Of course, there is no exception in the competitive IT industry. IT Professionals working in the IT area also want to have good opportunities for promotion of job and salary. A lot of IT professional know that AICPA certification FAR Score exam can help you meet these aspirations. Besides, you can consolidate important knowledge for you personally and design customized study schedule or to-do list on a daily basis with our FAR Score learning questions. Our company has applied the latest technologies to the design of our FAR Score exam material not only on the content but also on the displays. In Omgzlook's website you can free download study guide, some exercises and answers about AICPA certification FAR Score exam as an attempt.
AICPA Certification FAR Please pay more attention to our website.
AICPA Certification FAR Score - CPA Financial Accounting and Reporting But we keep being the leading position in contrast. This is the achievement made by IT experts in Omgzlook after a long period of time. They used their knowledge and experience as well as the ever-changing IT industry to produce the material.
FAR Score study material is in the form of questions and answers like the real exam that help you to master knowledge in the process of practicing and help you to get rid of those drowsy descriptions in the textbook. FAR Score test dumps can make you no longer feel a headache for learning, let you find fun and even let you fall in love with learning. The content of FAR Score study material is comprehensive and targeted so that you learning is no longer blind.
AICPA FAR Score - And you can pass the exam successfully.
With the help of FAR Score 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 Score learning materials, you will not need to purchase any other review materials. Please be assured that with the help of FAR Score learning materials, you will be able to successfully pass the exam.
Omgzlook will help you to find what you need in the exam and our dumps must help you to obtain FAR Score certificate. Are you satisfied with your present job? Are you satisfied with what you are doing? Do you want to improve yourself? To master some useful skills is helpful to you.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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: 5
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.
Our Juniper JN0-664 study materials are famous for its high-efficiency and high-quality. After you use Omgzlook AICPA EMC D-VXR-DY-23 study guide, you not only can pass the exam at the first attempt, also can master the skills the exam demands. You can free download the demos of our SAP C-S4FCF-2023 exam questions which present the quality and the validity of the study materials and check which version to buy as well. Come on and purchase Omgzlook AICPA IBM C1000-178 practice test dumps. Therefore, our UiPath UiPath-ABAv1 learning materials always meet your academic requirements.
Updated: May 26, 2022