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NEW QUESTION 26
On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the
weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of
the change is determined:
- A. As of January 1, 1992.
- B. As of August 31, 1992.
- C. During 1992 by a weighted average of the purchases.
- D. During the eight months ending August 31, 1992, by a weighted average of the purchases.
Answer: A
Explanation:
Rule: The cumulative effect of a change in accounting principle equals the difference between retained
earnings at the beginning of period of the change and what retained earnings would have been if the
change was applied to all affected prior periods. Choice "a" is correct. As of January 1, 1992, the
beginning of the year. This assumes that the company is not presenting comparative financial statements.
If comparative financial statements are presented, then the adjustment is made to the beginning retained
earnings of the earliest year presented. Choice "b" is incorrect. The cumulative effect of the change is not
determined as of the date the decision is made. Choices "c" and "d" are incorrect. The cumulative effect of
the change is not determined by a weighted average. (A far out distractor.)
NEW QUESTION 27
Financial reporting by a development stage enterprise differs from financial reporting for an established
operating enterprise in regard to footnote disclosures:
- A. And revenue recognition principles only.
- B. And revenue and expense recognition principles.
- C. Only.
- D. And expense recognition principles only.
Answer: C
Explanation:
Choice "a" is correct. Financial reporting by a development stage enterprise differs from financial
reporting for an established operating enterprise in regard to (more extensive) footnote disclosures only.
Choices "b", "c", and "d" are incorrect. Revenue and expense recognition principles are the same. Rule:
Development stage enterprises should present financial statements in accordance with GAAP and make
additional disclosures such as: cumulative net losses, cumulative deficit (as part of equity), cumulative
sales and expenses (as part of the income statement), cumulative statement of cash flows and
supplementary "shareholders equity."
NEW QUESTION 28
Mellow Co. depreciated a $12,000 asset over five years, using the straight-line method with no salvage
value. At the beginning of the fifth year, it was determined that the asset will last another four years. What
amount should Mellow report as depreciation expense for year 5?
- A. $2,400
- B. $1,500
- C. $900
- D. $600
Answer: D
Explanation:
Choice "a" is correct. Over the first 4 years, the asset would be depreciated down to $2,400. Once it was
determined that the asset would last for another 4 years, $600 would be depreciated each year of that 4
year period. This change is a change in accounting estimate (the estimate being the life of the asset).
Changes is accounting estimate are accounted for in the current year and future years if the change
affects both. Choice "b" is incorrect. This answer is the annual difference between the depreciation
expense IF depreciation expense had been retroactively restated ($24,000 / 8 = $1,500) and the correct
depreciation expense. Retroactive restatement is not appropriate for changes in accounting estimate.
Choice "c" is incorrect. This answer is the depreciation expense IF depreciation had been retroactively
restated ($24,000 / 8 = $1,500). Retroactive restatement is not appropriate for changes in accounting
estimate. Choice "d" is incorrect. This answer is the undepreciated amount at the beginning of the fifth
year or the amount of the annual depreciation expense for each of the first 4 years. Either way, it certainly
is not going to be the depreciation expense for that year because the remaining cost will depreciated over
the remaining period.
NEW QUESTION 29
A transaction that is unusual, but not infrequent, should be reported separately as a(an):
- A. Extraordinary item, net of applicable income taxes.
- B. Component of income from continuing operations, but not net of applicable income taxes.
- C. Extraordinary item, but not net of applicable income taxes.
- D. Component of income from continuing operations, net of applicable income taxes.
Answer: B
Explanation:
Choice "d" is correct. A transaction that is unusual, but not "infrequent" should be reported separately as a
component of continuing operations, (gross) but not net of applicable income taxes.
Choices "a" and "b" are incorrect. An extraordinary item has to be both "unusual" and "infrequent."
Choice "c" is incorrect, per "d" above.
NEW QUESTION 30
Which of the following assumptions means that money is the common denominator of economic activity
and provides an appropriate basis for accounting measurement and analysis?
- A. Going concern.
- B. Monetary unit.
- C. Periodicity.
- D. Economic entity.
Answer: B
Explanation:
Choice "c" is correct. The monetary unit assumption means that money is the common denominator for
economic activity and provides an appropriate basis for accounting measurements and analysis. Choice
"a" is incorrect. The going concern assumption has nothing to do with money per se. The going concern
assumption presumes that an entity will continue to operate in the foreseeable future. Choice "b" is
incorrect. The periodicity has nothing to do with money per se. The periodicity assumption is that
economic activity can be divided into meaningful time periods. Choice "d" is incorrect. The economic
entity assumption has nothing to do with money per se. The economic entity assumption is that economic
activity can be accounted for when considering an identifiable set of activities.
NEW QUESTION 31
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