CPA-00107For interim financial reporting, a company's income tax provision for the second quarter should be determined using the:
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1 .CPA-00005What is the underlying concept governing the recording of gain contingencies?
A Consistency. B Reliability. C Conservatism. D Relevance.
2 .CPA-00022According to the FASB and IASB conceptual frameworks, which of the following is an enhancing qualitative characteristic?
A Timeliness. B Neutrality. C Materiality. D Completeness.
3 .CPA-00068How should the effect of a change in accounting estimate be accounted for?
A As a prior period adjustment to beginning retained earnings. B In the period of change and future periods if the change affects both. C By reporting pro forma amounts for prior periods. D By restating amounts reported in financial statements of prior periods.
4 .CPA-06592Which of the following is included in other comprehensive income?
A Foreign currency translation adjustments. B The difference between the accumulated benefit obligation and the fair value of pension plan assets. C Unrealized holding gains and losses that result from a debt security being transferred into the held-to-maturity category from the available-for-sale c...
5 .CPA-05079The reporting of comprehensive income would include or display:
A Proceeds from sale of stock. B Comprehensive income per share. C Net income. D Dividends.
7 .CPA-00647The next item is based on the following data pertaining to Pell Co.'s construction jobs, which commenced during 1992:Project 1Project 2Contract priceUSD 420,000USD 300,000Costs incurred during 1992240,000280,000Estimated costs to complete120,00040,000Billed to customers during 1992150,000270,000Received from customers during 199290,000250,000If Pell used the completed contract method, what amount of gross profit (loss) would Pell report in its 1992 income statement?
A (USD 20,000) B USD 0 C USD 420,000 D USD 340,000
8 .CPA-00720On July 1, Year 1, Balt Co. exchanged a truck for 25 shares of Ace Corp.'s common stock. On that date, the truck's carrying amount was USD 2,500, and its fair value was USD 3,000. Also, the book value of Ace's stock was USD 60 per share. On December 31, Year 1, Ace had 250 shares of common stock outstanding and its book value per share was USD 50. What amount should Balt report in its December 31, Year 1 balance sheet as investment in Ace assuming the transaction had commercial substance?
A USD 1,250 B USD 3,000 C USD 2,500 D USD 1,500
9 .CPA-00266Kale Co. purchased bonds at a discount on the open market as an investment and intends to hold these bonds to maturity. Kale should account for these bonds at:
A Lower of cost or market. B Cost. C Fair value. D Amortized cost.
10 .CPA-06933In year 1, a company reported in other comprehensive income an unrealized holding loss on an investment in available-for-sale securities. During year 2, these securities were sold at a loss equal to the unrealized loss previously recognized. The reclassification adjustment should include which of the following?
A The unrealized loss should be credited to beginning retained earnings. B The unrealized loss should be credited to the investment account. C The unrealized loss should be credited to the other comprehensive income account. D The unrealized loss should be debited to the other comprehensive income a...
