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Download CPA Financial Accounting and Reporting Exam Dumps
NEW QUESTION 51
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation
arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax
expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its
December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings
by a:
- A. $300,000 credit.
- B. $370,000 debit.
- C. $230,000 credit.
- D. $230,000 debit.
Answer: D
Explanation:
Choice "b" is correct. $230,000 debit.
NEW QUESTION 52
On March 15, 1992, Krol Co. paid property taxes of $90,000 on its office building for the calendar year
1 992. On April 1, 1992, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs
will benefit operations for the remainder of 1992. What is the total amount of these expenses that Krol
should include in its quarterly income statement for the three months ended June 30, 1992?
- A. $37,500
- B. $72,500
- C. $172,500
- D. $97,500
Answer: B
Explanation:
Rule: Actual and estimated expenditures benefiting all interim periods equally should be expensed ratably
throughout the year.
Choice "c" is correct. $72,500 total expense for the three months ended June 30, 1992.
NEW QUESTION 53
During 1992, Krey Co. increased the estimated quantity of copper recoverable from its mine. Krey uses
the units of production depletion method. As a result of the change, which of the following should be
reported in Krey's 1992 financial statements?
- A. Option B
- B. Option C
- C. Option A
- D. Option D
Answer: B
Explanation:
Choice "c" is correct, No - No. This is a change in "accounting estimate," which affects only the current
and subsequent periods (not prior periods and not retained earnings). "Cumulative effect of a change in
accounting principle" is only used for changes in "accounting principle."
NEW QUESTION 54
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