2010 AICPA Newly Released Questions Financial

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1 Following are multiple choice questions recently released by the AICPA. These questions were released by the AICPA with letter answers only. Our editorial board has provided the accompanying explanation. Please note that the AICPA generally releases questions that it does NOT intend to use again. These questions and content may or may not be representative of questions you may see on any upcoming exams. 1

2 1. Ande Co. estimates uncollectible accounts expense using the ratio of past actual losses from uncollectible accounts to past net credit sales, adjusted for anticipated conditions. The practice follows the accounting concept of: a. Consistency. b. Going concern. c. Matching. d. Substance over form. Choice "c" is correct. Per the matching principle, expenses must be recognized in the same period in which the related revenue is recognized. Matching bad debt expense with associated revenues is correct per GAAP, and the allowance method based on past experience is an appropriate methodology. Choice "a" is incorrect. Consistency is not the applicable concept in this question. Consistency is required in order to compare the performance of a company from one period to another. Choice "b" is incorrect. Going concern is a fundamental assumption that the entity will continue to operate in the foreseeable future. Choice "d" is incorrect. This choice relates to reliability, which is a primary quality of decision usefulness. Information must be valid, and economic substance is more important than legal form. 2

3 2. In Dart Co.'s Year 2 single-step income statement, as prepared by Dart's controller, the section titled "Revenues" consisted of the following: Sales $250,000 Purchase discounts 3,000 Recovery of accounts written off 10,000 Total revenues $263,000 In its Year 2 single-step income statement, what amount should Dart report as total revenues? a. $250,000 b. $253,000 c. $260,000 d. $263,000 Choice "a" is correct. The single-step income statement will include in total revenues all sales of goods, services, and rentals. Purchase discounts are not included in revenue, but instead reduce cost of goods sold. The recovery of accounts written off does not hit the revenue account. Choice "b" is incorrect. Sales are appropriately included, but purchase discounts are not. Choice "c" is incorrect. Revenues are not impacted by the recovery of accounts written off. When accounts written off are recovered, the first entry is to debit accounts receivable and credit the allowance for doubtful accounts. Then, to record the collection of the cash, the debit is to cash and the credit is to accounts receivable. Choice "d" is incorrect. Purchase discounts are not included in revenue and the recovery of accounts written off does not hit the revenue account. 3

4 3. Which of the following would be reported as an investing activity in a company's statement of cash flows? a. Collection of proceeds from a note payable. b. Collection of a note receivable from a related party. c. Collection of an overdue account receivable from a customer. d. Collection of a tax refund from the government. Choice "b" is correct. Loans to other entities and the consequent collection of the loans are reflected in the investing activity section of the cash flow statement. Choice "a" is incorrect. Notes payable fall under financing activities in the statement of cash flows. Choice "c" is incorrect. Accounts receivable collections fall under operating activities in the statement of cash flows. Choice "d" is incorrect. Collecting a tax refund will fall under operating activities in the statement of cash flows. 4

5 4. Young & Jamison's modified cash-basis financial statements indicate cash paid for operating expenses of $150,000, end-of-year prepaid expenses of $15,000, and accrued liabilities of $25,000. At the beginning of the year, Young & Jamison had prepaid expenses of $10,000, while accrued liabilities were $5,000. If cash paid for operating expenses is converted to accrual-basis operating expenses, what would be the amount of operating expenses? a. $125,000 b. $135,000 c. $165,000 d. $175,000 Choice "c" is correct. During the year, prepaid expenses increased $5,000 from $10,000 to $15,000. Prepaid expenses represent assets where no benefit has been received yet. In accrual accounting, they are not officially expenses until there is associated benefit. Therefore, the $5,000 needs to be subtracted from $150,000. Also during the year, accrued liabilities increased from $5,000 to $25,000. This represents benefit received but no cash paid out yet. The expense of $20,000 (representing the increase) should be booked now (which creates the liability), and when cash payment is made, the liability will be removed. Given the starting point of $150,000, subtracting $5,000 and adding $20,000 will bring accrued expenses to $165,000. Choice "a" is incorrect. This choice incorrectly subtracts, rather than adds, the $20,000 increase in accrued liabilities. Choice "b" is incorrect. This choice incorrectly adds the $5,000 for the increase in prepaid expenses and subtracts the $20,000 increase in accrued liabilities. Choice "d" is incorrect. This choice incorrectly adds, rather than subtracts, the $5,000 in prepaid expenses. 5

