上下20ﾐﾘ 左右14ﾐﾘ で０ﾐﾘ相当
Copyright 2013. TAC Co., LTD. Through license from Becker CPA Review
U.S. CPA
Financial Accounting &
Reporting 1
1. Accounting Standards and
Conceptual Frameworks ......................... Q1～ Q32
2. Income Statement ............................. Q33～ Q98
3. Comprehensive Income ........................ Q99～Q113
4. Balance Sheet and Disclosures Overview ........ Q114～Q123
5. Interim Financial Reporting ..................... Q124～Q134
6. Segment Reporting ........................... Q135～Q148
7. Development-stage Enterprises (U.S. GAAP) ..... Q149～Q151
8. First-time Adoption of IFRS ..................... Q152～Q157
9. SEC Reporting Requirements ................... Q158～Q167
10. Optional Practice Questions .................... Q168～Q223
Financial Accounting & Reporting 1
1
上下20ﾐﾘ 左右14ﾐﾘ で０ﾐﾘ相当
Copyright 2013. TAC Co., LTD. Through license from Becker CPA Review
1. Accounting Standards and Conceptual
Frameworks
1. CPA-00001 F1 Page 7
According to the FASB and IASB conceptual
frameworks, the primary users of financial reports
include all of the following, except:
a. Investors.
b. Creditors.
c. Lenders.
d. Regulators.
2. CPA-00004 F1 Page 8
According to the FASB and IASB conceptual
frameworks, useful information must exhibit the
fundamental qualitative characteristics of:
a. Comparability and materiality.
b. Faithful representation and relevance.
c. Understandability and timeliness.
d. Neutrality and verifiability.
3. CPA-00005 FARE Nov 95 #3 (Adapted) F1
Page 13
What is the underlying concept governing the
recording of gain contingencies?
a. Conservatism.
b. Relevance.
c. Consistency.
d. Reliability.
4. CPA-00006 FARE Nov 95 #5 F1 Page 12
According to the FASB conceptual framework,
which of the following attributes would not be
used to measure inventory?
a. Historical cost.
b. Replacement cost.
c. Net realizable value.
d. Present value of future cash flows.
5. CPA-00007 F1 Page 7
According to the FASB and IASB conceptual
frameworks, the objective of general purpose
financial reporting is to:
a. Comply with generally accepted
accounting principles.
b. Report on how effectively and efficiently
management has used the entity's
resources.
c. Comply with the need for conservatism.
d. Provide financial information that is useful
to primary users.
6. CPA-00010 FARE Nov 94 #1 (Adapted) F1
Page 8
According to the FASB and IASB conceptual
frameworks, completeness is an ingredient of:
a.
b.
c.
d.
Relevance
Yes
No
Yes
No
Faithful
Representation
No
Yes
Yes
No
7. CPA-00012 FARE Nov 94 #3 F1 Page 13
What is the underlying concept that supports the
immediate recognition of a contingent loss?
a. Substance over form.
b. Consistency.
c. Matching.
d. Conservatism.
8. CPA-00013 FARE May 94 #1 F1 Page 12
According to the FASB conceptual framework, the
process of reporting an item in the financial
statements of an entity is:
a. Allocation.
b. Matching.
c. Realization.
d. Recognition.
Financial Accounting & Reporting 1
3
上下20ﾐﾘ 左右14ﾐﾘ で０ﾐﾘ相当
Copyright 2013. TAC Co., LTD. Through license from Becker CPA Review
1. Accounting Standards and Conceptual
Frameworks
1. CPA-00001
Choice "d" is correct. The FASB and IASB
conceptual frameworks indicates that regulators
are not considered to be primary users.
Choice "a" is incorrect. Investors are primary
users.
Choice "b" is incorrect. Creditors are primary
users.
Choice "c" is incorrect. Lenders are primary
users.
2. CPA-00004
Choice "b" is correct. The fundamental
qualitative characteristics of useful financial
information are relevance and faithful
representation.
Choice "a" is incorrect. Comparability is an
enhancing qualitative characteristic. Materiality
is a component of relevance, in addition to
predictive value and confirming value.
Choice "c" is incorrect. Understandability and
timeliness are enhancing qualitative
characteristics of useful financial information.
Choice "d" is incorrect. Verifiability is an
enhancing qualitative characteristic. Neutrality is
a component of faithful representation.
