Test Prerequisites FSA NO USAR

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Pregunta 1 de 20

1. Pregunta
1 punto(s)
A company receives a payment for a subscription that will be delivered during the next fiscal year. Ignoring income taxes, the company would record in the current year an increase in:
- assets and revenue.
- assets and liabilities.
- liabilities and revenue.
Correcto

Incorrecto
Pregunta 2 de 20

2. Pregunta
1 punto(s)
An agricultural services company purchases a new tractor on 1 January 20X1 for €1,260,000, paying cash immediately.

Management estimates that the tractor will have a useful life of 6 years and a residual value of €60,000 at the end of its useful life.

The company uses the straight-line depreciation method.

The tractor is expected to be used in providing field-plowing services to customers throughout its useful life.

The carrying amount of the tractor at 31 December 20X1 and the depreciation expense recognized during 20X1 are closest to:

Carrying Amount (31 Dec 20X1)

Depreciation Expense (20X1)

A.

€1,050,000

€210,000

B.

€0

€1,260,000

C.

€1,060,000

€200,000
- Carriying Amount (31 Dec 20X1) : €1,050,000 Depreciation Expense (20X1): €210,000
- Carriying Amount (31 Dec 20X1) : €0 Depreciation Expense (20X1): €1,260,000
- Carriying Amount (31 Dec 20X1): €1,060,000 Depreciation Expense (20X1): €200,000
Correcto

Incorrecto
Pregunta 3 de 20

3. Pregunta
1 punto(s)
On 1 April 20X8, a consulting firm pays €1,200 for a 12-month professional liability insurance policy covering the period from 1 April 20X8 through 31 March 20X9.

The company prepares financial statements on 31 December 20X8 and applies accrual accounting principles.

The insurance expense recognized in 20X8 and the prepaid insurance asset reported on the balance sheet at 31 December 20X8 are closest to:
- Insurance Expense (20X8): €1,200 Prepaid Insurance (31 Dec 20X8): €0
- Insurance Expense (20X8): €600 Prepaid Insurance (31 Dec 20X8): €600
- Insurance Expense (20X8): €900 Prepaid Insurance (31 Dec 20X8): €300
Correcto

Incorrecto
Pregunta 4 de 20

4. Pregunta
1 punto(s)
A manufacturer purchases a specialized packaging machine on 1 January 20X1 for $840,000.

The machine is expected to have a useful life of 8 years and an estimated residual value of $40,000. The company uses the straight-line depreciation method.

What are the depreciation expense during Year 3 and the carrying value of the machine at the end of Year 3?
- Depreciation Expense (Year 3): $105,000 Carriying Value (End of Year 3): $105,000
- Depreciation Expense (Year 3): $100,000 Carriying Value (End of Year 3): $540,000
- Depreciation Expense (Year 3): $100,000 Carriying Value (End of Year 3): $640,000
Correcto

Incorrecto
Pregunta 5 de 20

5. Pregunta
1 punto(s)
A CFA preparation provider receives €2,000 on 1 October 20X9 from a student for a package of 30 classes covering the period from October 20X9 through September 20Y0.

By 31 December 20X9, the provider has delivered 5 of the 30 classes.

Based on accrual accounting principles, the provider’s revenue recognized during 20X9 and unearned revenue reported at 31 December 20X9 are closest to:
- Revenue recognized in 20X9: €2,000 Unearned revenue at 31 Dec 20X9: €2,000
- Revenue recognized in 20X9: €333 Unearned revenue at 31 Dec 20X9: €1,667
- Revenue recognized in 20X9: €2,000 Unearned revenue at 31 Dec 20X9: €0
Correcto

Incorrecto
Pregunta 6 de 20

6. Pregunta
1 punto(s)
A company purchases a machine used to manufacture industrial bolts on 1 January 20X1 for $1,500,000.

The machine is expected to produce 30,000,000 units over its useful life and is expected to have a residual value of $60,000.

Production is as follows:

Year

Units Produced

20X1

2,400,000

20X2

3,000,000

The company uses the units-of-production depreciation method.

The depreciation expense during Year 2 and the carrying value at the end of Year 2 are closest to:
- Depreciation Expense (Year 2): $150,000 Carriying Value (End of Year 2): $1,200,000
- Depreciation Expense (Year 2): $144,000 Carriying Value (End of Year 2): $1,240,800
- Depreciation Expense (Year 2): $259,200 Carriying Value (End of Year 2): $1,240,800
Correcto

Incorrecto
Pregunta 7 de 20

7. Pregunta
1 punto(s)
A bicycle retailer receives 500 bicycles from a supplier on credit on 28 December 20X9. The bicycles are held in inventory at year-end and have not yet been sold to customers. Payment to the supplier will be made during the following fiscal year.