6 5. Garson Co. recorded goods in transit purchased F.O.B. shipping point at year end as purchases. The goods were excluded from ending inventory. What effect does the omission have on Garson's assets and retained earnings at year end? Assets Retained earnings a. No effect Overstated b. No effect Understated c. Understated No effect d. Understated Understated Choice "d" is correct. F.O.B. means free on board, and it requires the seller to deliver goods to the location indicated at the seller's expense. F.O.B. shipping point means title will revert to the buyer when the seller delivers goods to a common carrier. The buyer should include the goods in his/her inventory upon shipment. Because the goods are in transit, the buyer should have included them in inventory. By not including them, inventory and assets are understated. An understatement of ending inventory results in an overstatement of cost of goods sold, which results in an understatement of net income and retained earnings. Choice "a" is incorrect. Assets should reflect the goods in transit as inventory. Retained earnings are understated as a result of the omission. Choice "b" is incorrect. The impact on retained earnings is correct, but assets are understated as well. Choice "c" is incorrect. The impact on assets is correct, but retained earnings are understated as well. 6

7 6. Last year, Katt Co. reduced the carrying amount of its long-lived assets used in operations from $120,000 to $100,000, in connection with its annual impairment review. During the current year, Katt determined that the fair value of the same assets had increased to $130,000. What amount should Katt record as restoration of previously recognized impairment loss in the current year's financial statements under U.S. GAAP? a. $0 b. $10,000 c. $20,000 d. $30,000 Choice "a" is correct. There will be no amount recorded because a subsequent reversal of an impairment loss is prohibited under U.S. GAAP. Note that reversal of impairment loss is permitted under IFRS. Choice "b" is incorrect. This answer is the current value of $130,000 less the original book value of $120,000. No reversal for an impairment loss is allowed. Choice "c" is incorrect. This represents the reduction in the original carrying amount and does not relate to reversing the loss. Choice "d" is incorrect. This represents the change in value from the original carrying amount of $100,000 to the new fair value of $130,000. No restoration amount will be booked because reversals of impairment losses are prohibited under U.S. GAAP. 7

8 7. Northstar Co. acquired a registered trademark for $600,000. The trademark has a remaining legal life of five years, but can be renewed every 10 years for a nominal fee. Northstar expects to renew the trademark indefinitely. What amount of amortization expense should Northstar record for the trademark in the current year? a. $0 b. $15,000 c. $40,000 d. $120,000 Choice "a" is correct. Because the trademark is expected to be renewed indefinitely, there will be no amortization expense on the books. Amortization is only recorded for intangible assets with a definite life. Choice "b" is incorrect. This amount represents the value of the acquired trademark amortized over 40 years. There will be no amortization due to the expectation that the trademark will be renewed indefinitely. Choice "c" is incorrect. The 15 year useful life here is equal to the remaining legal life (5 years) and the first 10 year renewal. This is not applicable here due to the expectation of indefinite renewal. Choice "d" is incorrect. This answer assumes amortization over the remaining legal life, which is not applicable because the company expects to renew indefinitely. 8

9 8. Acme Co.'s accounts payable balance at December 31 was $850,000 before necessary year-end adjustments, if any, related to the following information: At December 31, Acme has a $50,000 debit balance in its accounts payable resulting from a payment to a supplier for goods to be manufactured to Acme's specifications. Goods shipped F.O.B. destination on December 20 were received and recorded by Acme on January 2, the invoice cost was $45,000. In its December 31 balance sheet, what amount should Acme report as accounts payable? a. $850,000 b. $895,000 c. $900,000 d. $945,000 Choice "c" is correct. The $50,000 payment to a supplier for goods to be manufactured to Acme's specifications should not be included in accounts payable as a payment has already been made. This prepayment should have been recorded by debiting a prepaid asset, not accounts payable. The removal of this debit will increase accounts payable to $900,000. The goods shipped F.O.B. destination (title goes to the buyer when the buyer receives the goods from the common carrier) were not received until January 2 nd, so they should not be included in accounts payable at year-end. Choice "a" is incorrect. Accounts payable is understated by $50,000. The removal of this debit will increase accounts payable to $900,000. Choice "b" is incorrect. This choice incorrectly adds the $45,000 for the goods shipped F.O.B. destination to year-end accounts payable. It should not be counted, as title does not pass until the goods are received. In addition, accounts payable needs to be credited for the $50,000 payment to Acme's supplier. Choice "d" is incorrect. This choice incorrectly adds the $45,000 for the goods shipped F.O.B. destination to year-end accounts payable. 9

