All FAR Plan online tests begin somewhere, and that is what the FAR Plan training course will do for you: create a foundation to build on. Study guides are essentially a detailed FAR Plan tutorial and are great introductions to new FAR Plan training courses as you advance. The content is always relevant, and compound again to make you pass your FAR Plan exams on the first attempt. According to former exam candidates, more than 98 percent of customers culminate in success by their personal effort as well as our FAR Plan study materials. So indiscriminate choice may lead you suffer from failure. If our candidates have other things, time is also very valuable.
AICPA Certification FAR What are you waiting for? Come and buy it now.
And our website has already became a famous brand in the market because of our reliable FAR - CPA Financial Accounting and Reporting Plan exam questions. Are you still feeling distressed for expensive learning materials? Are you still struggling with complicated and difficult explanations in textbooks? Do you still hesitate in numerous tutorial materials? Llatest Test FAR Camp Sheet study guide can help you to solve all these questions. Llatest Test FAR Camp Sheet certification training is compiled by many experts over many years according to the examination outline of the calendar year and industry trends.
For more textual content about practicing exam questions, you can download our products with reasonable prices and get your practice begin within 5 minutes. After getting to know our FAR Plan test guide by free demos, many exam candidates had their volitional purchase. So our FAR Plan latest dumps are highly effective to make use of.
AICPA FAR Plan - You can directly select our products.
According to personal propensity and various understanding level of exam candidates, we have three versions of FAR Plan study guide for your reference. They are the versions of the PDF, Software and APP online. If you visit our website on our FAR Plan exam braindumps, then you may find that there are the respective features and detailed disparities of our FAR Plan simulating questions. And you can free donwload the demos to have a look.
With the rapid development of society, people pay more and more attention to knowledge and skills. So every year a large number of people take FAR Plan tests to prove their abilities.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
QUESTION NO: 5
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
CIW 1D0-720 - Holding a professional certificate means you have paid more time and effort than your colleagues or messmates in your major, and have experienced more tests before succeed. EMC D-MN-OE-23 - Although everyone hopes to pass the exam, the difficulties in preparing for it should not be overlooked. One decision will automatically lead to another decision, we believe our Microsoft AZ-204-KR guide dump will make you fall in love with our products and become regular buyers. Obtaining the Amazon SOA-C02-KR certification is not an easy task. EMC D-ZT-DS-23 - CPA Financial Accounting and Reporting study questions provide free trial service for consumers.
Updated: May 26, 2022