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6050 lines (6050 loc) · 394 KB
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[
{
"prompt": "Below is a multipart question:\nOn December 30, Year 1, Chang Co. sold a machine to Door Co. in exchange for a non-interest bearing note requiring ten annual payments of $10,000. Door made the first payment on December 30, Year 1. The market interest rate for similar notes at date of issuance was 8%. Information on present value factors is as follows:\\n\\ntable(table table-bordered).\\n|_.Period|_.Present value of $1 at 8%|_.Present value of ordinary annuity of $1 at 8%|\\n|9|0.50|6.25|\\n|10|0.46|6.71|\\nIn its December 31, Year 1 balance sheet, what amount should Chang report as note receivable?\n1. $45,000\n2. $46,000\n3. $62,500\n4. $67,100\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "4. $67,100",
"openai/gpt-3.5-turbo-1106": "Option 2\n46,000",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": " 3. $62,500\n\nThe present value of the 10 annual $10,000 payments at 8% interest is $10,000 x 6.71 = $67,100. However, Door made the first $10,000 payment"
},
"simplified": {
"replicate/mistral-7b": "4",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "On December 30, Year 1, Chang Co. sold a machine to Door Co. in exchange for a non-interest bearing note requiring ten annual payments of $10,000. Door made the first payment on December 30, Year 1. The market interest rate for similar notes at date of issuance was 8%. Information on present value factors is as follows:\\n\\ntable(table table-bordered).\\n|_.Period|_.Present value of $1 at 8%|_.Present value of ordinary annuity of $1 at 8%|\\n|9|0.50|6.25|\\n|10|0.46|6.71|\\nIn its December 31, Year 1 balance sheet, what amount should Chang report as note receivable?",
"options": [
"$45,000",
"$46,000",
"$62,500",
"$67,100"
],
"correct_answer": 3,
"reference": "BECKER 00394",
"tag": "PVAL"
}
},
{
"prompt": "Below is a multipart question:\nOn January 1, Year 1, Park Co. signed a 10-year operating lease for office space at $96,000 per year. The lease included a provision for additional rent of 5% of annual company sales in excess of $500,000. Park''s sales for the year ended December 31, Year 1 were $600,000. Upon execution of the lease, Park paid $24,000 as a bonus for the lease. Park's rent expense for the year ended December 31, Year 1 is:\n1. $98,400\n2. $101,000\n3. $103,400\n4. $125,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1. $98,400",
"openai/gpt-3.5-turbo-1106": "1. 98400",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": " 3. $103,400\n\nThe steps to solve this are:\n1) Base rent per year is $96,000\n2) There was additional sales in excess of $500,000. Additional sales were $600,000 -"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "On January 1, Year 1, Park Co. signed a 10-year operating lease for office space at $96,000 per year. The lease included a provision for additional rent of 5% of annual company sales in excess of $500,000. Park''s sales for the year ended December 31, Year 1 were $600,000. Upon execution of the lease, Park paid $24,000 as a bonus for the lease. Park's rent expense for the year ended December 31, Year 1 is:",
"options": [
"$98,400",
"$101,000",
"$103,400",
"$125,000"
],
"correct_answer": 3,
"reference": "BECKER 00438",
"tag": "LEAS"
}
},
{
"prompt": "Below is a multipart question:\nWall Co. leased office premises to Fox, Inc. for a five-year term beginning January 2, Year 1. Under the terms of the operating lease, rent for the first year is $8,000 and rent for years 2 through 5 is $12,500 per annum. However, as an inducement to enter the lease, Wall granted Fox the first six months of the lease rent-free. In its December 31, Year 1 income statement, what amount should Wall report as rental income?\n1. $12,000\n2. $11,600\n3. $10,800\n4. $8,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "4. $8,000",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": " 3. $10,800"
},
"simplified": {
"replicate/mistral-7b": "4",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "Wall Co. leased office premises to Fox, Inc. for a five-year term beginning January 2, Year 1. Under the terms of the operating lease, rent for the first year is $8,000 and rent for years 2 through 5 is $12,500 per annum. However, as an inducement to enter the lease, Wall granted Fox the first six months of the lease rent-free. In its December 31, Year 1 income statement, what amount should Wall report as rental income?",
"options": [
"$12,000",
"$11,600",
"$10,800",
"$8,000"
],
"correct_answer": 3,
"reference": "BECKER 00410",
"tag": "LEAS"
}
},
{
"prompt": "Below is a multipart question:\nLease A does not contain a bargain purchase option, but the lease term is equal to 90 percent of the estimated economic life of the leased property. Lease B does not transfer ownership of the property to the lessee by the end of the lease term, but the lease term is equal to 75 percent of the estimated economic life of the leased property. How should the lessee classify these leases under U.S. GAAP?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Lease A|_.Lease B|\\n|A|Operating Lease|Capital Lease|\\n|B|Operating Lease|Operating Lease|\\n|C|Capital Lease|Capital Lease|\\n|D|Capital Lease|Operating Lease|\n1. Choice A\n2. Choice B\n3. Choice C\n4. Choice D\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1. Choice A",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": " 3. Choice C"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "Lease A does not contain a bargain purchase option, but the lease term is equal to 90 percent of the estimated economic life of the leased property. Lease B does not transfer ownership of the property to the lessee by the end of the lease term, but the lease term is equal to 75 percent of the estimated economic life of the leased property. How should the lessee classify these leases under U.S. GAAP?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Lease A|_.Lease B|\\n|A|Operating Lease|Capital Lease|\\n|B|Operating Lease|Operating Lease|\\n|C|Capital Lease|Capital Lease|\\n|D|Capital Lease|Operating Lease|",