10 9. On September 30, World Co. borrowed $1,000,000 on a 9% note payable. World paid the first of four quarterly payments of $264,200 when due on December 30. In its December 31 balance sheet, what amount should World report as note payable? a. $735,800 b. $750,000 c. $758,300 d. $825,800 Choice "c" is correct. Each payment of $264,200 will consist of both interest and principal, with only principal reducing the liability owed. The interest portion ($22,500) of the initial payment is equal to $1,000,000 multiplied by the interest rate of 9%, and divided by 4 because the payment is quarterly. Payment of $264,200 Interest of $22,500 = Principal of $241,700. The principal payment of $241,700 will reduce the liability from $1,000,000 to $758,300. Choice "a" is incorrect. This choice assumes the entire payment is principal. Choice "b" is incorrect. This choice assumes there is no interest rate and the payments will be just the $1,000,000 divided by 4. Choice "d" is incorrect. This choice does not divide the interest amount owed for the year by 4. 10

11 10. Finch Co. reported a total asset retirement obligation of $257,000 in last year's financial statements. This year, Finch acquired assets subject to unconditional retirement obligations measured at undiscounted cash flow estimates of $110,000 and discounted cash flow estimates of $68,000. Finch paid $87,000 toward the settlement of previously recorded asset retirement obligations and recorded an accretion expense of $26,000. What amount should Finch report for the asset retirement obligation in this year's balance sheet? a. $238,000 b. $264,000 c. $280,000 d. $306,000 Choice "b" is correct. An asset retirement obligation (ARO) is on the books initially as both an asset and a liability at present values. Each period, depreciation expense is booked to decrease the asset and accretion expense is booked to increase the liability such that when the ARO must be satisfied, there is no asset on the books anymore and the liability is represented at current costs. The initial obligation of $257,000 is the starting point, and the following transactions are then recorded to derive the current year ARO: Subtract $87,000 for a settlement associated with the previous ARO, which will reduce the liability. The accretion expense of $26,000 is used to increase the ARO liability. The $68,000 present value of the new ARO is applied to the ARO liability as well. ARO are recorded at present value. Ending ARO = Beginning ARO + PV of new ARO + Accretion expense - ARO settled during the perod Ending APO = $257,000 + $68,000 + $26,000 - $87,000 = $264,000 Choice "a" is incorrect. This choice ignores the accretion expense. Choice "c" is incorrect. This choice incorrectly uses the undiscounted cash flow expenses of $110,000 and fails to account for the accretion expense. Choice "d" is incorrect. The discounted, rather than undiscounted, cash flow estimates should be used. 11

12 11. Falton Co. had the following first-year amounts related to its $9,000,000 construction contract: Actual costs incurred and paid $2,000,000 Estimated costs to complete 6,000,000 Progress billings 1,800,000 Cash collected 1,500,000 What amount should Falton recognize as a current liability at year end, using the percentage-ofcompletion method? a. $0 b. $200,000 c. $250,000 d. $300,000 Choice "a" is correct. The excess of accumulated costs ($2,000,000) over related billings ($1,800,000) will represent a current asset. A liability only exists when project billings exceed costs. Choice "b" is incorrect. This represents a current asset rather than a liability. Choice "c" is incorrect. $250,000 is the gross profit to be recorded under the percentage-of-completion method. Choice "d" is incorrect. This represents the amount billed over the amount collected in cash. There will be no current liability because accumulated costs exceed billings. 12

