EXAM FAR QUESTION - LATEST FAR QUESTIONS

Exam FAR Question - Latest FAR Questions

Exam FAR Question - Latest FAR Questions

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AICPA CPA Financial Accounting and Reporting Sample Questions (Q144-Q149):

NEW QUESTION # 144
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which
capital maintenance concept is applied to currently reported net income, and which is applied to
comprehensive income?

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

Answer: C

Explanation:
Choice "c" is correct. Financial capital - Financial capital.
Financial capital maintenance is considered to be an element of both "currently reported net income" and
"comprehensive income." This was a rare instance in which this type of information was asked on the
exam.


NEW QUESTION # 145
APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be
viewed primarily in which of the following ways?

  • A. As useful only if activity is spread evenly throughout the year.
  • B. As if the interim period were an annual accounting period.
  • C. As reporting for an integral part of an annual period.
  • D. As reporting under a comprehensive basis of accounting other than GAAP.

Answer: C

Explanation:
Choice "c" is correct. Interim financial reporting should be viewed as reporting for an integral part of an
annual period.
Choices "a", "b", and "d" are incorrect, per the above rule.


NEW QUESTION # 146
The following information pertains to Aria Corp. and its divisions for the year ended December 31, 1988:

Aria and all of its divisions are engaged solely in manufacturing operations. Aria has a reportable segment
if that segment's revenue exceeds:

  • A. $264,000
  • B. $204,000
  • C. $200,000
  • D. $260,000

Answer: D

Explanation:
Choice "b" is correct. $260,000 represents a reportable segment (10% of total sales):

Rule: To be significant enough to report on, a segment must be at least 10% of:
1 . Combined revenues (whether intersegment or unaffiliated customers), or
2 . Operating income, or
3 . Identifiable assets.


NEW QUESTION # 147
Which of the following is true regarding the comparison of managerial to financial accounting?

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

Answer: D

Explanation:
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.


NEW QUESTION # 148
According to the FASB conceptual framework, the usefulness of providing information in financial
statements is subject to the constraint of:

  • A. Cost-benefit.
  • B. Representational faithfulness.
  • C. Consistency.
  • D. Reliability.

Answer: A

Explanation:
Choice "b" is correct. The pervasive constraint on providing information in financial statements is that the
cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23,
SFAC 2 para. 133 Choice "a" is incorrect. Consistency is an underlying concept for financial statements
(and a secondary quality of accounting information), but it is not a constraint on providing information.
SFAC 2 para. 120 Choice "c" is incorrect. Reliability is a primary quality of accounting information and an
underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2
para. 58 Choice "d" is incorrect. Representational faithfulness is an underlying concept for financial
statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.


NEW QUESTION # 149
......

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