"options": [
"Choice A",
"Choice B",
"Choice C",
"Choice D"
],
"correct_answer": 3,
"reference": "BECKER 00434",
"tag": "'LEAS'"
}
},
{
"prompt": "Below is a multipart question:\nWhich of the following criteria could result in a lease being classified as an operating lease under U.S. GAAP and a finance lease under IFRS?\n1. The lease contains a written bargain purchase option\n2. The lease term is for 88% of the economic life of the asset\n3. The lease transfers ownership of the asset to the lessee at the end of the lease term\n4. The present value of the minimum lease payments amounts to 88% of the fair value of the asset\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "Which of the following criteria could result in a lease being classified as an operating lease under U.S. GAAP and a finance lease under IFRS?",
"options": [
"The lease contains a written bargain purchase option",
"The lease term is for 88% of the economic life of the asset",
"The lease transfers ownership of the asset to the lessee at the end of the lease term",
"The present value of the minimum lease payments amounts to 88% of the fair value of the asset"
],
"correct_answer": 4,
"reference": "BECKER 06498",
"tag": "LEAS"
}
},
{
"prompt": "Below is a multipart question:\nPeg Co. leased equipment from Howe Corp. on July 1, Year 1 for an eight-year period expiring June 30, Year 9. Equal payments under the lease are $600,000 and are due on July 1 of each year. The first payment was made on July 1, Year 1. The rate of interest contemplated by Peg and Howe is 10%. The cash selling price of the equipment is $3,520,000, and the cost of the equipment on Howe's accounting records is $2,800,000. The lease is appropriately recorded as a sales-type (finance) lease. What is the amount of profit on the sale and interest revenue that Howe should record for the year ended December 31, Year 1?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Profit on Sale|_.Interest Revenue|\\n|A|$720,000|$176,000|\\n|B|$720,000|$146,000|\\n|C|$45,000|$176,000|\\n|D|$45,000|$146,000|\n1. Choice A\n2. Choice B\n3. Choice C\n4. Choice D\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "1. 1",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": " 3. Choice C\n\nThe profit on the sale for Howe is the selling price minus the carrying value of the equipment. The selling price is $3,520,000 and the carrying value is $2,800,000, so the profit"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "Peg Co. leased equipment from Howe Corp. on July 1, Year 1 for an eight-year period expiring June 30, Year 9. Equal payments under the lease are $600,000 and are due on July 1 of each year. The first payment was made on July 1, Year 1. The rate of interest contemplated by Peg and Howe is 10%. The cash selling price of the equipment is $3,520,000, and the cost of the equipment on Howe's accounting records is $2,800,000. The lease is appropriately recorded as a sales-type (finance) lease. What is the amount of profit on the sale and interest revenue that Howe should record for the year ended December 31, Year 1?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Profit on Sale|_.Interest Revenue|\\n|A|$720,000|$176,000|\\n|B|$720,000|$146,000|\\n|C|$45,000|$176,000|\\n|D|$45,000|$146,000|",
"options": [
"Choice A",
"Choice B",
"Choice C",
"Choice D"
],
"correct_answer": 2,
"reference": "BECKER 00439",
"tag": "LEAS"
}
},
{
"prompt": "Below is a multipart question:\nThe following information pertains to a sale and leaseback of equipment by Mega Co. on December 31, Year 1:\\n\\ntable(table table-bordered).\\n|Sales Price|$400,000|\\n|Carrying amount|$300,000|\\n|Monthly lease payment|$3,250|\\n|Present value of lease payments|$36,900|\\n|Estimated remaining life|25 years|\\n|Lease term|1 year|\\n|Implicit rate|12%|\\nWhat amount of deferred gain on the sale should Mega report at December 31, Year 1 under U.S. GAAP?\n1. $0\n2. $36,900\n3. $63,100\n4. $100,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "4. $100,000",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": " 3. $63,100\n\nThe gain on sale is $400,000 (sales price) - $300,000 (carrying amount) = $100,000. However, since Mega is leasing back the equipment, the"
},
"simplified": {
"replicate/mistral-7b": "4",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "The following information pertains to a sale and leaseback of equipment by Mega Co. on December 31, Year 1:\\n\\ntable(table table-bordered).\\n|Sales Price|$400,000|\\n|Carrying amount|$300,000|\\n|Monthly lease payment|$3,250|\\n|Present value of lease payments|$36,900|\\n|Estimated remaining life|25 years|\\n|Lease term|1 year|\\n|Implicit rate|12%|\\nWhat amount of deferred gain on the sale should Mega report at December 31, Year 1 under U.S. GAAP?",
"options": [
"$0",
"$36,900",
"$63,100",
"$100,000"
],
"correct_answer": 1,
"reference": "BECKER 00417",
"tag": "LEAS"
}
},
{
"prompt": "Below is a multipart question:\nThe following information pertains to a sale and leaseback of equipment by Mega Co. on December 31, Year 1:\\n\\ntable(table table-bordered).\\n|Sales Price|$400,000|\\n|Carrying amount|$300,000|\\n|Monthly lease payments|$3,250|\\n|Present value of lease payments|$36,900|\\nThe estimated remaining life of the asset is 25 years and the lease term is 1 year. Mega uses IFRS. The sales price is equal to the fair value of the leaseback asset. What amount of deferred gain on the sale should Mega report at December 31, Year 1?\n1. $0\n2. $36,900\n3. $63,100\n4. $100,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "4. $100,000",
"openai/gpt-3.5-turbo-1106": "2.",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": " 3. $63,100\n\nThe gain on sale is calculated as:\nSales price - Carrying amount = Gain\n$400,000 - $300,000 = $100,000\n\nUnder IFRS, the gain is"