13 12. Conlon Co. is the plaintiff in a patent-infringement case. Conlon has a high probability of a favorable outcome, and can reasonably estimate the amount of the settlement. What is the proper accounting treatment of the patent infringement case? a. A gain contingency for the minimum estimated amount of the settlement. b. A gain contingency for the estimated probable settlement. c. Disclosure in the notes only. d. No reporting is required at this time. Choice "c" is correct. Contingencies that might result in gains are not accrued per the principle of conservatism. As this potential favorable outcome is probable, the amount and nature should be disclosed in the notes to the financials. 13

14 13. A firm has basic earnings per share of $1.29. If the tax rate is 30%, which of the following securities would be dilutive? a. Cumulative 8%, $50 par preferred stock. b. Ten percent convertible bonds, issued at par, with each $1,000 bond convertible into 20 shares of common stock. c. Seven percent convertible bonds, issued at par, with each $1,000 bond convertible into 40 shares of common stock. d. Six percent, $100 par cumulative convertible preferred stock, issued at par, with each preferred share convertible into four shares of common stock. Choice "c" is correct. A dilutive security will produce an earnings per share number below basic earnings per share. The formula for basic earnings per share is income available to common shareholders divided by the weighted average number of common shares outstanding. Basic earnings per share is $1.29, and a dilutive security will result in a lower earnings per share number. If the seven percent convertible bonds are converted, the company will save $49 on each bond ($1,000 x.07 x (1 -.30)), but 40 new shares of stock will be issued. This equates to $1.225 per 1 new share, which is a lower ratio than $1.29 per share. So these securities will be dilutive. Choice "a" is incorrect. There is no indication given that the shares are convertible, so they will not be dilutive. Choice "b" is incorrect. If the ten percent convertible bonds are converted, the company will save $70 on each bond ($1,000 x.10 x (1 -.30)) and 20 new shares of stock will be issued. This equates to $3.50 per 1 new share, which is a higher ratio than $1.29 per share. So these securities will be anti-dilutive. Choice "d" is incorrect. If the convertible preferred stock is converted, the company's earnings per share will increase in the numerator by the $6 dividend that will no longer be paid, while the denominator will increase by 4 for the new shares of common stock issued. That equates to $1.50 per share, which is higher than $

15 14. On which of the following dates is a public entity required to measure the cost of employee services in exchange for an award of equity interests, based on the fair market value of the award? a. Date of grant. b. Date of restriction lapse. c. Date of vesting. d. Date of exercise. Choice "a" is correct. Per SFAS 123, equity instruments issued for employee services are to be valued at the date of the grant. 15

16 15. An entity sponsors a defined benefit pension plan that is underfunded by $800,000. A $500,000 increase in the fair value of plan assets would have which of the following effects on the financial statements of the entity? a. An increase in the assets of the entity. b. An increase in accumulated other comprehensive income of the entity for the full amount of the increase in the value of the assets. c. A decrease in accumulated other comprehensive income of the entity for the full amount of the increase in the value of the assets. d. A decrease in the liabilities of the entity. Choice "d" is correct. The funded status of a pension plan is equivalent to the fair value of plan assets less the projected benefit obligation. For this plan, the projected benefit obligation exceeds the fair value of plan assets by $800,000 and therefore is reported as a liability. An increase of $500,000 will still leave the plan underfunded by $300,000, which means the increase will only help to decrease the liability. Choice "a" is incorrect. The plan is on the books as a liability, and a $500,000 increase is not enough to make it an asset. Choices "b" and "c" are incorrect. Accumulated other comprehensive income will consist of prior service costs, unamortized gains/losses from changes in actuarial assumptions and differences in the expected versus actual returns on plan assets, and the existing net obligation or net asset at implementation. As these items are amortized, they are removed from other comprehensive income but will not impact the funded status. 16

17 16. Neely Co. disclosed in the notes to its financial statements that a significant number of its unsecured trade account receivables are with companies that operate in the same industry. This disclosure is required to inform financial statement users of the existence of: a. Concentration of credit risk. b. Concentration of market risk. c. Risk of measurement uncertainty. d. Off-balance sheet risk of accounting loss. Choice "a" is correct. Credit risk is the risk that a counterparty will partially or completely fail to perform per the terms of the contract. A concentration exists if a number of counterparties are engaged in similar activities; have similar economic characteristics such that the ability of all of them to meet obligations is similarly affected. When this exists, it must be disclosed. Choice "b" is incorrect. Market risk is the possibility of loss from changes in market value due to changes in economic circumstances. This should be, but is not required to be, disclosed. Choices "c" and "d" are incorrect. This does not relate to a significant number of unsecured accounts receivable with companies in the same industry. 17

