Financial-Accounting-Reporting 試験問題を無料オンラインアクセス

Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December 31, 1988. The following information was taken from Chester's accounting records for the above period:

For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net loss?

• A.$450,000
• B.$150,000
• C.$350,000
• D.$ 50,000

Conceptually, interim financial statements can be described as emphasizing:

• A.Relevance over comparability.
• B.Comparability over neutrality.
• C.Timeliness over reliability.
• D.Reliability over relevance.

In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?

• A.Effect of a failure to provide for uncollectible accounts in the previous period.
• B.Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
• C.Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
• D.Effect of a decrease in the estimated useful life of depreciable equipment.

According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?

• A.An asset is tangible.
• B.An asset provides future benefits.
• C.An asset is obtained at a cost.
• D.The claims to an asset's benefits are legally enforceable.

Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
In its 1991 financial statements, Grum should disclose major customer data if sales to any single customer amount to at least:

• A.$1,500,000
• B.$4,000,000
• C.$300,000
• D.$5,000,000