美国CPA考试FAR财务会计与报告模拟试题(2020-08-13)

发布时间：2020-08-13

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美国注册会计师考试是全英文考试，相信大家都知道，为了帮助大家更好的备考，下面51题库考试学习网为大家准备了USCPA考试FAR财务会计与报告模拟试题，备考的小伙伴赶紧来练练手吧。

1. Gains and losses from changes in the fair value of a derivative designated and qualified as a fair value hedge should be:

a. Recognized as a component of other comprehensive income in the period in which the fair value of the derivative changes.

b. Recognized in current net income in the period in which the fair value of the derivative changes.

c. Disregarded until the derivative is settled.

d. Recognized as a deferred debit or deferred credit in the balance sheet until the derivative is settled.

答案：a

2.North Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, North\'s unadjusted balance of liability for compensated absences was $21,000. North estimated that there were 150 vacation days and 75 sick days available at December 31. North\'s employees earn an average of $100 per day. In its December 31 balance sheet, what amount of liability for compensated absences is North required to report?

a. $21,000

b. $22,500

c. $36,000

d. $15,000

答案：D

3. Big Brown Corporation\'s derivative investments had the following fair values at December 31, Year 1 and December 31, Year 2:

12/31/Year 1 12/31/Year 2

Speculative derivatives

$280,000 $310,000

Derivatives used as fair value hedges

$600,000 $745,000

Derivatives used as cash flow hedges

$430,000 $510,000

The derivatives used as fair value hedges and cash flow hedges were both considered highly effective in Year 2. What amount of gain from these derivative investments should Big Brown report in its Year 2 net income and other comprehensive income?

Net Income OCI

a. $0 $255,000

b. $80,000 $175,000

c. $175,000 $80,000

d. $255,000 $0

答案：c

4.On June 19, Don Co., a U.S. company, sold and delivered merchandise on a 30-day account to Cologne GmbH, a German corporation, for 200,000 euros. On July 19, Cologne paid Don in full. Relevant currency exchange rates were:

June 19 July 19

Spot rate $.988 $.995

30-day forward rate .990 1.000

What amount should Don record on June 19 as an account receivable for its sale to Cologne?

a. $199,000

b. $198,000

c. $197,600

d. $200,000

答案：c

5. A tax return preparer is not required to:

Audit the corporate records

Examine the business operations

Copy all underlying documents

In preparing a client\'s current-year individual income tax return, a tax practitioner discovers an error in the prior year\'s return. Under the rules of practice, the tax practitioner:

a. Is barred from preparing the current year\'s return until the prior-year error is rectified.

b. Is required to notify the IRS of the error.

c. Must file an amended return to correct the error.

d. Must advise the client of the error.

答案：D

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