Our FAR Free learning materials will aim at helping every people fight for the FAR Free certificate and help develop new skills. Our professsionals have devoted themselves to compiling the FAR Free exam questions for over ten years and you can trust us for sure. Citing an old saying as "Opportunity always favors the ready minds”. To be out of the ordinary and seek an ideal life, we must master an extra skill to get high scores and win the match in the workplace. Our FAR Free exam question can help make your dream come true. There are totally three versions of FAR Free practice materials which are the most suitable versions for you: PDF, software and app versions.
AICPA Certification FAR Why not have a try?
AICPA Certification FAR Free - CPA Financial Accounting and Reporting The experts will update the system every day. With our Valid FAR Test Cram Sheet exam questions, you will easily get the favor of executives and successfully enter the gates of famous companies. You will have higher wages and a better development platform.
Our FAR Free study guide design three different versions for all customers. These three different versions include PDF version, software version and online version, they can help customers solve any problems in use, meet all their needs. Although the three major versions of our FAR Free exam dumps provide a demo of the same content for all customers, they will meet different unique requirements from a variety of users based on specific functionality.
AICPA FAR Free - Now they have a better life.
If we waste a little bit of time, we will miss a lot of opportunities. If we miss the opportunity, we will accomplish nothing. Then, life becomes meaningless. Our FAR Free preparation exam have taken this into account, so in order to save our customer’s precious time, the experts in our company did everything they could to prepare our FAR Free study materials for those who need to improve themselves quickly in a short time to pass the exam to get the FAR Free certification.
Our FAR Free study tool prepared by our company has now been selected as the secret weapons of customers who wish to pass the exam and obtain relevant certification. If you are agonizing about how to pass the exam and to get the AICPA certificate, now you can try our learning materials.
FAR PDF DEMO:
QUESTION NO: 1
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
. Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain.
Fuqua has frequently retired bonds early when interest rates declined significantly.
. A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
. A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in
1 990?
A. $0
B. $5,000
C. $(90,000)
D. $(350,000)
Answer: A
Explanation:
Choice "a" is correct. $0. Note: The sale of the steel transportation component resulted in a loss from discontinued operations and is reported after "income from continuing operations." The steel forming
segment's hurricane damage (4th in 5 years) of $255,000 is only "unusual in nature" and does not occur
infrequently, therefore, it is not an "extraordinary item," and should be reported separately as a component of "income from continuing operations." The retirement of debt, although unusual, is not infrequent for the company; therefore, the gain does not qualify for classification as an extraordinary item
per APBO No. 30 (and SFAS No. 145).
QUESTION NO: 2
In general, an enterprise preparing interim financial statements should:
A. Defer recognition of seasonal revenue.
B. Disregard permanent decreases in the market value of its inventory.
C. Allocate revenues and expenses evenly over the quarters, regardless of when they actually occurred.
D. Use the same accounting principles followed in preparing its latest annual financial statements.
Answer: D
Explanation:
Choice "d" is correct. Generally accepted accounting principles that were used in the most recent annual
report of an enterprise should be applied to interim financial statements of the current year, unless a change in accounting principle is adopted in the current year.
Choices "a", "b", and "c" are incorrect, per above.
QUESTION NO: 3
According to the FASB conceptual framework, the process of reporting an item in the financial statements
of an entity is:
A. Allocation.
B. Matching.
C. Realization.
D. Recognition.
Answer: D
Explanation:
Choice "d" is correct. Recognition is the process of recording an item in the financial statements of an entity. SFAC 5 para. 6 Choice "a" is incorrect. Allocation is the accounting process of assigning or distributing an amount according to a plan or a formulA. SFAC 6 para. 142 Choice "b" is incorrect.
Matching of costs and revenues is simultaneous or combined recognition of the revenues and expenses
that result directly and jointly from the same transactions or other events. SFAC 6 para. 146 Choice
"c" is
incorrect. Realization is the process of converting noncash resources and rights into money. SFAC 6 para.
1 43
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
Quo manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is
preferable, accounting for these long-term contracts was switched from the completed-contract method to
the percentage-of-completion method.
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: A
Explanation:
Choice "a" is correct. Switching from the completed-contract method of accounting to the percentage-of
completion method is a "change in accounting principle."
QUESTION NO: 5
Which of the following should be disclosed for each reportable operating segment of an enterprise?
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. In disclosure questions, if you are not sure, disclose the most rather than the least.
Choice "b" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. Choice "c" is incorrect. For each reportable segment of an enterprise, both profit or
loss and total assets should be disclosed. Choice "d" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets should be disclosed.
The questions and answers of our SAP C_THR85_2405 exam questions are refined and have simplified the most important information so as to let the clients use little time to learn. The staff of IBM S2000-024 study materials is online 24 hours a day, seven days a week. So our study materials are helpful to your preparation of the Fortinet NSE7_OTS-7.2 exam. VMware 3V0-32.23 - So we have advandages not only on the content but also on the displays. Scrum PSPO-II - In the end, you will become an excellent talent.
Updated: May 26, 2022