美國CPA考試試題解答
1.Fair value 是exit price 還是entry price? (M7)
Question:
According to FAS 157, the fair value at initial recognition is:
a. The price paid to acquire the asset
b. The price paid to transfer or sell the asset
答案選擇a, 但是我在課上清楚記得關于fair value是Exit price (脫手價格),但是答案解釋中說是entry price?
Answer:
有關fair value measurement的定義,請參閱書P134(Wiley, 2009 version)第四行,它明確指出SFAS157 defines FV as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (at exit price),這個應該是相對于賣方而言,是它的脫手價格。 而這個題目中有寫at initial recognition,那么我認為這是相對于買方而言,是入賬價格 (at entry price)。
2.有關LIFO reserve。(M8)
Question:
有一個概念是關于:LIFO reserve, 它是inventory的contra account,它的目的是便于不同report之間的轉換嗎?關于書中(FAR 2009 Wiley P197第27題)的一道有關LIFO reserve的題目不是很明白。
Answer:
有關LIFO reserve,在書中可以找到相應的解釋:P187倒數第二個段落(Wiley, 2009 version),when a company uses LIFO for external reporting purposes and another inventory method for internal purposes, a LIFO reserve account is used to reduce inventory from the internal valuation to the LIFO valuation. LIFO reserve is a contra account to inventory, and is adjusted up or down @ year end with a corresponding increase or decrease to COGS. 它的意思是講,如果一個公司在內部使用中用其他的計算方式計算存貨,如FIFO, avg methods,而在對外的報表中,如給股東的年度報告和報稅材料等使用LIFO,那么在它的B/S inventory的名下會有LIFO reserve account, 將原本內部用其他方式計算出來的Inventory的數目(在先)調成使用LIFO會產生的數值(在后)。它類似于A/R名下的AFDA,是一個contra account(Cr.),它的數值應該等于每一年兩種計算方式Inventory的差異。在P197 No. 27中,使用Avg cost (internal use) 計算出來的Inventory 是$375,000,而使用LIFO (external use)計算出來的Inventory是$320,000,兩者之間的差異是$55,000。這時應該使用LIFO reserve 將原本的$375,000 (在先)變為$320,000 (在后)。由于這個賬戶已經有$35,000 (Cr.),那么需要增加不足的$20,000就可以了。減少公司的存貨,方式是增加公司的COGS,所以adj journal entry 是Dr. COGS $20,000
Cr. LIFO reserve $20,000
調整之后的B/S 將是 Inventory (avg) $375,000
Less: LIFO reserve (55,000)
Inventory (LIFO) $320,000
在做這道題目的時候要注意,LIFO reserve的初始值BEG是Dr. or Cr. 如果是Cr. $35,000那么調整的數目是$20,000; 而如果是Dr. $35,000, 那么調整的數目就是$90,000 ($35,000 + $55,000)了,好好理解一下其中的奧妙。
3. LIFO liquidation 是指Layer的凍結嗎?(M8)
Question:
LIFO liquidation 是指layer的凍結嗎?
Answer:
有關LIFO liquidation,它不是凍結的意思,而是存貨清盤。它的意思是指,有的使用LIFO計算存貨的公司,在物價不斷上漲的時候,為了有一個比較漂亮的公司收益數字,管理者往往不會繼續進貨,而銷售以往累積的存貨。因為LIFO的意思是last in, first out,后進的貨物由于物價上漲,成本會遠遠高于以前存貨的價格。如果不購買新貨物,那么我們的COGS會是以往存貨的價格,會有一個偏低的COGS,偏高的`net income,這就造成了LIFO liquidation。按照正常的模式,公司購買的或是生產的產品數量會高于銷售數量,這也是為什么公司會有存貨的原因,是不是?如果年底的存貨高于年初的存貨,對于LIFO來說,由于它是last in, first out, 它當年賣出去的貨物都是當年購買來的,還有余額。這個余額就是我們所說的new layer,與其他年度積累的layer一起,作為公司的存貨;如果公司年底的存貨不足年初的存貨了,這就表明公司當年不僅銷售了當年所購得的或是生產的全部產品,還將年初存貨的一部分賣出,年初的存貨也會根據last in, first out的原則,最近年份的存貨最先賣出,那么那個累積的layer就會remove 出去,不是么?
4. 有關discontinued operation。(M7)
Question:
有關246頁,39題(Wiley, 2009 version),這個是關于公司holding long-live assets that it intended to sell, the assets do not constitute a separate component of the company. The company recognize the loss related to these assets, 這個loss為什么屬于component from continuing operation? asset held for sale不是屬于discontinue operation ?
附原題:
At December 31,2009, Matson Inc. was holding long-lived assets that it intended to sell. The assets do not constitute a separate component of the company. The company appropriately recognized a loss in 2009 related to these assets. On Matsons income statement for the year ended December 31,2009, this loss should be reported as a(n)
a. Extraordinary item
b. Component of income from continuing operations before income taxes
c. Separate component of S,G&A expenses, disclosed net of tax benefit
d. Component of gain(loss) from sale of discontinued operations, disclosed net of income
taxes
the correct answer is b.
Answer:
有關discontinued operations的問題,首先你要了解discontinued operation的定義。Discontinued operations occur when a company disposes of, or plans to dispose of, a relatively large component of its business. 只能是被認定公司的一個component (如一條流水線,一個子公司等), 才可以在當年已出售或準備出售時歸為discontinued operations. 而如果不是一個component, 如一條流水線生產n種產品,某一個產品的停產不能被認定discontinued operations, 或是在某一個地域的一個分店被關閉,也不能視為discontinued operations。如這個題目P246 No. 39, 非常明確的告訴我們the assets do not constitute a separate component, 那么它被出售就不能視為discontinued operations, 在出售過程中所遭受的損失只能計為loss from continuing operations before income taxes (IDEA).
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