FAR 試験問題を無料オンラインアクセス

During 1990, Fuqua Steel Co. had the following unusual financial events occur:
. Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain.
Fuqua has frequently retired bonds early when interest rates declined significantly.
. A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth
similar loss sustained in a 5-year period at that location.
. A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in
1 990?

• A.$(90,000)
• B.$0
• C.$(350,000)
• D.$5,000

Which of the following statements is incorrect regarding the inputs that can be used to measure fair
value?
I. Level I inputs are the most reliable fair value measurements and Level III inputs are the least reliable.
II. Level I measurements are quoted prices in active markets for identical or similar assets or liabilities.
III. A fair value measurement based on management assumptions only (no market data) would not be
acceptable per GAAP.
IV. The level in the fair value hierarchy of a fair value measurement is determined by the level of the
highest level significant input.

• A.I only.
• B.II, III, IV.
• C.I, II, III, IV.
• D.I, II, IV.

A segment of Ace Inc. was discontinued during 1992. Ace's loss from discontinued operations should not:

• A.Include additional pension costs associated with the decision to dispose.
• B.Exclude operating losses from the date the decision to dispose of the segment was made until the end
  of 1992.
• C.Include operating losses of the current period up to the date the decision to dispose of the segment
  was made.
• D.Include employee relocation costs associated with the decision to dispose.

YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated
customers. YIV should report segment financial information for each division meeting which of the
following criteria?

• A.Segment revenue is 10% or more of consolidated revenue.
• B.Segment operating profit or loss is 10% or more of consolidated profit or loss.
• C.Segment revenue is 10% or more of combined revenue of all the company segments.
• D.Segment operating profit or loss is 10% or more of combined operating profit or loss of all company
  segments.

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 August 31, 1992.
• B.During the eight months ending August 31, 1992, by a weighted average of the purchases.
• C.During 1992 by a weighted average of the purchases.
• D.As of January 1, 1992.