2015美国注册会计《财务会计报告》模拟试题(1)

 　1.What is the underlying concept governing the recording of gain contingencies?

　　a. Conservatism.

　　b. Reliability.

　　c. Relevance.

　　d. Consistency.

　　Explanation

　　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 "c" 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 "d" 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 "b" 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.

　　2.What is the underlying concept that supports the immediate recognition of a contingent loss?

　　a. Consistency.

　　b. Substance over form.

　　c. Conservatism.

　　d. Matching.

　　Explanation

　　Choice "c" 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 "b" is incorrect. The substance over form concept presumes that the transaction form may not dictate the accounting treatment.

　　Choice "a" is incorrect. Consistency is conformity from period to period with unchanging policies and procedures.

　　Choice "d" 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.

　　3.According to the FASB and IASB conceptual frameworks, neutrality is an ingredient of:

　　a. Timeliness.

　　b. Faithful representation.

　　c. Comparability.

　　d. Relevance.

　　Explanation

　　Choice "b" is correct. Neutrality, which is freedom from bias in selection or presentation, is an ingredient of faithful representation.

　　Choice "d" is incorrect. Relevance is a fundamental qualitative characteristic along with faithful representation, and not an ingredient.

　　Choice "c" is incorrect. Comparability is a characteristic that enhances the usefulness of information that is both relevant and faithfully represented. It is not an ingredient of relevance or faithful representation.

　　Choice "a" is incorrect. Timeliness is a characteristic that enhances the usefulness of information that is both relevant and faithfully represented. It is not an ingredient of relevance or faithful representation.

　　4.How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported?

　　a. By footnote disclosure only.

　　b. As a correction of an error.

　　c. As a component of income from continuing operations.

　　d. By restating the financial statements of all prior periods presented.

　　Explanation

　　Choice "c" is correct. When the effect of a change in accounting principle is inseparable from the effect of a change in accounting estimate, the reporting treatment for the overall effect is as a change in estimate. Thus, the effect is reported prospectively as a component of income from continuing operations.

　　Choice "d" is incorrect. Restatement of all prior periods is the retroactive accounting treatment that is applied to the correction of an error and the retrospective accounting treatment given to changes in accounting principle. However, a change in accounting principle that is inseparable from the effect of a change in accounting estimate is now treated as a change in accounting estimate.

　　Choice "b" is incorrect. Correction of an error is given retroactive treatment as a prior period adjustment to retained earnings with restatement of prior periods. This is not the treatment appropriate for the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate.

　　Choice "a" is incorrect. While footnote disclosure is always appropriate for an accounting change, such disclosure alone is never the appropriate accounting treatment.

　　5.Under U.S. GAAP, a transaction that is unusual in nature and infrequent in occurrence should be reported separately as a component of income:

　　a. After discontinued operations of a segment of a business.

　　b. After cumulative effect of accounting changes and before discontinued operations of a segment of a business.

　　c. After cumulative effect of accounting changes and after discontinued operations of a segment of a business.

　　d. Before cumulative effect of accounting changes and before discontinued operations of a segment of a business.

　　Explanation

　　Choice "a" is correct. An extraordinary item (a transaction that is both "unusual in nature" and "infrequent in occurrence") should be reported separately as a component of income after discontinued operations of a segment of a business.

　　The cumulative effect of a change in accounting principle is shown on the retained earnings statement.

　　This is why memorizing the mnemonic "idea" is so important.