Then sooner or later you will be promoted by your boss. Our FAR Questions preparation exam really suits you best. Our FAR Questions study materials can help you get your certification in the least time with the least efforts. Every day of our daily life seems to be the same rhythm, work to eat and sleep, and all the daily arrangements, the exam does not go through every day, especially for the key FAR Questions qualification test ready to be more common. In preparing the FAR Questions qualification examination, the FAR Questions study materials will provide users with the most important practice materials. We have left some space for you to make notes on the PDF version of the FAR Questions study materials.
AICPA Certification FAR So that you can achieve a multiplier effect.
Our FAR - CPA Financial Accounting and Reporting Questions guide question dumps are suitable for all age groups. Education degree just mean that you have this learning experience only. And the real ability is exercised in practice, it is not necessarily linked with the academic qualifications.
With the help of FAR Questions guide questions, you can conduct targeted review on the topics which to be tested before the exam, and then you no longer have to worry about the problems that you may encounter a question that you are not familiar with during the exam. With FAR Questions learning materials, you will not need to purchase any other review materials. Please be assured that with the help of FAR Questions learning materials, you will be able to successfully pass the exam.
AICPA FAR Questions - It is up to you to make a decision.
It is our responsibility to relieve your pressure from preparation of FAR Questions exam. To help you pass the FAR Questions exam is our goal. The close to 100% passing rate of our dumps allow you to be rest assured in our products. Not all vendors dare to promise that if you fail the exam, we will give you a full refund. But our IT elite of Omgzlook and our customers who are satisfied with our FAR Questions exam software give us the confidence to make such promise.
I have confidence in our Omgzlook products that soon Omgzlook's exam questions and answers about AICPA FAR Questions will be your choice and you will pass AICPA certification FAR Questions exam successfully. It is wise to choose our Omgzlook and Omgzlook will prove to be the most satisfied product you want.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 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.
SAP C_THR96_2405 - Our products are just suitable for you. SAP C_ARCON_2404 - The training materials of Omgzlook are developed by many IT experts' continuously using their experience and knowledge to study, and the quality is very good and have very high accuracy. You will get your EMC D-PVM-DS-23 certification with little time and energy by the help of out dumps. Fortinet FCSS_SOC_AN-7.4 - If you buy the Omgzlook's products, we will not only spare no effort to help you pass the certification exam, but also provide a free update and upgrade service. As we all know, it is not an easy thing to gain the EMC D-NWR-DY-23 certification.
Updated: May 26, 2022