We provide the great service after you purchase our FAR Course cram training materials and you can contact our customer service at any time during one day. It is a pity if you don’t buy our FAR Course study tool to prepare for the test AICPA certification. If you want to pass the exam smoothly buying our CPA Financial Accounting and Reporting guide dump is your ideal choice. And the pass rate of our FAR Course training guide is high as 98% to 100%. Just buy it and you will love it! Action always speaks louder than words.
AICPA Certification FAR Life is full of ups and downs.
It is believed that no one is willing to buy defective products, so, the FAR - CPA Financial Accounting and Reporting Course study guide has established a strict quality control system. You just need to pay the relevant money for the Valid FAR Test Book practice materials. Our system will never deduct extra money from your debit cards.
In general, users can only wait about 5-10 minutes to receive our FAR Course learning material, and if there are any problems with the reception, users may contact our staff at any time. To sum up, our delivery efficiency is extremely high and time is precious, so once you receive our email, start your new learning journey. Our product backend port system is powerful, so it can be implemented even when a lot of people browse our website can still let users quickly choose the most suitable for his CPA Financial Accounting and Reporting qualification question, and quickly completed payment.
AICPA FAR Course - You really don't have time to hesitate.
Omgzlook is a wonderful study platform that can transform your effective diligence in to your best rewards. By years of diligent work, our experts have collected the frequent-tested knowledge into our FAR Course exam materials for your reference. So our FAR Course practice questions are triumph of their endeavor. I can say that no one can know the FAR Course study guide better than them and our quality of the FAR Course learning quiz is the best.
I believe this will also be one of the reasons why you choose our FAR Course study materials. After you use FAR Course real exam，you will not encounter any problems with system .
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 3
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: 4
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:
QUESTION NO: 5
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.
With all this reputation, our company still take customers first, the reason we become successful lies on the professional expert team we possess , who engage themselves in the research and development of our Microsoft PL-100 learning guide for many years. While you are learning with our Cisco 100-490 quiz guide, we hope to help you make out what obstacles you have actually encountered during your approach for Cisco 100-490 exam torrent through our PDF version, only in this way can we help you win the Cisco 100-490 certification in your first attempt. IIA IIA-CIA-Part2-KR - You can download our free demos and get to know synoptic outline before buying. Our Oracle 1z0-915-1 study torrent specially proposed different versions to allow you to learn not only on paper, but also to use mobile phones to learn. About the upcoming Pegasystems PEGAPCDC87V1 exam, do you have mastered the key parts which the exam will test up to now? Everyone is conscious of the importance and only the smart one with smart way can make it.
Updated: May 26, 2022