CIA CPA Exam: Financial Accounting - Error Correction, Accounting Change

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CIA CPA Exam: Financial Accounting - Error Correction, Accounting Change

Accounting Error

1. Bren Co.’s beginning inventory at January 1, year 1, was understated by $26,000, and its ending inventory was overstated by $52,000. As a result, Bren’s cost of goods sold for year 1 was
A. Understated by $26,000.
B. Overstated by $26,000.
C. Understated by $78,000.
D. Overstated by $78,000.
Jawaban: C
Pembahasan:

A	Incorrect, understated $26,000, hanya memperhitungkan understated beginning inventory, belum memperhitungkan overstated ending inventory $54,000.
B	Incorrect, understated beginning inventory $26,000 mengakibatkan COGS understated, bukan overstated.
C	Correct, soal menanyakan pengaruh dari salah catat inventory terhadap cost of goods sold (COGS) pada tahun I. Pengaruh kesalahan tersebut pada COGS tahun I, sbb: + Beginning Inventory    - $26,000    , maka COGS understated $26,000 + Purchase        (-) (Ending Inventory     + $52,000)    , maka COGS understated $52,000.    COGS    -    $78,000    , total COGS understated = $78,000.
D	Incorrect, understated beginning inventory $26,000 dan overstated ending inventory $54,000 mengakibatkan COGS understated $78,000, bukan overstated.

2. At the end of year 1, Ritzcar Co. failed to accrue sales commissions earned during year 1 but paid in year 2. The error was not repeated in year 2. What was the effect of this error on year 1 ending working capital and on the year 2 ending retained earnings balance?

	Year 1 ending working capital	Year 2 ending retained earnings
A	Overstated	Overstated
B	No effect	Overstated
C	No effect	No effect
D	Overstated	No effect

Jawaban: D

3. Justin Corporation discovered an error in their year 1 financial statements after the statements were issued. This requires that
A. The cumulative effect of the error is reported on the year 2 income statement as a cumulative effect of change in accounting principle.
B. The cumulative effect of the error is reported in the year 2 beginning balance of each related account.
C. The financial statements are restated to reflect the correction of period-specific effects of the error.
D. An adjustment to beginning retained earnings in year 2 with a footnote disclosure describing the error.
Jawaban: C.

4. Jackson Company uses IFRS to report its financial results. During the current year, the company discovered it had overstated sales in the prior year. How should the company handle this issue?
A. Adjust sales for the current period.
B. Spread the adjustment over the current and future periods.
C. Present the cumulative effect of the overstatement as an item in the current period income statement.
D. Restate the prior year financial statements presented for comparative purposes.
Jawaban: D

5. On January 2, year 3, to better reflect the variable use of its only machine, Holly, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, year 1, was $50,000, and its estimated life was ten years. Holly estimates that the machine’s total life is 50,000 machine hours.
Machine hours usage was 8,500 during year 1 and 3,500 during year 2.
Holly’s income tax rate is 30%. Holly should report the accounting change in its year 3 financial statements as a(n)
A. Cumulative effect of a change in accounting principle of $2,000 in its income statement.
B. Entry for current year depreciation expense on the income statement and treated on a prospective basis.
C. Cumulative effect of a change in accounting principle of $1,400 in its income statement.
D. Adjustment to beginning retained earnings of $1,400.
Jawaban: B

6. On January 1, year 3, Poe Construction, Inc. changed to the percentage-of-completion method of income recognition for financial statement reporting but not for income tax reporting. Poe can justify this change in accounting principle. As of December 31, year 2, Poe compiled data showing that income under the completed-contract method aggregated $700,000. If the percentage-of-completion method had been used, the accumulated income through December 31, year 2, would have been $880,000. Assuming an income tax rate of 40% for all years, the cumulative effect of this accounting change should be reported by Poe as
A. An increase in construction-in-progress for $180,000 in the year 2 balance sheet.
B. A decrease in the beginning balance of retained earnings for $108,000 in year 3.
C. A cumulative effect adjustment of $108,000 on the year 3 income statement.
D. An increase in ending retained earnings of $180,000 in year 2.
Jawaban: A

7. Which of the following is considered a direct effect of a change in accounting principle?
A. Deferred taxes.
B. Profit sharing.
C. Royalty payments.
D. None of the above.
Jawaban: A.

8. On January 1, year 1, Flax Co. purchased a machine for $528,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, year 4, Flax determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $48,000. An accounting change was made in year 4 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, year 4, of
A. $292,000 .
B. $308,000 .
C. $320,000.
D. $352,000.
Jawaban: A.

