Our questions and answers are based on the real exam and conform to the popular trend in the industry. You only need 20-30 hours to learn CPA Financial Accounting and Reporting exam torrent and prepare the exam. Many people, especially the in-service staff, are busy in their jobs, learning, family lives and other important things and have little time and energy to learn and prepare the exam. In today's competitive IT profession, if you want to stabilize your own position, you will have to prove your professional knowledge and technology level. AICPA certification FAR Bootcamp exam is a very good test to prove your ability. To some extent, these FAR Bootcamp certificates may determine your future.
AICPA Certification FAR But it doesn't matter.
AICPA Certification FAR Bootcamp - CPA Financial Accounting and Reporting And our price is absolutely reasonable and suitable for each of the candidates who participating in the IT certification exams. And this version also helps establish the confidence of the candidates when they attend the FAR Latest Exam Camp Pdf exam after practicing. Because of the different habits and personal devices, requirements for the version of our FAR Latest Exam Camp Pdf exam questions vary from person to person.
In recent years, many people are interested in AICPA certification exam. So, AICPA FAR Bootcamp test also gets more and more important. As the top-rated exam in IT industry, FAR Bootcamp certification is one of the most important exams.
AICPA FAR Bootcamp - A bold attempt is half success.
Our CPA Financial Accounting and Reporting exam questions are designed by a reliable and reputable company and our company has rich experience in doing research about the study materials. We can make sure that all employees in our company have wide experience and advanced technologies in designing the FAR Bootcamp study dump. So a growing number of the people have used our study materials in the past years, and it has been a generally acknowledged fact that the quality of the FAR Bootcamp test guide from our company is best in the study materials market. Now we would like to share the advantages of our FAR Bootcamp study dump to you, we hope you can spend several minutes on reading our introduction; you will benefit a lot from it.
Using FAR Bootcamp real questions will not only help you clear exam with less time and money but also bring you a bright future. We are looking forward to your join.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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.
QUESTION NO: 5
Rock Co.'s financial statements had the following balances at December 31:
What amount should Rock report as comprehensive income for the year ended December 31?
A. $400,000
B. $420,000
C. $520,000
D. $570,000
Answer: C
Explanation:
Choice "c" is correct. Comprehensive Income includes all items included in "Net Income" plus "Other
Comprehensive Income" items. Since the $50,000 extraordinary gain is already included in Net
Income,
Comprehensive Income is:
Our SAP C-S4FTR-2023 study materials can have such a high pass rate, and it is the result of step by step that all members uphold the concept of customer first. These Salesforce Platform-App-Builder exam pdf offers you a chance to get high passing score in formal test and help you closer to your success. WGU Managing-Human-Capital - In the process of development, it also constantly considers the different needs of users. The frequently updated of SAP C-WZADM-2404 latest torrent can ensure you get the newest and latest study material. I hope you can use a cup of coffee to learn about our Microsoft MB-500 training engine.
Updated: May 26, 2022