},
"simplified": {
"replicate/mistral-7b": "4",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "The following information pertains to a sale and leaseback of equipment by Mega Co. on December 31, Year 1:\\n\\ntable(table table-bordered).\\n|Sales Price|$400,000|\\n|Carrying amount|$300,000|\\n|Monthly lease payments|$3,250|\\n|Present value of lease payments|$36,900|\\nThe estimated remaining life of the asset is 25 years and the lease term is 1 year. Mega uses IFRS. The sales price is equal to the fair value of the leaseback asset. What amount of deferred gain on the sale should Mega report at December 31, Year 1?",
"options": [
"$0",
"$36,900",
"$63,100",
"$100,000"
],
"correct_answer": 1,
"reference": "BECKER 06499",
"tag": "LEAS"
}
},
{
"prompt": "Below is a multipart question:\nThe market price of a bond issued at a premium is equal to the present value of its principal amount:\n1. Only, at the stated interest rate\n2. And the present value of all future interest payments, at the stated interest rate\n3. Only, at the market (effective interest rate)\n4. And the present value of all future interest payments, at the market (effective interest rate)\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2. And the present value of all future interest payments, at the stated interest rate.",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": " 4"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": "4"
},
"source_question": {
"category": "FAR",
"description": "The market price of a bond issued at a premium is equal to the present value of its principal amount:",
"options": [
"Only, at the stated interest rate",
"And the present value of all future interest payments, at the stated interest rate",
"Only, at the market (effective interest rate)",
"And the present value of all future interest payments, at the market (effective interest rate)"
],
"correct_answer": 4,
"reference": "BECKER 00458",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nOn January 2, Year 1, West Co. issued 9% bonds in the amount of $500,000, which mature on January 2, Year 11. The bonds were issued for $469,500 to yield 10%. Interest is payable annually on December 31. West uses the effective interest method of amortizing bond discount. In its June 30, Year 1 balance sheet what amount should West report as bonds payable?\n1. $469,500\n2. $470,475\n3. $471,025\n4. $500,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. $471,025",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": " 2. $470,475"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "On January 2, Year 1, West Co. issued 9% bonds in the amount of $500,000, which mature on January 2, Year 11. The bonds were issued for $469,500 to yield 10%. Interest is payable annually on December 31. West uses the effective interest method of amortizing bond discount. In its June 30, Year 1 balance sheet what amount should West report as bonds payable?",
"options": [
"$469,500",
"$470,475",
"$471,025",
"$500,000"
],
"correct_answer": 2,
"reference": "BECKER 00470",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nOn July 1, Year 1, Eagle Corp. issued 600 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, Year 1 and mature on April 1, Year 11. Interest is payable semi-annually on April 1 and October 1. What amount did Eagle receive from the bond issuance?\n1. $579,000\n2. $594,000\n3. $600,000\n4. $609,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. $600,000",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2. $594,000"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "On July 1, Year 1, Eagle Corp. issued 600 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, Year 1 and mature on April 1, Year 11. Interest is payable semi-annually on April 1 and October 1. What amount did Eagle receive from the bond issuance?",
"options": [
"$579,000",
"$594,000",
"$600,000",
"$609,000"
],
"correct_answer": 4,
"reference": "BECKER 00463",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nOn January 31, Year 2, Beau Corp. issued $300,000 maturity value, 12% bonds for $300,000 cash. The bonds are dated December 31, Year 1, and mature on December 31, Year 11. Interest will be paid semi-annually on June 30 and December 31. What amount of accrued interest payable should Beau report in its September 30, year 2 balance sheet?\n1. $27,000\n2. $24,000\n3. $18,000\n4. $9,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. $18,000",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": " 3. $18,000"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "On January 31, Year 2, Beau Corp. issued $300,000 maturity value, 12% bonds for $300,000 cash. The bonds are dated December 31, Year 1, and mature on December 31, Year 11. Interest will be paid semi-annually on June 30 and December 31. What amount of accrued interest payable should Beau report in its September 30, year 2 balance sheet?",
"options": [
"$27,000",
"$24,000",
"$18,000",
"$9,000"
],
"correct_answer": 4,
"reference": "BECKER 00477",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nOn March, 31 Ashley, Inc's bondholders exchanged their convertible bonds for common stock. The carrying amount of these bonds on Ashley's books was less than the market value but greater than the par value of the common stock issued. If Ashley used the book value method of accounting for the conversion, which of the following statements correctly states an effect of this conversion?\n1. Stockholders' equity is increased\n2. Additional paid-in capital is decreased\n3. Retained earnings is increased\n4. An extraordinary loss is recognized\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1.",
"openai/gpt-3.5-turbo-1106": "1.",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": " 1"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": "1"
},
"source_question": {
"category": "FAR",