9. A company has included in its consolidated financial statements this year a subsidiary acquired several years ago that was appropriately excluded from consolidation last year. This should be reported as
A. An accounting change that should be reported prospectively.
B. An accounting change that should be reported retrospectively.
C. A correction of an error.
D. Neither an accounting change nor a correction of an error.
Jawaban: B

10. IFRS requires changes in accounting principles to be reported
A. On a prospective basis.
B. On a retrospective basis.
C. By restating the financial statements.
D. By a cumulative adjustment on the income statement.
Jawaban: B

11. Under IFRS, changes in accounting policies are
A. Permitted if the change will result in a more reliable and more relevant presentation of the financial statements.
B. Permitted if the entity encounters new transactions, events, or conditions that are substantively different from existing or previous transactions.
C. Required for material transactions, if the entity had previously accounted for similar, though immaterial, transactions under an unacceptable accounting method.
D. Required if an alternate accounting policy gives rise to a material change in assets, liabilities, or the current year net income.
Jawaban: A.

12. Under IFRS, a voluntary change in accounting method may only be made by a company if
A. A new standard mandates the change in method.
B. Management prefers the new method.
C. The new method provides reliable and more relevant information.
D. There is no prohibition of the method in the standards.
Jawaban: C

13. Manakah dari peristiwa setelah tanggal neraca di bawah ini yang memerlukan penyesuaian?
A. Pendeklarasian dividen di antara tanggal neraca dan tanggal penyelesaian laporan keuangan
B. Penurunan nilai pasar suatu investasi di antara tanggal neraca dan tanggal penyelesaian laporan keuangan.
C. Kebangkrutan pelanggan setelah tanggal neraca sebelum tanggal selesai laporan keuangan.
D. Kerusakan fasilitas produksi utama akibat kebakaran setelah tanggal neraca.   
Jawaban: C

14. Manakah dari kondisi berikut yang harus diperlakukan sebagai perubahan kebijakan akuntansi?
A. Memperpanjang masa manfaat aset tetap.
B. Perusahaan yang untuk pertama kalinya terlibat dalam kontrak konstruksi memerlukan kebijakan akuntansi untuk mencatat transaksi tersebut.
C. Untuk memberikan informasi yang lebih relevan, aset tetap sekarang dinilai menggunakan nilai wajar, sedangkan sebelumnya menggunakan biaya historis
D. Kebijakan akuntansi baru untuk mengkapitalisasi biaya pengembangan dari suatu proyek yang memenuhi syarat untuk kapitalisasi untuk pertama kalinya
Jawaban: C

15. Sebagai akibat dari ketidakpastian aktivitas usaha, banyak unsur laporan keuangan yang tidak dapat diukur dengan tepat tetapi hanya dapat diestimasi. Pernyataan yang tepat mengenai pelaporan dampak perubahan estimasi akuntansi:
A. Perubahan estimasi akuntansi dilaporkan pada periode terjadinya tanpa mempertimbangkan dampaknya terhadap periode-periode mendatang
B. Perubahan estimasi akuntansi dilaporkan dengan menyajikan informasi pro-forma.
C. Perubahan estimasi akuntansi dilaporkan dengan menyajikan kembali laporan keuangan komparatif
D. Perubahan estimasi akuntansi dilaporkan pada periode terjadinya dan periode-periode yang akan datang jika perubahan tersebut mempengaruhi keduanya
Jawaban: D

16. PT. Sinar menemukan kesalahan dalam laporan keuangan mereka tahun 2009 setelah laporan keuangan diterbitkan. Kondisi ini memerlukan bahwa,
A. Efek kumulatif dari kesalahan dilaporkan pada laporan laba rugi tahun 2009 sebagai efek kumulatif dari perubahan dalam prinsip akuntansi.
B. Efek kumulatif dari kesalahan dilaporkan dalam saldo awal tahun 2009 dari setiap akun yang terkait.
C. Laporan keuangan dinyatakan kembali untuk mencerminkan koreksi dari pengaruh kesalahan dari periode tertentu.
D. Penyesuaian terhadap saldo laba awal dalam tahun 2009 dengan catatan kaki yang mengungkapkan kesalahan yang terjadi
Jawaban: C


17. PT. Bona melaporkan saldo laba sebesar Rp400.000.000 pada tanggal 31 Desember 2009. Dalam bulan Agustus 2010, Bona memutuskan bahwa premi asuransi sebesar Rp60.000.000 untuk periode tiga tahun, dan dimulai pada tahun 2009. Premi tersebut telah dibayarkan, dan diakui seluruhnya sebagai beban dalam tahun 2009. Diasumsikan Bona memiliki tarif pajak penghasilan 30%. Berapa jumlah yang harus dilaporkan Bona sebagai saldo laba awal yang telah disesuaikan dalam laporan perubahan ekuitas tahun 2010?
A. Rp 420.000.000
B. Rp 428.000.000
C. Rp 440.000.000
D. Rp 442.000.000
Jawaban: B