Our FAR Questions training material comes with 100% money back guarantee to ensure the reliable and convenient shopping experience. The accurate, reliable and updated AICPA FAR Questions study torrent are compiled, checked and verified by our senior experts, which can ensure you 100% pass. Dear everyone, you can download the FAR Questions free demo for a little try. Pass rate is what we care for preparing for an examination, which is the final goal of our FAR Questions study materials. According to the feedback of our users, we have the pass rate of 99%, which is equal to 100% in some sense. The test engine is more efficient way for anyone to practice our FAR Questions exam pdf and get used to the atmosphere of the formal test.
AICPA Certification FAR Add Omgzlook's products to cart now!
FAR - CPA Financial Accounting and Reporting Questions practice quiz is equipped with a simulated examination system with timing function, allowing you to examine your FAR - CPA Financial Accounting and Reporting Questions learning results at any time, keep checking for defects, and improve your strength. We promise that we will do our best to help you pass the AICPA certification Certification FAR Questions exam. Omgzlook's providing training material is very close to the content of the formal examination.
By clearing different AICPA exams, you can easily land your dream job. If you are looking to find high paying jobs, then AICPA certifications can help you get the job in the highly reputable organization. Our FAR Questions exam materials give real exam environment with multiple learning tools that allow you to do a selective study and will help you to get the job that you are looking for.
You will be completed ready for your AICPA FAR Questions exam.
Omgzlook's AICPA FAR Questions exam training materials provide the two most popular download formats. One is PDF, and other is software, it is easy to download. The IT professionals and industrious experts in Omgzlook make full use of their knowledge and experience to provide the best products for the candidates. We can help you to achieve your goals.
Our company owns the most popular reputation in this field by providing not only the best ever FAR Questions study guide but also the most efficient customers’ servers. We can lead you the best and the fastest way to reach for the certification of FAR Questions exam dumps and achieve your desired higher salary by getting a more important position in the company.
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:
I took advantage of Omgzlook's AICPA Amazon ANS-C01 exam training materials, and passed the AICPA Amazon ANS-C01 exam. Pegasystems PEGACPLSA88V1 - We have considerate after sales services with genial staff. With Omgzlook AICPA IBM C1000-112 exam training materials, you can begin your first step forward. The more time you spend in the preparation for Lpi 300-300 learning engine, the higher possibility you will pass the exam. VMware 2V0-33.22PSE - Omgzlook exam dumps have two version-PDF and SOFT version which will give you convenient.
Updated: May 26, 2022