounting Standards.
B. FASB Statements of Financial Accounting Concepts.
C. AICPA Industry and Audit Guides.
D. AICA Statements of Position.

Answer: A

Explanation:
Choice "d" is correct. Since Arpco is a for-profit provider of healthcare services, it is covered under normal
GAAP. Thus, the most authoritative pronouncements are the FASB Statements of Financial Accounting
Standards (SFAS). Choice "a" is incorrect. AICPA Statements of Position are not the most authoritative
pronouncement for almost anything (other than for some issues that only they cover). They are normally
"merely" the opinion of the AICPA.
Choice "b" is incorrect. AICPA Industry and Audit Guides are not the most authoritative pronouncement
for almost anything (other than for some issues that only they cover). Choice "c" is incorrect. FASB
Statements of Financial Accounting Concepts are not authoritative pronouncements except where they
have been incorporated by reference into an SFAS. They are the basis on which SFAS can be
constructed.

NEW QUESTION # 97
What are the Statements of Financial Accounting Concepts intended to establish?

A. Generally accepted accounting principles in financial reporting by business enterprises.
B. The hierarchy of sources of generally accepted accounting principles.
C. The meaning of "Present fairly in accordance with generally accepted accounting principles."
D. The objectives and concepts for use in developing standards of financial accounting and reporting.

Answer: D

Explanation:
Choice "c" is correct. Statements of Financial Accounting Concepts are intended to establish the
objectives and concepts that the Financial Accounting Standards Board will use in developing standards
of financial accounting and reporting. SFAC 1 para. 3 Choice "a" is incorrect. The Statements of Financial
Accounting Concepts do not specify financial accounting standards prescribing accounting procedures or
practices. SFAC 1 para. 3 Choice "b" is incorrect. Auditing standards develop the meaning of "Present
fairly in accordance with generally accepted accounting principles." Choice "d" is incorrect. The hierarchy
of sources of generally accepted accounting principles is determined by GAAP.

NEW QUESTION # 98
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. $3,000 decrease.
C. $2,000 increase.
D. $5,000 decrease.

Answer: D

Explanation:
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.

NEW QUESTION # 99
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results
in a:

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

Answer: A

Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not "unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.

NEW QUESTION # 100
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 market approach.
B. The cost approach.
C. The impairment approach.
D. The income approach.

Answer: C

Explanation:
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.

NEW QUESTION # 101
......

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