"description": "On March, 31 Ashley, Inc's bondholders exchanged their convertible bonds for common stock. The carrying amount of these bonds on Ashley's books was less than the market value but greater than the par value of the common stock issued. If Ashley used the book value method of accounting for the conversion, which of the following statements correctly states an effect of this conversion?",
"options": [
"Stockholders' equity is increased",
"Additional paid-in capital is decreased",
"Retained earnings is increased",
"An extraordinary loss is recognized"
],
"correct_answer": 1,
"reference": "BECKER 00493",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nOn December 31, Moss Col. issued $1,000,000 of 11% bonds at 109. Each $1,000 bond was issued with 50 detachable stock warrants, each of which entitled the bondholder to purchase one share of $5 par common stock for $25. Immediately after issuance, the market value of each warrant was $4. On December 31, what amount should Moss record as discount or premium on issuance of bonds?\n1. $40,000 premium\n2. $90,000 premium\n3. $110,000 discount\n4. $200,000 discount\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2. $90,000 premium",
"openai/gpt-3.5-turbo-1106": "1. 40000",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2. $90,000 premium"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "On December 31, Moss Col. issued $1,000,000 of 11% bonds at 109. Each $1,000 bond was issued with 50 detachable stock warrants, each of which entitled the bondholder to purchase one share of $5 par common stock for $25. Immediately after issuance, the market value of each warrant was $4. On December 31, what amount should Moss record as discount or premium on issuance of bonds?",
"options": [
"$40,000 premium",
"$90,000 premium",
"$110,000 discount",
"$200,000 discount"
],
"correct_answer": 3,
"reference": "BECKER 00473",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nOn March 1, Year 1, Somar Co. issued 20-year bonds at a discount. By September 1, Year 6, the bonds were quoted at 106 when Somar exercised its right to retire the bonds at 105. The amount is material and considered to be unusual in nature and infrequently occurring with respect to Somar Co. How should Somar report the bond retirement on its Year 6 income statement under U.S. GAAP?\n1. A gain in continuing operations\n2. A loss in continuing operations\n3. An extraordinary gain\n4. An extraordinary loss\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. An extraordinary gain.",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": " 3. An extraordinary gain"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "On March 1, Year 1, Somar Co. issued 20-year bonds at a discount. By September 1, Year 6, the bonds were quoted at 106 when Somar exercised its right to retire the bonds at 105. The amount is material and considered to be unusual in nature and infrequently occurring with respect to Somar Co. How should Somar report the bond retirement on its Year 6 income statement under U.S. GAAP?",
"options": [
"A gain in continuing operations",
"A loss in continuing operations",
"An extraordinary gain",
"An extraordinary loss"
],
"correct_answer": 4,
"reference": "BECKER 00476",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nOn July 31, Year 1, Dome Col. issued $1,000,000 of 10%, 15-year bonds at par and (as a typical risk-management strategy to Dome Co.) used a portion of the proceeds to call 600 outstanding 11% $1,000 face value bonds, due on July 31, Year 11, at 102. On that date, unamortized bond premium relating to the 11% bonds was $65,000. In its Year 1 income statement, what amount should Dome report as gain or loss from retirement of bonds?\n1. $53,000 gain\n2. $0\n3. $(65,000 loss)\n4. $(77,000 loss)\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1. $53,000 gain",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": " 3. $(65,000 loss)"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "On July 31, Year 1, Dome Col. issued $1,000,000 of 10%, 15-year bonds at par and (as a typical risk-management strategy to Dome Co.) used a portion of the proceeds to call 600 outstanding 11% $1,000 face value bonds, due on July 31, Year 11, at 102. On that date, unamortized bond premium relating to the 11% bonds was $65,000. In its Year 1 income statement, what amount should Dome report as gain or loss from retirement of bonds?",
"options": [
"$53,000 gain",
"$0",
"$(65,000 loss)",
"$(77,000 loss)"
],
"correct_answer": 1,
"reference": "BECKER 00471",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nFenn Museum, a nongovernmental not-for-profit organization, had the following balances in its statement of functional expenses:\\n\\ntable(table table-bordered).\\n|Education|$300,000|\\n|Fundraising|$250,000|\\n|Management and general|$200,000|\\n|Research|$50,000|\\nWhat amount should Fenn report as expenses for support services?\n1. $350,000\n2. $450,000\n3. $500,000\n4. $800,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2. $450,000",
"openai/gpt-3.5-turbo-1106": "2. 450,000",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 3. $500,000"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "Fenn Museum, a nongovernmental not-for-profit organization, had the following balances in its statement of functional expenses:\\n\\ntable(table table-bordered).\\n|Education|$300,000|\\n|Fundraising|$250,000|\\n|Management and general|$200,000|\\n|Research|$50,000|\\nWhat amount should Fenn report as expenses for support services?",
"options": [
"$350,000",
"$450,000",
"$500,000",
"$800,000"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "NFPR"
}
},
{
"prompt": "Below is a multipart question:\nIn January, Stitch, Inc. adopted the dollar-value LIFO method of inventory valuation. At adoption, inventory was valued at $50,000. During the year, inventory increased $30,000 using base year prices, and prices increased 10%. The designated market value of Stitch's inventory exceeded its cost at year end. What amount of inventory should Stitch report in its year-end balance sheet?\n1. $80,000\n2. $83,000\n3. $85,000\n4. $88,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2. $83,000",
