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Explained questions: 6
Subject areas: Aug 20, 2026
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Results

Date: 19th Aug 2026Time Taken: 00:00:31

Financial Accounting and Reporting (FAR) - Core

Answers Result

During fieldwork, a CPA tests a representative sample from an accounts receivable population with a recorded value of $1,000,000. The sampled accounts have a recorded value of $100,000, and testing identifies a net overstatement of $6,000. The engagement team uses proportional projection and has not yet considered sampling risk. What point estimate of population overstatement should the CPA document for senior review?

Incorrect

A.$54,000
B.$6,000
C.$60,000
D.$66,000

Which current-period item is classified as other comprehensive income for a for-profit business entity?

Correct

A.A correction of an error in prior-period depreciation expense
B.A loss from translating a foreign operation’s financial statements
C.A gain recognized from the extinguishment of outstanding debt
D.An effect of changing the estimated useful life of equipment

While preparing an individual client's current-year return, a CPA compares a brokerage statement with the prior-year workpapers and discovers that taxable investment income was omitted from the previously filed return. The client confirms the omission but refuses to amend the return and directs the CPA not to contact the IRS. No law independently requires disclosure. Which response should the CPA recommend for senior review?

Incorrect

A.Withdraw from the engagement without discussing corrective measures or the possible consequences of the omission.
B.Notify the IRS of the omission, inform the client afterward, and continue preparing the current return.
C.Document the client's responsibility for the prior return and prepare the current return without discussing the omission.
D.Explain the consequences and corrective steps, maintain confidentiality, and evaluate whether the relationship can continue.

Answers Result

Incorrect

A.$54,000
B.$6,000
C.$60,000
D.$66,000

The sample has a 6% overstatement rate: $6,000 ÷ $100,000. Applying that rate to the $1,000,000 population produces a $60,000 point estimate. The $6,000 amount includes only identified sample misstatements. The $54,000 amount applies the rate to only the $900,000 unaudited balance without adding the known sample misstatement. The $66,000 amount double-counts the known misstatement. After calculating the point estimate, the engagement team must separately consider sampling risk and tolerable misstatement.

Which current-period item is classified as other comprehensive income for a for-profit business entity?

Correct

A.A correction of an error in prior-period depreciation expense
B.A loss from translating a foreign operation’s financial statements
C.A gain recognized from the extinguishment of outstanding debt
D.An effect of changing the estimated useful life of equipment

A loss arising from the translation of a foreign operation is an OCI item. A prior-period error correction may be reported outside current-period net income, but it is not classified as OCI. A gain on debt extinguishment enters the determination of net income as another gain. The effect of revising an asset’s estimated useful life is reflected through expense under the accounting for a change in estimate rather than through OCI.

Incorrect

A.Withdraw from the engagement without discussing corrective measures or the possible consequences of the omission.
B.Notify the IRS of the omission, inform the client afterward, and continue preparing the current return.
C.Document the client's responsibility for the prior return and prepare the current return without discussing the omission.
D.Explain the consequences and corrective steps, maintain confidentiality, and evaluate whether the relationship can continue.

After discovering the omitted income, the CPA should promptly inform the client, explain the potential consequences, and advise the client about corrective measures. Because the client has not authorized disclosure and no law independently requires it, the CPA should NOT notify the IRS. The client's refusal to correct the return requires the CPA to evaluate whether the professional relationship can continue. Ignoring the omission fails the duty to advise the client, while withdrawing without first discussing the issue omits required communication.

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Understand why,not only what.

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What happens if I don't pass?

Understand why,
not only what.

Before you start,
you probably want to know…