Never stop challenging your limitations. If you want to dig out your potentials, just keep trying. Repeated attempts will sharpen your minds. CPA Financial Accounting and Reporting exam tests are a high-quality product recognized by hundreds of industry experts. Over the years, FAR Labs exam questions have helped tens of thousands of candidates successfully pass professional qualification exams, and help them reach the peak of their career. After all, you have to make money by yourself.
AICPA Certification FAR But this is still not enough.
That is the reason why I want to recommend our FAR - CPA Financial Accounting and Reporting Labs prep guide to you, because we believe this is what you have been looking for. I think with this certification, all the problems will not be a problem. However, to pass this certification is a bit difficult.
You may try it! Our FAR Labs preparation exam have assembled a team of professional experts incorporating domestic and overseas experts and scholars to research and design related exam bank, committing great efforts to work for our candidates. Most of the experts have been studying in the professional field for many years and have accumulated much experience in our FAR Labs practice questions.
AICPA FAR Labs - They can be obtained within five minutes.
If you fail, don't forget to learn your lesson. If you still prepare for your test yourself and fail again and again, it is time for you to choose a valid FAR Labs study guide; this will be your best method for clearing exam and obtain a certification. Good FAR Labs study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate FAR Labs study guide files which guarantee candidates 100% pass exam in the first attempt.
So the PDF version of our FAR Labs exam questions is convenient. All exam materials in FAR Labs learning materials contain PDF, APP, and PC formats.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
QUESTION NO: 5
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."
We constantly check the updating of HP HPE0-S60 vce pdf to follow the current exam requirement and you will be allowed to free update your pdf files one-year. We often ask, what is the purpose of learning? Why should we study? Why did you study for Fortinet NSE6_FSW-7.2exam so long? As many people think that, even if one day we forget the formula for the area of a triangle, we can still live very well, but if it were not for the knowledge of learning Fortinet NSE6_FSW-7.2 exam and try to obtain certification, how can we have the opportunity to good to future life? So, the examination is necessary, only to get the test Fortinet NSE6_FSW-7.2 certification, get a certificate, to prove better us, to pave the way for our future life. Our website aimed to helping you and fully supporting you to pass VMware 3V0-31.24 actual test with high passing score in your first try. If you are willing to try our Salesforce Nonprofit-Cloud-Consultant study materials, we believe you will not regret your choice. You can use the Netskope NSK101 online test off-line, while you should run it in the network environment.
Updated: May 26, 2022