"openai/gpt-3.5-turbo-1106": "4. $88,000",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 3. $85,000"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "In January, Stitch, Inc. adopted the dollar-value LIFO method of inventory valuation. At adoption, inventory was valued at $50,000. During the year, inventory increased $30,000 using base year prices, and prices increased 10%. The designated market value of Stitch's inventory exceeded its cost at year end. What amount of inventory should Stitch report in its year-end balance sheet?",
"options": [
"$80,000",
"$83,000",
"$85,000",
"$88,000"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "INVT"
}
},
{
"prompt": "Below is a multipart question:\nJonn City entered into a capital lease for equipment during the year. How should the asset obtained through the lease be reported in Jonn City's government-wide statement of net assets?\n1. General capital asset\n2. Other financing use\n3. Expenditure\n4. Not reported\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1. General capital asset.",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": " 1. General capital asset"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": "1"
},
"source_question": {
"category": "FAR",
"description": "Jonn City entered into a capital lease for equipment during the year. How should the asset obtained through the lease be reported in Jonn City's government-wide statement of net assets?",
"options": [
"General capital asset",
"Other financing use",
"Expenditure",
"Not reported"
],
"correct_answer": 1,
"reference": "2011 AICPA Released Question",
"tag": "GOVT"
}
},
{
"prompt": "Below is a multipart question:\nJane Co. owns 90% of the common stock of Dun Corp. and 100% of the common stock of Beech Corp. On December 30, Dun and Beech each declared a cash dividend of $100,000 for the current year. What is the total amount of dividends that should be reported in the December 31 consolidated financial statements of Jane and its subsidiaries, Dun and Beech?\n1. $10,000\n2. $100,000\n3. $190,000\n4. $200,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "4. $200,000",
"openai/gpt-3.5-turbo-1106": "$190,000",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 4"
},
"simplified": {
"replicate/mistral-7b": "4",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "4"
},
"source_question": {
"category": "FAR",
"description": "Jane Co. owns 90% of the common stock of Dun Corp. and 100% of the common stock of Beech Corp. On December 30, Dun and Beech each declared a cash dividend of $100,000 for the current year. What is the total amount of dividends that should be reported in the December 31 consolidated financial statements of Jane and its subsidiaries, Dun and Beech?",
"options": [
"$10,000",
"$100,000",
"$190,000",
"$200,000"
],
"correct_answer": 1,
"reference": "2011 AICPA Released Question",
"tag": "CONS"
}
},
{
"prompt": "Below is a multipart question:\nLem Co., which accounts for treasury stock under the par value method, acquired 100 shares of its $6 par value common stock for $10 per share. The shares had originally been issued by Lem for $7 per share. By what amount would Lem's additional paid-in capital from common stock decrease as a result of the acquisition?\n1. $0\n2. $100\n3. $300\n4. $400\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "4. $400",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 3"
},
"simplified": {
"replicate/mistral-7b": "4",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "Lem Co., which accounts for treasury stock under the par value method, acquired 100 shares of its $6 par value common stock for $10 per share. The shares had originally been issued by Lem for $7 per share. By what amount would Lem's additional paid-in capital from common stock decrease as a result of the acquisition?",
"options": [
"$0",
"$100",
"$300",
"$400"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "STOK"
}
},
{
"prompt": "Below is a multipart question:\nAbbott Co. is preparing its statement of cash flows for the year. Abbott's cash disbursements during the year included the following:\\n\\ntable(table table-bordered).\\n|Payment of interest on bonds payable|$500,000|\\n|Payment of dividends to stockholders|300,000|\\n|Payment to acquire 1,000 shares of Marks Co. common stock|100,000|\\nWhat should Abbott report as total cash outflows for financing activities in its statement of cash flows under U.S. GAAP?\n1. $0\n2. $300,000\n3. $800,000\n4. $900,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. $800,000",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 3. $800,000"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "Abbott Co. is preparing its statement of cash flows for the year. Abbott's cash disbursements during the year included the following:\\n\\ntable(table table-bordered).\\n|Payment of interest on bonds payable|$500,000|\\n|Payment of dividends to stockholders|300,000|\\n|Payment to acquire 1,000 shares of Marks Co. common stock|100,000|\\nWhat should Abbott report as total cash outflows for financing activities in its statement of cash flows under U.S. GAAP?",
"options": [
"$0",
"$300,000",
"$800,000",
"$900,000"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "SCFL"
}
},
{
"prompt": "Below is a multipart question:\nIn preparing Chase City''s reconciliation of the statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities, which of the following items should be subtracted from changes in fund balances?\n1. Capital assets purchases\n2. Payment of long-term debt principal\n3. Internal service fund increase in net assets\n4. Book value of capital assets sold during the year\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2. Payment of long-term debt principal",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2. Payment of long-term debt principal"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "In preparing Chase City''s reconciliation of the statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities, which of the following items should be subtracted from changes in fund balances?",