18 17. Sun Co. was constructing fixed assets that qualified for interest capitalization. Sun had the following outstanding debt issuances during the entire year of construction: $6,000,000 face value, 8% interest. $8,000,000 face value, 9% interest. None of the borrowings were specified for the construction of the qualified fixed asset. Average expenditures for the year were $1,000,000. What interest rate should Sun use to calculate capitalized interest on the construction? a. 8.00% b. 8.50% c. 8.57% d. 9.00% Choice "c" is correct. If borrowings are not tied specifically to the construction of an asset, the weighted average interest rate for the other borrowings of the company should be used. The weighted average interest rate is calculated as follows: [(6,000,000/14,000,000) *.08] + [(8,000,000/14,000,000) *.09] =.0857, or 8.57%. Note that if there were borrowings tied to the specific construction, the rate on those borrowings would be used. Choice "a" is incorrect. This is just the rate on the first bond listed. Choice "b" is incorrect. This is not a weighted average of the two bonds, as the second bond carries more weighting. Choice "d" is incorrect. This is just the rate on the second bond listed. 18

19 18. Bard Co., a calendar-year corporation, reported income before income tax expense of $10,000 and income tax expense of $1,500 in its interim income statement for the first quarter of the year. Bard had income before income tax expense of $20,000 for the second quarter and an estimated effective annual rate of 25%. What amount should Bard report as income tax expense in its interim income statement for the second quarter? a. $3,500 b. $5,000 c. $6,000 d. $7,500 Choice "c" is correct. In order to calculate income tax expense on an interim statement, the appropriate methodology is to multiply year to date income by the effective tax rate and subtract from that the income tax expense recorded in the previous quarter. The total income for both quarters is $30,000 and the effective tax rate estimated as of the second quarter is 25%. Total tax expense is then estimated as $7,500 for both quarters, and with $1,500 already booked in the first quarter, that will leave $6,000 for the second quarter. Choice "a" is incorrect. This choice incorrectly calculates second quarter income tax expense of $5,000 ($20,000 x 25%) and then subtracts income tax expense from the first quarter. Choice "b" is incorrect. This choice does not account for the change in the tax rate that will need to be applied in the second quarter to first quarter income. Choice "d" is incorrect. This choice does not subtract the $1,500 recorded in the first quarter. 19

20 19. On January 2 of the current year, LTTI Co. entered into a three-year, non-cancelable contract to buy up to 1 million units of a product each year at $.10 per unit with a minimum annual guarantee purchase of 200,000 units. At year end, LTTI had only purchased 80,000 units and decided to cancel sales of the product. What amount should LTTI report as a loss related to the purchase commitment as of December 31 of the current year? a. $0 b. $8,000 c. $12,000 d. $52,000 Choice "d" is correct. The contract overall has a minimum total guarantee of 600,000 units, and only 80,000 units will be purchased. At $.10 per unit, the company is responsible for 520,000 units at $.10 per unit. The loss as a result will be $52,000 (520,000 x $0.10). Choice "a" is incorrect. Because the contract is non-cancelable and there is a minimum guarantee, there will be a loss resulting from not honoring that guarantee. Choice "b" is incorrect. This represents the amount actually purchased. Choice "c" is incorrect. This only accounts for the current year, and fails to account for the remaining two years when no purchases will be made. 20

21 20. In Soan County's general fund statement of revenues, expenditures, and changes in fund balances, which of the following has an effect on the excess of revenues over expenditures? a. Purchase of fixed assets. b. Payment to a debt-service fund. c. Special items. d. Proceeds from the sale of capital assets. Choice "a" is correct. Fixed assets are not expected to contribute to the generation of revenue and are therefore expensed. This will serve to reduce the excess of revenue over expense. Choice "b" is incorrect. This is considered a contribution of equity/revenue and will not fall into the excess of revenues over expenses. Choice "c" is incorrect. Special items are reported separately after non-operating revenues and expenses. Choice "d" is incorrect. Capital asset sale proceeds do not fall under either revenues or expenses on the general fund statement of revenues, expenses, and changes in fund balances. 21

