USCPA每日一练之FAR【2015-10-12】

高顿网校2015-10-12 09:32Lynn.yu
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　　小编导读：高顿网校免费题库，通过针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、专家权威解析与指导，帮助考生全面提升备考效果。　　On December 31, year 2, Rappe Co. changed inventory cost methods to FIFO from LIFO for financial statement and income tax purposes. The change will result in a $175,000 increase in the beginning inventory at January 1, year 3. Rappe does not maintain records to identify the effect of the change on years prior to year 1. Assuming a 30% income tax rate, the cumulative effect of this accounting change reported in the income statement for the year ended December 31, year 3, is

　　A. $0

　　B. $122,500

　　C. $ 52,500

　　D. $175,000

　　Answer:A

　　A is corrent. ASC Topic 250 requires changes in accounting principle to be given retrospective application, and the cumulative effects of the change reflected in the carrying value of assets and period-specific effects on the financial statements for each period presented.

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