3. CPA-00005
Choice "a" is correct. Gain contingencies should
not be recognized prior to realization as a prudent
reaction to the uncertainty surrounding the
realization of the gain as reflected in the
convention of conservatism.
Choice "b" is incorrect. Overall, the qualities of
information apply equally to all accounting
information, not just gain contingencies.
Relevance is a primary quality of information,
which dictates that any information relative to the
entity should be reported if it might be useful to
the third party user (that is the information is
timely with predictive and feedback value).
Choice "c" is incorrect. Overall, the qualities of
information apply equally to all accounting
information, not just gain contingencies. This
includes consistency, an element of comparability,
the secondary quality of information, which
specifies that, when a choice of accounting
principles has been made, the same principle be
used in accounting for subsequent years'
transactions.
Choice "d" is incorrect. Overall, the qualities of
information apply equally to all accounting
information, not just gain contingencies. This
includes reliability, a primary quality, which
requires that information be verifiable, neutral,
and representationally faithful.
4. CPA-00006
Choice "d" is correct. The present value of
future cash flows is used to measure long-term
receivables or payables, not inventory, because
inventory is a short-term asset, which has more
immediate cash flows. SFAC 5 para. 67
Choice "a" is incorrect. Historical cost can be
used to measure inventory because it is a
relevant and reliable measurement attribute of
current assets such as inventory.
Choice "b" is incorrect. Replacement (or
current) cost can be used to measure inventory
because it is a relevant and reliable measurement
attribute of current assets such as inventory.
Choice "c" is incorrect. Net realizable value can
be used to measure inventory because it is a
relevant and reliable measurement attribute of
current assets such as inventory.
Financial Accounting & Reporting 1
59
上下20ﾐﾘ 左右14ﾐﾘ で０ﾐﾘ相当
Copyright 2013. TAC Co., LTD. Through license from Becker CPA Review
5. CPA-00007
Choice "d" is correct. The objective of general
purpose financial reporting is to provide financial
information about the reporting entity that is useful
to the primary users of general purpose financial
reports in making decisions about providing
resources to the reporting entity.
Choice "a" is incorrect. Generally accepted
accounting principles are derived from and based
on the objective of financial reporting, not the
other way around.
Choice "b" is incorrect. Information concerning
how effectively and efficiently management has
discharged its responsibility to use the entity's
resources is only one aspect of the information
financial reporting is intended to provide.
Choice "c" is incorrect. Conservatism is not the
objective of financial reporting, although it is an
underlying concept.
6. CPA-00010
Choice "b" is correct. Completeness is an
ingredient of faithful representation. Other
ingredients of faithful representation include
neutrality and freedom from error.
Choices "a", "c" and "d" are incorrect.
Completeness is an ingredient of faithful
representation. Other ingredients of faithful
representation include neutrality and freedom
from error. The ingredients of relevance are
predictive value, confirming value, and materiality.
60
7. CPA-00012
Choice "d" is correct. Conservatism is a prudent
reaction to uncertainty to try to ensure that
uncertainty and risks inherent in business
situations are adequately considered.
Recognition of a contingent loss is the recording
of an amount representing uncertainty and risk in
a business situation.
Choice "a" is incorrect. The substance over form
concept presumes that the transaction form may
not dictate the accounting treatment.
Choice "b" is incorrect. Consistency is
conformity from period to period with unchanging
policies and procedures.
Choice "c" is incorrect. The matching principle
dictates that expenses be matched with the
related revenues generated or the time period in
which the expense is incurred and known.
SFAS #5 cites matching as the one concept
supporting the immediate recognition of a
contingent loss, but it is not the primary
underlying concept.
8. CPA-00013
Choice "d" is correct. Recognition is the process
of recording an item in the financial statements of
an entity. SFAC 5 para. 6
Choice "a" is incorrect. Allocation is the
accounting process of assigning or distributing an
amount according to a plan or a formula. SFAC
6 para. 142
Choice "b" is incorrect. Matching of costs and
revenues is simultaneous or combined
recognition of the revenues and expenses that
result directly and jointly from the same
transactions or other events. SFAC 6 para. 146
Choice "c" is incorrect. Realization is the
process of converting noncash resources and
rights into money. SFAC 6 para. 143
Financial Accounting & Reporting 1