AICPA考试FAR模拟资料一

AICPA考试FAR模拟资料一

1.The bygone historical society,a not-for-profit organization,received a donation of fifteen daguerre-type(metal)photos of bygone's riverfront from a family estate.The photos were not suitable for display but were accepted by the historical society for their potential value to researchers and historians.The photos have no alternative use.The bygone historical society adopted a policy of capitalizing its contributed works of art and historical treasures.Under these circumstances,bygone historical society would:

A.recognize the photos as assets(historical treasures)and contribution revenue in the amount of their fair market value.

B.recognize the photos as assets(historical treasures)and contribution revenue in the amount of the value of the metal

C.not recognize the contributed photos as assets and contribution revenue.

D.Disclose the receipt of historical treasures not eligible for display

【答案】C

【解析】Choice3is correct.Regardless of bygone historical society's policies,no asset or contribution revenue will be recognized since the contributed photos are subject to major uncertainties with regard to their value and have no alternative use.

Choices1and2are incorrect.The photos have no determinable value and will not be displayed. Regardless of the organization's policies with regard to capitalization of qualified historical treasures and works of art,no recognition of assets or contribution will be made.

Choice4is incorrect.Bygone historical society is not obligated to disclose the contribution of the photos.

2.In a statement of cash flows,if used equipment is sold at a gain,the amount shown as a cash inflow from investing activities equal the carrying amount of the equipment:

a.Plus the gain.

b.Plus the gain and the amount of tax attributable to the gain.

c.Plus both the gain and the amount of tax attributable to the gain.

d.With no addition or subtraction.

【答案】a

【解析】Choice1is correct.In a statement of cash flows,if used equipment is sold at a gain, the

amount shown as a cash inflow from investing activities equals the carrying amount of the equipment plus the gain(or,the proceeds from the sale).

Choices2and3are incorrect.The amount of tax attributable to the gain remains as part

of operating activities.

Choice4is incorrect.Gain must be added to the carrying amount to equal cash proceeds

from sale of equipment.

3.In the December31consolidated financial statements of potter and squire,total retained earnings should be:

A.$740,000

B.$1,224,000

C.$900,000

D.$1,060,000

【答案】a

【解析】Choice1is correct.$740,000,only the parent's retained earnings will be reported.The sub's retained earnings are eliminated in consolidation.

Choice2is incorrect.$1,224,000is calculated by adding the$400,000retained earnings of squire to the$740,000retained earnings of potter and then adding$84,000of goodwill.

Choice3is incorrect.per the explanation above.

Choice4is incorrect.$1060,00is calculated by adding80%of the$400,000retained earnings of squire,or$320,000,to the$740,000retained earnings of potter.

4.Which of following is not a disclosure requirement related to risks and uncertainties under U.S.GAAP?

A,Disclosure of the relative importance of each business when an entity operates

multiple business.

B,A statement that actual results could differ from the estimates included in the financial statements.

C,Estimates of the effects of changes in significant estimates.

D,Disclosure of vulnerability due to all identified concentrations.

【答案】d

【解析】Choice4is correct.Identified concentration only need to be disclosed if all the criteria are met:

1.The concentration exists at the financial statement date.