"options": [
"Capital assets purchases",
"Payment of long-term debt principal",
"Internal service fund increase in net assets",
"Book value of capital assets sold during the year"
],
"correct_answer": 4,
"reference": "2011 AICPA Released Question",
"tag": "GOVT"
}
},
{
"prompt": "Below is a multipart question:\nNeron Co. has two derivatives related to two different financial instruments, instrument A and instrument B, both of which are debt instruments. The derivative related to instrument A is a fair value hedge, and the derivative related to instrument B is a cash flow hedge. Neron experienced gains in the value of instruments A and B due to a change in interest rates. Which of the gains should be reported by Neron in its income statement?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Gain in value of debt instrument A|_.Gain in value of debt instrument B|\\n|A|Yes|Yes|\\n|B|Yes|No|\\n|C|No|Yes|\\n|D|No|No|\n1. Choice A\n2. Choice B\n3. Choice C\n4. Choice D\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2. Choice B",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2. Choice B\n\nThe gain in value of debt instrument A should be reported in the income statement because it is part of a fair value hedge. The gain in value of debt instrument B should not be reported in the income statement because it is"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "Neron Co. has two derivatives related to two different financial instruments, instrument A and instrument B, both of which are debt instruments. The derivative related to instrument A is a fair value hedge, and the derivative related to instrument B is a cash flow hedge. Neron experienced gains in the value of instruments A and B due to a change in interest rates. Which of the gains should be reported by Neron in its income statement?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Gain in value of debt instrument A|_.Gain in value of debt instrument B|\\n|A|Yes|Yes|\\n|B|Yes|No|\\n|C|No|Yes|\\n|D|No|No|",
"options": [
"Choice A",
"Choice B",
"Choice C",
"Choice D"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "DERV"
}
},
{
"prompt": "Below is a multipart question:\nFern Co. has net income, before taxes, of $200,000, including $20,000 interest revenue from municipal bonds and $10,000 paid for officers' life insurance premiums where the company is the beneficiary. The tax rate for the current year is 30%. What is Fern's effective tax rate?\n1. 27.0%\n2. 28.5%\n3. 30.0%\n4. 31.5%\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. 30.0%",
"openai/gpt-3.5-turbo-1106": "3.",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 3"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "Fern Co. has net income, before taxes, of $200,000, including $20,000 interest revenue from municipal bonds and $10,000 paid for officers' life insurance premiums where the company is the beneficiary. The tax rate for the current year is 30%. What is Fern's effective tax rate?",
"options": [
"27.0%",
"28.5%",
"30.0%",
"31.5%"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "ITAX"
}
},
{
"prompt": "Below is a multipart question:\nAssuming constant inventory quantities, which of the following inventory-costing methods will produce a lower inventory turnover ratio in an inflationary economy?\n1. FIFO (first in, first out)\n2. LIFO (last in, first out)\n3. Moving average\n4. Weighted average\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. Moving average",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "Assuming constant inventory quantities, which of the following inventory-costing methods will produce a lower inventory turnover ratio in an inflationary economy?",
"options": [
"FIFO (first in, first out)",
"LIFO (last in, first out)",
"Moving average",
"Weighted average"
],
"correct_answer": 1,
"reference": "2011 AICPA Released Question",
"tag": "INVT"
}
},
{
"prompt": "Below is a multipart question:\nHilltop Co.'s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:\\n\\ntable(table table-bordered).\\n|Bank service charge|$10|\\n|Insufficient funds check|650|\\n|Checks outstanding|1,500|\\n|Deposit in transit|350|\\n|Check deposited by Hilltop and cleared by the bank for $125, but improperly recorded by Hilltop as $152||\\nWhat is the net cash balance after the reconciliation?\n1. $52,363\n2. $53,023\n3. $53,050\n4. $53,077\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1.",
"openai/gpt-3.5-turbo-1106": "2. 53023",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": " 2. $53,023"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "Hilltop Co.'s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:\\n\\ntable(table table-bordered).\\n|Bank service charge|$10|\\n|Insufficient funds check|650|\\n|Checks outstanding|1,500|\\n|Deposit in transit|350|\\n|Check deposited by Hilltop and cleared by the bank for $125, but improperly recorded by Hilltop as $152||\\nWhat is the net cash balance after the reconciliation?",
"options": [
"$52,363",
"$53,023",
"$53,050",
"$53,077"
],
"correct_answer": 3,
"reference": "2011 AICPA Released Question",
"tag": "MISF"
}
},
{
"prompt": "Below is a multipart question:\nA nongovernmental not-for-profit organization received a $2 million gift from a donor who specified it be used to create an endowment fund that would be invested in perpetuity. The income from the fund is to be used to support a specific program in the second year and beyond. An investment purchased with the gift earned $40,000 during the first year. At the end of the first year, the fair value of the investment was $2,010,000. What is the net effect on temporarily restricted net assets at year end?\n1. $0\n2. $10,000 increase\n3. $40,000 increase\n4. $50,000 increase\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "3. $40,000 increase",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 3. $40,000 increase"