Ignoring income taxes, the company would record in the current year an increase in:
- liabilities and cost of goods sold.
- liabilities and cost of goods sold.
- assets and revenue.
Correcto

Incorrecto
Pregunta 8 de 20

8. Pregunta
1 punto(s)
A manufacturing company purchased a machine on 1 January 20X1 for $900,000.

The machine has an estimated useful life of 6 years and a residual value of $60,000. The company uses the double-declining balance depreciation method.

On 31 December 20X2, immediately after recording depreciation for the year, the company sells the machine for $380,000.

Ignoring income taxes, the company’s depreciation expense for 20X2 and loss on sale of the machine are closest to:
- Depreciation Expense (20X2): $200,000 Loss on Sale: $20,000
- Depreciation Expense (20X2): $140,000 Loss on Sale: $40,000
- Depreciation Expense (20X2): $300,000 Loss on Sale: $120,000
Correcto

Incorrecto
Pregunta 9 de 20

9. Pregunta
1 punto(s)
An analyst gathers the following inventory information for January 20X1:

Transaction

Units

Unit Cost

Beginning inventory

12

$15

Purchase Jan 6

8

$20

Purchase Jan 15

10

$25

Purchase Jan 24

10

$30

On January 29, the company sells 30 units.

Using the FIFO inventory method, the company’s cost of goods sold (COGS) and ending inventory are closest to:
- COGS: $590 Ending Inventory: $300
- COGS: $740 Ending Inventory: $150
- COGS: $610 Ending Inventory: $280
Correcto

Incorrecto
Pregunta 10 de 20

10. Pregunta
1 punto(s)
A company that specializes in the retail sale of agricultural equipment receives 40 tractors from a supplier on credit on 28 December 20X9. The tractors remain unsold at year-end and payment to the supplier will be made during the following fiscal year.

Ignoring income taxes, the company would record an increase in:
- current assets and cost of goods sold.
- current assets and current liabilities.
- non-current assets and current liabilities.
Correcto

Incorrecto

Pista

A common mistake is to focus on the nature of the item rather than its purpose.

For a farming company, a tractor used in operations would typically be recorded as property, plant, and equipment (non-current asset).

For a tractor retailer, the same tractor is held for resale and is therefore recorded as inventory (current asset).

Always focus on how the asset is used by the company, not merely on what the asset is.
Pregunta 11 de 20

11. Pregunta
1 punto(s)
An analyst is reviewing a company’s statement of cash flows. The company reports the following cash transactions during the year:
1. Payment to suppliers for inventory purchases.
2. Payment for the acquisition of manufacturing equipment.
3. Repayment of the principal amount of long-term debt.
The classification of these cash flows is closest to:
- 1. Investing 2. Operating 3. Financing
- 1. Operating 2. Financing 3. Investing
- 1. Operating 2. Investing 3. Financing
Correcto

Incorrecto
Pista

A useful way to remember the three sections is:
- CFO (Operating): Cash generated or consumed by running the business.
- CFI (Investing): Cash used to buy or sell long-term assets and investments.
- CFF (Financing): Cash obtained from or returned to providers of capital (debt and equity).
Pregunta 12 de 20

12. Pregunta
1 punto(s)
An analyst gathers the following inventory information for March 20X1:

Transaction

Units

Unit Cost

Beginning inventory

20

$10

Purchase Mar 5

15

$14

Purchase Mar 12

10

$18

Purchase Mar 21

5

$24

On March 25, the company sells 30 units.

Using the LIFO inventory method, the company’s cost of goods sold (COGS) and ending inventory are closest to:
- COGS: $340 Ending Inventory: $370
- COGS: $530 Ending Inventory: $180
- COGS: $510 Ending Inventory: $200
Correcto

Incorrecto
Pregunta 13 de 20

13. Pregunta
1 punto(s)
A company that reports under US GAAP reports the following cash transactions during the year:
1. Payment of interest on outstanding debt.
2. Proceeds from the sale of an equity investment.
3. Repurchase of the company’s own shares.
The classification of these cash flows is closest to:
- 1. Financing 2. Investing 3. Operating
- 1. Operating 2. Financing 3. Investing
- 1. Operating 2. Investing 3. Financing
Correcto

Incorrecto
Pista

Candidates frequently confuse the classification of interest paid.
- Under US GAAP, interest paid is reported in CFO.
- Under IFRS, interest paid may be reported in either CFO or CFF.
On the CFA exam, if the accounting standard is specified, always apply the classification required (or permitted) under that standard.
Pregunta 14 de 20

14. Pregunta
1 punto(s)
An analyst gathers the following inventory information for April 20X1:

Transaction

Units

Unit Cost

Beginning inventory

20

$12

Purchase Apr 7

20

$15

Purchase Apr 18

10

$18

On April 25, the company sells 30 units for $25 each.

