CPA-06961What is the purpose of reporting comprehensive income?
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3 .CPA-00007According to the FASB and IASB conceptual frameworks, the objective of general purpose financial reporting is to:
A Comply with the need for conservatism. B Comply with generally accepted accounting principles. C Provide financial information that is useful to primary users. D Report on how effectively and efficiently management has used the entity's resources.
4 .CPA-00051Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during the current year. The cumulative effect of this change should be reported in Lore's current year financial statements as a:
A Component of income before extraordinary item. B Component of income after extraordinary item. C Prior period adjustment resulting from the change in accounting principle. D Prior period adjustment resulting from the correction of an error.
5 .CPA-00054Under U.S. GAAP, a material loss should be presented separately as a component of income from continuing operations when it is:
A A cumulative effect type change in accounting principle. B Not unusual in nature but infrequent in occurrence. C An extraordinary item. D Unusual in nature and infrequent in occurrence.
7 .CPA-08240Palmyra Co. has net income of USD 11,000, a positive USD 1,000 net cumulative effect of a change in accounting principle, a USD 3,000 unrealized loss on available-for-sale securities, a positive USD 2,000 foreign currency translation adjustment, and a USD 6,000 increase in its common stock. What amount is Palmyra's comprehensive income?
A USD 17,000 B USD 4,000 C USD 11,000 D USD 10,000
8 .CPA-00554On January 2 of the current year, Rafa Co. purchased a franchise with a useful life of ten years for USD 50,000. An additional franchise fee of 3% of franchise operation revenues must be paid each year to the franchisor. Revenues from franchise operations amounted to USD 400,000 during the year. In its December 31 balance sheet, what amount should Rafa report as an intangible asset franchise?
A USD 33,000 B USD 50,000 C USD 45,000 D USD 43,800
9 .CPA-06576Falton Co. had the following first-year amounts related to its USD 9,000,000 construction contract:Actual costs incurred and paidUSD 2,000,000Estimated costs to complete6,000,000Progress billings1,800,000Cash collected1,500,000What amount should Falton recognize as a current liability at year end, using the percentage-of-completion method?
A USD 0 B USD 200,000 C USD 250,000 D USD 300,000
10 .CPA-01274On September 22, Year 4, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company's local currency. On that date, the spot rate was USD .55. Yumi paid the bill in full on March 20, Year 5, when the spot rate was USD .65. The spot rate was USD .70 on December 31, Year 4. What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 4?
A USD 1,000 B USD 500 C USD 0 D USD 1,500
