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Exam Code: FINANCIAL-ACCOUNTING-AND-REPORTING
Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Updated: Apr 11, 2024
Q&As: 163
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VCE
On January 2, 1989, Union Co. purchased a machine for $264,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 2, 1992, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $24,000. An accounting change was made in 1992 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 1992, of:
A. $176,000
B. $160,000
C. $154,000
D. $146,000
Correct Answer: D
Choice "d" is correct, $146,000 accumulated depreciation balance at DeC. 31, 1992.
Which of the following information should be included in Melay, Inc.'s 1992 summary of significant accounting policies?
A. Property, plant, and equipment is recorded at cost with depreciation computed principally by the straight-line method.
B. During 1992, the Delay component was sold.
C. Business segment 1992 sales are Alay $1M, Belay $2M, and Celay $3M.
D. Future common share dividends are expected to approximate 60% of earnings.
Correct Answer: A
Choice "a" is correct. Computing depreciation principally by the straight-line method is a GAAP method of depreciation that should be described in the "summary of significant accounting policies." Choice "b" is incorrect. Disclosing the sale of a component of a business is required (and is covered in the lecture on "discontinued operations" in the F1 class) but is not a "significant accounting policy." Choice "c" is incorrect. Disclosing "sales" of segments is required, but is not a "significant accounting policy." Choice "d" is incorrect. "Estimates of future common share dividends" are not appropriate disclosures for the financial statements. They might be appropriate for the "presidents letter to shareholders."
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
A. By restating the financial statements of all prior periods presented.
B. As a correction of an error.
C. As a component of income from continuing operations, in the period of change and future periods if the change affects both.
D. As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
Correct Answer: C
Choice "c" is correct. A change in accounting principle that is inseparable from a change in accounting estimate should now be reported as a change in estimate and thus as a component of income from continuing operations, in the period of change and future periods if the change affects both. Distinguishing between a change in accounting principle and a change in accounting estimate is sometimes difficult. For example, a company may change from deferring and amortizing a cost to recording it as an expense when incurred because future benefits of the cost have become doubtful. The new accounting method is adopted, therefore, in partial or complete recognition of the change in estimated future benefits. The effect of the change in principle is inseparable from the effect of the change in estimate. Changes of this type are often related to the continuing process of obtaining additional information and revising estimates and are therefore considered as changes in estimates. Choice "a" is incorrect. Restating the financial statements of all prior periods would be done in the case of prior period adjustments (corrections of errors), changes in accounting principle (retrospective application), and changes in accounting entity (retrospective application).
Choice "b" is incorrect. Correction of an error would be treated as a prior period adjustment. Choice "d" is incorrect. Separate disclosure after income from continuing operations would be done in the case of extraordinary items or discontinued operations. However, this disclosure would not be made "in the period of change and future periods if the change affects both" but only in the period of the extraordinary item or discontinued operation.
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