And we have confidence that your future aims will come along with this successful exam as the beginning. So choosing FAR Questions actual question is choosing success. With our customer-oriented FAR Questions actual question, you can be one of the former exam candidates with passing rate up to 98 to 100 percent. All that we have done is just to help you easily pass the FAR Questions exam. If you are worrying about that there is no enough time to prepare for FAR Questions exam, or you can't find the authoritative study materials about FAR Questions exam, but when you read this article, your worries will be deleted completely. FAR Questions training materials have now provided thousands of online test papers for the majority of test takers to perform simulation exercises, helped tens of thousands of candidates pass the FAR Questions exam, and got their own dream industry certificates FAR Questions exam questions have an extensive coverage of test subjects and have a large volume of test questions, and an online update program.
AICPA Certification FAR Then you will be confident in the actual test.
Our FAR - CPA Financial Accounting and Reporting Questions training quiz will be your best teacher who helps you to find the key and difficulty of the exam, so that you no longer feel confused when review. Well-pointed preparation for your test will help you save a lot of time. AICPA Pdf FAR Pass Leader exam cram PDF will be great helper for your coming exam definitely.
Our study materials will help you get the according certification you want to have. Believe me, after using our study materials, you will improve your work efficiency. You will get more opportunities than others, and your dreams may really come true in the near future.
AICPA FAR Questions - Omgzlook will never disappoint you.
If you are not satisfied with the function of PDF version which just only provide you the questions and answers, the APP version of FAR Questions exam cram materials can offer you more. APP version can not only simulate the real test scene but also point out your mistakes and notice you to practice many times. This version of AICPA FAR Questions exam cram materials is rather powerful. If you are willing, you can mark your performance every day and adjust your studying and preparation relatively. FAR Questions exam cram materials will try our best to satisfy your demand.
So you have nothing to worry about, only to study with our FAR Questions exam questions with full attention. And as we have been in this career for over ten years, our FAR Questions learning materials have became famous as a pass guarantee.
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:
Besides, we check the update about Salesforce Marketing-Cloud-Email-Specialist training pdf every day. Linux Foundation HFCP - To make your review more comfortable and effective, we made three versions as well as a series of favorable benefits for you. You will grasp the overall knowledge points of Cisco 300-425 actual test with our pass guide and the accuracy of our Cisco 300-425 exam answers will enable you spend less time and effort. If you compare our Huawei H19-412_V1.0 training engine with the real exam, you will find that our study materials are highly similar to the real exam questions. Cisco 300-445 - To enhance further your exam ability and strengthen your learning, you can benefit yourself getting practice AICPA real dumps.
Updated: May 26, 2022