Under the weighted average cost method, which of the following is NOT correct?
- COGS = $432; Ending Inventory = $288
- Revenues = $750; Gross Profit = $318
- COGS = $390 Ending Inventory = $330
Correcto

Incorrecto
Pregunta 15 de 20

15. Pregunta
1 punto(s)
With respect to the direct and indirect methods of presenting the statement of cash flows, which of the following statements is most accurate?
- Under the indirect method, cash flow from operating activities is derived by starting with a measure of earnings, such as net income or profit before tax, and then adjusting for non-cash items and changes in working capital. Cash flows from investing and financing activities are presented in the same manner under both the direct and indirect methods.
- Under the direct method, cash flow from operating activities is derived by starting with a measure of earnings, such as net income or profit before tax, and then adjusting for non-cash items and changes in working capital. Cash flows from investing and financing activities are presented in the same manner under both the direct and indirect methods.
- Under the direct method, cash flow from operating activities reports major categories of operating cash receipts and cash payments, such as cash collected from customers and cash paid to suppliers and employees. Cash flows from investing and financing activities are presented differently from those under the indirect method.
Correcto

Incorrecto
Pista

A common CFA exam trap is to believe that the entire statement of cash flows changes when a company switches between the direct and indirect methods.

Only CFO changes.
- Indirect CFO: Start with Net Income (or another earnings measure), then adjust for non-cash items and working capital changes.
- Direct CFO: Report cash received from customers, cash paid to suppliers, cash paid to employees, etc.
- CFI and CFF: Identical under both methods.
This is probably the most important conceptual takeaway from the direct vs. indirect cash flow discussion.

Pregunta 16 de 20

16. Pregunta

1 punto(s)

An analyst reviews the following common-size balance sheets:

	Company A	Company B
Cash and cash equivalents	6	5
Marketable securities	4	0
Accounts receivable	6	15
Inventories	14	20
Total current assets	35	55
Current liabilities	35	25

Which of the following ratios indicates lower liquidity risk for Company A than for Company B?

Quick ratio
Current ratio
Cash ratio

Correcto

Incorrecto

Pregunta 17 de 20

17. Pregunta
1 punto(s)
Two companies incur an identical $100,000 cash expenditure for work performed by a mechanic on production equipment.
- Company A determines that the expenditure extends the useful life of the equipment and therefore capitalizes the cost.
- Company B determines that the expenditure represents routine maintenance and therefore expenses the cost immediately.
Ignoring income taxes, the effect of the expenditure on the companies’ statement of cash flows is most likely:
- Company A CFO Lower Company B CFO Higher
- Company A CFO Lower Company B CFO Higher
- Company A CFF Higher Company B CFF Lower
Correcto

Incorrecto
Pista

A common CFA exam trap is to focus on the total cash paid rather than the classification of the cash flow.

Both companies paid exactly $100,000.

The difference is not the amount of cash spent, but where the cash outflow appears in the statement of cash flows:
- Capitalized expenditure → CFI
- Expensed expenditure → CFO
The total change in cash is identical, but the classification within the statement of cash flows differs.
Pregunta 18 de 20

18. Pregunta
1 punto(s)
Which of the following statements regarding the primary financial statements is most accurate?
- The balance sheet reports a company's financial position at a specific point in time, while the income statement measures performance over a period of time.
- The income statement accumulates revenues and expenses from the company's inception, while the balance sheet is reset to zero at the beginning of each fiscal year.
- The statement of cash flows recognizes revenues and expenses when they are earned or incurred, regardless of when cash is received or paid.
Correcto

Incorrecto
Pregunta 19 de 20

19. Pregunta
1 punto(s)
An analyst is reviewing several financial statement items.

The classification of Trade Receivables, Unearned Revenue, and Goodwill is closest to:
- Trade Receivables Current Assets Unearned Revenue Cost of Gold Sold Goodwill Non-Current Assets
- Trade Receivables Non-Current Assets Unearned Revenue Current Assets Goodwill Non-Current Liabilities
- Trade Receivables Current Assets Unearned Revenue Current Liabilities Goodwill Non-Current Assets
Correcto

Incorrecto
Pregunta 20 de 20

20. Pregunta
1 punto(s)
A company uses the straight-line depreciation method for its property, plant, and equipment.

Which of the following statements is most accurate?
- Increasing the estimated useful life of an asset acquired this year will increase the company's net income for the current year.
- Increasing the estimated useful life of an asset acquired this year will decrease the company's net income for the current year
- Increasing the estimated residual value of an asset acquired this year will decrease the company's net income for the current year.
Correcto

Incorrecto

	Carrying Amount (31 Dec 20X1)	Depreciation Expense (20X1)
A.	€1,050,000	€210,000
B.	€0	€1,260,000
C.	€1,060,000	€200,000

Year	Units Produced
20X1	2,400,000
20X2	3,000,000

Transaction	Units	Unit Cost
Beginning inventory	12	$15
Purchase Jan 6	8	$20
Purchase Jan 15	10	$25
Purchase Jan 24	10	$30

Transaction	Units	Unit Cost
Beginning inventory	20	$10
Purchase Mar 5	15	$14
Purchase Mar 12	10	$18
Purchase Mar 21	5	$24