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AICPA Exam CPA-Financial Topic 3 Question 90 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 90
Topic #: 3
[All CPA-Financial Questions]

The following information pertains to Aria Corp. and its divisions for the year ended December 31, 1988:

Aria and all of its divisions are engaged solely in manufacturing operations. Aria has a reportable segment if that segment's revenue exceeds:

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Suggested Answer: B

Choice 'B' is correct. Changes in accounting principle are handled 'retrospectively.' Beginning retained earnings of the earliest year presented is adjusted for the cumulative effect of the change and all prior year financial statements are restated.


by Emerson at Jun 22, 2024, 02:34 AM

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Magdalene
2 days ago
The correct answer is D) $200,000. This is the threshold for a reportable segment based on the information provided.
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Jacquelyne
7 days ago
I see your point, but I still think A) $264,000 makes more sense based on the information provided.
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Pa
12 days ago
I disagree, I believe the answer is C) $204,000.
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Jacquelyne
13 days ago
I think the answer is A) $264,000.
upvoted 0 times
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