In order to pass AICPA certification FAR Questions exam disposably, you must have a good preparation and a complete knowledge structure. Omgzlook can provide you the resources to meet your need. Our questions and answers are based on the real exam and conform to the popular trend in the industry. You only need 20-30 hours to learn CPA Financial Accounting and Reporting exam torrent and prepare the exam. AICPA certification FAR Questions exam is a very good test to prove your ability.
AICPA Certification FAR It's never too late to know it from now on.
AICPA Certification FAR Questions - CPA Financial Accounting and Reporting So that the pass rate of Omgzlook is very high. And this version also helps establish the confidence of the candidates when they attend the Latest FAR Study Guide Book exam after practicing. Because of the different habits and personal devices, requirements for the version of our Latest FAR Study Guide Book exam questions vary from person to person.
If you want to attend the exam, Omgzlook AICPA FAR Questions questions and answers can offer you convenience. The dumps are indispensable and the best. In recent years, many people are interested in AICPA certification exam.
AICPA FAR Questions - Don't worry over trifles.
In order to meet the demand of all customers and protect your machines network security, our company can promise that our FAR Questions test training guide have adopted technological and other necessary measures to ensure the security of personal information they collect, and prevent information leaks, damage or loss. In addition, the FAR Questions exam dumps system from our company can help all customers ward off network intrusion and attacks prevent information leakage, protect user machines network security. If you choose our FAR Questions study questions as your study tool, we can promise that we will try our best to enhance the safety guarantees and keep your information from revealing, and your privacy will be protected well. You can rest assured to buy the FAR Questions exam dumps from our company.
The mission of Omgzlook is to make the valid and high quality AICPA test pdf to help you advance your skills and knowledge and get the FAR Questions exam certification successfully. When you visit our product page, you will find the detail information about FAR Questions practice test.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
For example, it will note that how much time you have used to finish the IIA IIA-CIA-Part2-KR study guide, and how much marks you got for your practice as well as what kind of the questions and answers you are wrong with. Microsoft PL-100 - A bold attempt is half success. We can make sure that all employees in our company have wide experience and advanced technologies in designing the ISM LEAD study dump. Using EMC D-CS-DS-23 real questions will not only help you clear exam with less time and money but also bring you a bright future. If you use a trial version of CompTIA 220-1102 training prep, you can find that our study materials have such a high passing rate and so many users support it.
Updated: May 26, 2022