Es kann Ihnen 100% Selbstbewusstsein geben, so dass Sie sich unbesorgt an der Prüfung beteiligen. Der IT-Expertenteam von Omgzlook nutzt ihre Erfahrungen und Wissen aus, um weiterhin die Qualität der Trainingsmaterialien für die Prüfung zu verbessern und die Bedürfnisse der Prüflinge abzudecken. Wir versprechen, dass Sie beim ersten Versuch die AICPA FAR Prüfungen Zertifizierungsprüfung bestehen können. Unser Eliteteam von IT-Fachleuten wird die neuesten und richtigen Examensübungen nach ihren fachlichen Erfahrungen bearbeiten, um Ihnen bei der Prüfung zu helfen. Alles in allem, wir werden Ihnen alle einschlägigen Materialien in Bezug auf die AICPA FAR Prüfungen Zertifizierungsprüfung bieten. Durch die AICPA FAR Prüfungen Zertifizierungsprüfung werden Ihre Lebens-und Arbeitsverhältnisse verbessert.
AICPA Certification FAR Omgzlook würde Ihren Traum erreichen.
Wenn Sie die Fragen und Antworten zur AICPA FAR - CPA Financial Accounting and Reporting Prüfungen Zertifizierungsprüfung kaufen, können Sie nicht nur die AICPA FAR - CPA Financial Accounting and Reporting Prüfungen Zertifizierungsprüfung erfolgreich bestehen, sonder einen einjährigen kostenlosen Update-Service genießen. Die Fragen zur FAR Prüfungsunterlagen Zertifizierungsprüfung werden von den IT-Experten sorgfältig bearbeitet. Mit den Prüfungsmaterialien zur FAR Prüfungsunterlagen Zertifizierungsprüfung von Omgzlook wird Ihre Zukunft sicher glänzend sein.
Um Ihnen bei der Vorbereitung der AICPA FAR Prüfungen Zertifizierungsprüfung zu helfen, haben wir umfassende Kenntnisse und Erfahrungen. Die von uns bearbeiteten Fragen werden Ihnen helfen, das Zertifikat leicht zu erhalten. Die Schulungsunterlagen von Omgzlook umfassen die freie Teste, Fragen und Antworten, Übungen sowie Lerntipps zur AICPA FAR Prüfungen Zertifizierungsprüfung.
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FAR PDF DEMO:
QUESTION NO: 1
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
A. I & II
B. I & IV
C. II & III
D. III & IV
Answer: D
Explanation:
Choice "d" is correct. Statements III and IV are correct. Statement I is incorrect because fair value is a market-specific measure, not an entity-specific measure. Statement II is incorrect because fair value is an
exit price (the price to sell an asset or transfer a liability), not an entrance price. Choices "a", "b" and
"c"
are incorrect, per the above Explanation: .
QUESTION NO: 2
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with
Quo's president and outside accountants, made changes in accounting policies, corrected several errors
dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting
error.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income
from these service contracts.
List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: C
Explanation:
Choice "c" is correct. Change from the cash method to the accrual method is a correction of an error in
previously presented financial statements.
QUESTION NO: 3
Financial reporting by a development stage enterprise differs from financial reporting for an established
operating enterprise in regard to footnote disclosures:
A. Only.
B. And expense recognition principles only.
C. And revenue recognition principles only.
D. And revenue and expense recognition principles.
Answer: A
Explanation:
Choice "a" is correct. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to (more extensive) footnote disclosures only.
Choices "b", "c", and "d" are incorrect. Revenue and expense recognition principles are the same.
Rule:
Development stage enterprises should present financial statements in accordance with GAAP and make
additional disclosures such as: cumulative net losses, cumulative deficit (as part of equity), cumulative
sales and expenses (as part of the income statement), cumulative statement of cash flows and supplementary "shareholders equity."
QUESTION NO: 4
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with
Quo's president and outside accountants, made changes in accounting policies, corrected several errors
dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting
error.
Item to Be Answered
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)
A. Change in accounting principal.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.
Answer: B
Explanation:
Choice "b" is correct. Change in lives of fixed assets is a change in accounting estimate.
QUESTION NO: 5
The summary of significant accounting policies should disclose the:
A. Maturity dates of noncurrent debts.
B. Terms for convertible debt to be exchanged for common stock.
C. Concentration of credit risk of all financial instruments by geographical region.
D. Criteria for determining which investments are treated as cash equivalents.
Answer: D
Explanation:
Choice "d" is correct. The criteria for determining which investments are treated as cash equivalents would be part of the summary of significant accounting policies. Choice "a" is incorrect. The maturity dates of noncurrent debts are required disclosures, but are not a part of the summary of significant accounting policies. Choice "b" is incorrect. The terms for convertible debt to be exchanged for common
stock are not accounting policies; they would be disclosed separately. Choice "c" is incorrect. The concentration of credit risk of all financial instruments by geographic region may be a required segment
disclosure, especially for financial institutions. However, it would not be a part of the summary of significant accounting policies.
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Updated: May 26, 2022