},
"simplified": {
"replicate/mistral-7b": "3",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "A nongovernmental not-for-profit organization received a $2 million gift from a donor who specified it be used to create an endowment fund that would be invested in perpetuity. The income from the fund is to be used to support a specific program in the second year and beyond. An investment purchased with the gift earned $40,000 during the first year. At the end of the first year, the fair value of the investment was $2,010,000. What is the net effect on temporarily restricted net assets at year end?",
"options": [
"$0",
"$10,000 increase",
"$40,000 increase",
"$50,000 increase"
],
"correct_answer": 4,
"reference": "2011 AICPA Released Question",
"tag": "NFPR"
}
},
{
"prompt": "Below is a multipart question:\nWhen purchasing a bond, the present value of the bond's expected net future cash inflows discounted at the market rate of interest provides what information about the bond?\n1. Price\n2. Par\n3. Yield\n4. Interest\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1. Price",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": " 1"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": "1"
},
"source_question": {
"category": "FAR",
"description": "When purchasing a bond, the present value of the bond's expected net future cash inflows discounted at the market rate of interest provides what information about the bond?",
"options": [
"Price",
"Par",
"Yield",
"Interest"
],
"correct_answer": 1,
"reference": "2011 AICPA Released Question",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nA company calculated the following data for the period:\\n\\ntable(table table-bordered).\\n|Cash received from customers|$25,000|\\n|Cash received from sale of equipment|$1,000|\\n|Interest paid to bank on note|$3,000|\\n|Cash paid to employees|$8,000|\\nWhat amount should the company report as net cash provided by operating activities in its statement of cash flows?\n1. $14,000\n2. $15,000\n3. $18,000\n4. $26,000\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2. $15,000",
"openai/gpt-3.5-turbo-1106": "1. 26000",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 3. $18,000"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "A company calculated the following data for the period:\\n\\ntable(table table-bordered).\\n|Cash received from customers|$25,000|\\n|Cash received from sale of equipment|$1,000|\\n|Interest paid to bank on note|$3,000|\\n|Cash paid to employees|$8,000|\\nWhat amount should the company report as net cash provided by operating activities in its statement of cash flows?",
"options": [
"$14,000",
"$15,000",
"$18,000",
"$26,000"
],
"correct_answer": 1,
"reference": "2011 AICPA Released Question",
"tag": "SCFL"
}
},
{
"prompt": "Below is a multipart question:\nA company records items on the cash basis throughout the year and converts to an accrual basis for year-end reporting. Its cash-basis net income for the year is $70,000. The company has gathered the following comparative balance sheet information:\\n\\ntable(table table-bordered).\\n||_.Beginning of year|_.End of year|\\n|Accounts payable|$3,000|$1,000|\\n|Unearned revenue|300|500|\\n|Wages payable|300|400|\\n|Prepaid rent|$1,200|$1,500|\\n|Accounts receivable|$1,400|$600|\\nWhat amount should the company report as its accrual-based net income for the current year?\n1. $68,800\n2. $70,200\n3. $71,200\n4. $73,200\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1. $68,800",
"openai/gpt-3.5-turbo-1106": "2. 70200",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2. $70,200\n\nThe key adjustments to convert from cash basis to accrual basis are:\n\nAccounts payable decreased by $2,000 ($3,000 beginning - $1,000 ending) - this increases net income"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "A company records items on the cash basis throughout the year and converts to an accrual basis for year-end reporting. Its cash-basis net income for the year is $70,000. The company has gathered the following comparative balance sheet information:\\n\\ntable(table table-bordered).\\n||_.Beginning of year|_.End of year|\\n|Accounts payable|$3,000|$1,000|\\n|Unearned revenue|300|500|\\n|Wages payable|300|400|\\n|Prepaid rent|$1,200|$1,500|\\n|Accounts receivable|$1,400|$600|\\nWhat amount should the company report as its accrual-based net income for the current year?",
"options": [
"$68,800",
"$70,200",
"$71,200",
"$73,200"
],
"correct_answer": 3,
"reference": "2011 AICPA Released Question",
"tag": "FINS"
}
},
{
"prompt": "Below is a multipart question:\nUnder U.S. GAAP, restorations of carrying value for long-lived assets are permitted if an asset's fair value increases subsequent to recording an impairment loss for which of the following?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Held for use|_.Held for disposal|\\n|A|Yes|Yes|\\n|B|Yes|No|\\n|C|No|Yes|\\n|D|No|No|\n1. Choice A\n2. Choice B\n3. Choice C\n4. Choice D\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1.",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 2"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "2"
},
"source_question": {
"category": "FAR",
"description": "Under U.S. GAAP, restorations of carrying value for long-lived assets are permitted if an asset's fair value increases subsequent to recording an impairment loss for which of the following?\\n\\ntable(table table-bordered).\\n|_.Choice|_.Held for use|_.Held for disposal|\\n|A|Yes|Yes|\\n|B|Yes|No|\\n|C|No|Yes|\\n|D|No|No|",
"options": [
"Choice A",
"Choice B",
"Choice C",
"Choice D"
],
"correct_answer": 3,
"reference": "2011 AICPA Released Question",
"tag": "LTAS"
}
},
{