22 21. How should state appropriations to a state university choosing to report as engaged only in business-type activities be reported in its statement of revenues, expenses, and changes in net assets? a. Operating revenues. b. Nonoperating revenues. c. Capital contributions. d. Other financing sources. Choice "b" is correct. A state university will follow governmental accounting policies. Receiving state appropriations represents a non-exchange transaction and will therefore be treated as nonoperating revenues. 22

23 22. What is the major difference between an exchange transaction and a non-exchange transaction for governmental units? a. The relationship between the amount of value given and received. b. Time requirements and whether the transaction is required by law. c. Purpose restrictions placed upon fund balances. d. Whether resources acquired can be further exchanged. Choice "a" is correct. An exchange transaction is a reciprocal transfer in which each party receives and sacrifices something of approximately equal value. A non-exchange transaction involves giving/receiving value without receiving/giving equal value in return. 23

24 23. A nongovernmental not-for-profit animal shelter receives contributed services from the following individuals valued at their normal billing rate: Veterinarian provides volunteer animal care $8,000 Board members volunteer to prepare books for audit 4,500 Registered nurse volunteers as receptionist 3,000 Teacher provides volunteer dog walking 2,000 What amount should the shelter record as contribution revenue? a. $8,000 b. $11,000 c. $12,500 d. $14,500 Choice "c" is correct. Donated services are recorded at fair value if they create/enhance a non-financial asset or the required specialized skills the provider possesses and would otherwise have been purchased by the organization receiving the services. The services provided by the veterinarian and the board members represents specialized skills that would have required the shelter to purchase the services in the absence of the volunteers. The nurse volunteering as a receptionist and volunteer dog walking do not require specialized skills so they are not recorded as revenue. 24

25 24. Whitestone, a nongovernmental not-for-profit organization, received a contribution in December, Year 1. The donor restricted use of the contribution until March, Year 2. How should Whitestone record the contribution? a. Footnote the contribution in Year 1 and record as income when it becomes available in Year 2. b. No entry required in Year 1 and record as income in Year 2 when it becomes available. c. Report as income in Year 1. d. Report as deferred income in Year 1. Choice "c" is correct. It will be recorded as revenue in Year 1, and within that classification the revenue will be considered temporarily restricted until the time period for the restriction has passed. Choice "a" is incorrect. The revenue will need to be recorded in Year 1. Choice "b" is incorrect. In Year 2, the revenue already booked in Year 1 will move from temporarily restricted to unrestricted. Choice "d" is incorrect. Deferred income will be treated as a liability. This contribution should be recorded as revenue in Year 1. 25

26 25. A nongovernmental, not-for-profit organization received the following donations of corporate stock during the year: Donation 1 Donation 2 Number of shares 2,000 3,000 Adjusted basis $8,000 $5,500 Fair market value at time of donation 8,500 6,000 Fair market value at year end 10,000 4,000 What net value of investments will the organization report at the end of the year? a. $12,000 b. $13,500 c. $14,000 d. $14,500 Choice "c" is correct. The corporate stock is equity that has a readily determinable fair value. As such, it should be measured at fair value at the year-end statement of financial position. Choice "a" is incorrect. The stock should be recorded at fair value. Choice "b" is incorrect. This represents the combined basis. Fair value is the appropriate measure to use both when the stock is initially recorded and each year. Choice "d" is incorrect. This is the fair value reported when the stock is contributed rather than at yearend. 26

27 26. According to the FASB conceptual framework, which of the following correctly pairs a primary qualitative characteristic of accounting information with one of its components? a. Relevance and Timeliness. b. Relevance and Verifiability. c. Reliability and Predictive Value. d. Reliability and Feedback Value. Choice "a" is correct. Relevance is a primary qualitative characteristic and timeliness (along with predictive value and feedback value) is one of its components. Choice "b" is incorrect. Verifiability is a component under reliability. Choice "c" is incorrect. Predictive value is a component under relevance. Choice "d" is incorrect. Feedback value is a component under relevance. 27

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