"prompt": "Below is a multipart question:\nWhat are the components of the lease receivable for a lessor involved in a direct-financing lease?\n1. The minimum lease payments plus any executory costs\n2. The minimum lease payments plus residual value\n3. The minimum lease payments less residual value\n4. The minimum lease payments less initial direct costs\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1.",
"openai/gpt-3.5-turbo-1106": "1.",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": " 3. The minimum lease payments less residual value"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "1",
"openai/gpt-4-1106-preview": "4",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "What are the components of the lease receivable for a lessor involved in a direct-financing lease?",
"options": [
"The minimum lease payments plus any executory costs",
"The minimum lease payments plus residual value",
"The minimum lease payments less residual value",
"The minimum lease payments less initial direct costs"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "LEAS"
}
},
{
"prompt": "Below is a multipart question:\nWhen the effective interest method of amortization is used for bonds issued at a premium, the amount of interest payable for an interest period is calculated by multiplying the:\n1. Face value of the bonds at the beginning of the period by the contractual interest rate\n2. Face value of the bonds at the beginning of the period by the effective interest rates\n3. Carrying value of the bonds at the beginning of the period by the contractual interest rate\n4. Carrying value of the bonds at the beginning of the period by the effective interest rates\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": " 4. Carrying value of the bonds at the beginning of the period by the effective interest rates"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "4",
"openai/gpt-4-1106-preview": "1",
"anthropic/claude-2": "4"
},
"source_question": {
"category": "FAR",
"description": "When the effective interest method of amortization is used for bonds issued at a premium, the amount of interest payable for an interest period is calculated by multiplying the:",
"options": [
"Face value of the bonds at the beginning of the period by the contractual interest rate",
"Face value of the bonds at the beginning of the period by the effective interest rates",
"Carrying value of the bonds at the beginning of the period by the contractual interest rate",
"Carrying value of the bonds at the beginning of the period by the effective interest rates"
],
"correct_answer": 1,
"reference": "2011 AICPA Released Question",
"tag": "BOND"
}
},
{
"prompt": "Below is a multipart question:\nIn year 1, a company reported in other comprehensive income an unrealized holding loss on an investment in available-for-sale securities. During year 2, these securities were sold at a loss equal to the unrealized loss previously recognized. The reclassification adjustment should include which of the following?\n1. The unrealized loss should be credited to the investment account\n2. The unrealized loss should be credited to the other comprehensive income account\n3. The unrealized loss should be debited to the other comprehensive income account\n4. The unrealized loss should be credited to beginning retained earnings\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": " 3. The unrealized loss should be debited to the other comprehensive income account"
},
"simplified": {
"replicate/mistral-7b": "2",
"openai/gpt-3.5-turbo-1106": "3",
"openai/gpt-4-1106-preview": "3",
"anthropic/claude-2": "3"
},
"source_question": {
"category": "FAR",
"description": "In year 1, a company reported in other comprehensive income an unrealized holding loss on an investment in available-for-sale securities. During year 2, these securities were sold at a loss equal to the unrealized loss previously recognized. The reclassification adjustment should include which of the following?",
"options": [
"The unrealized loss should be credited to the investment account",
"The unrealized loss should be credited to the other comprehensive income account",
"The unrealized loss should be debited to the other comprehensive income account",
"The unrealized loss should be credited to beginning retained earnings"
],
"correct_answer": 2,
"reference": "2011 AICPA Released Question",
"tag": "INCS"
}
},
{
"prompt": "Below is a multipart question:\nToigo Co. purchased merchandise from a vendor in England on November 20 for 500,000 British pounds. Payment was due in British pounds on January 20. The spot rates to purchase one pound were as follows:\\n\\ntable(table table-bordered).\\n|November 20|$1.25|\\n|December 31|1.20|\\n|January 20|1.17|\\nHow should the foreign currency transaction gain be reported on Toigo's financial statements at December 31?\n1. A gain of $40,000 as a separate component of stockholders' equity\n2. A gain of $40,000 in the income statement\n3. A gain of $25,000 as a separate component of stockholders' equity\n4. A gain of $25,000 in the income statement\n\nAnswer the question by entering the number of the correct option. Response with a single number and nothing else.",
"full": {
"replicate/mistral-7b": "1.",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": " 4. A gain of $25,000 in the income statement"
},
"simplified": {
"replicate/mistral-7b": "1",
"openai/gpt-3.5-turbo-1106": "2",
"openai/gpt-4-1106-preview": "2",
"anthropic/claude-2": "4"
},
"source_question": {
"category": "FAR",
"description": "Toigo Co. purchased merchandise from a vendor in England on November 20 for 500,000 British pounds. Payment was due in British pounds on January 20. The spot rates to purchase one pound were as follows:\\n\\ntable(table table-bordered).\\n|November 20|$1.25|\\n|December 31|1.20|\\n|January 20|1.17|\\nHow should the foreign currency transaction gain be reported on Toigo's financial statements at December 31?",
"options": [
"A gain of $40,000 as a separate component of stockholders' equity",