If you require any further information about either our FAR Source preparation exam or our corporation, please do not hesitate to let us know. High quality FAR Source practice materials leave a good impression on the exam candidates and bring more business opportunities in the future. And many of our cutomers use our FAR Source exam questions as their exam assistant and establish a long cooperation with us. It contains the real exam questions, if you want to participate in the AICPA FAR Source examination certification, select Omgzlook is unquestionable choice. Omgzlook site has a long history of providing AICPA FAR Source exam certification training materials. Provided that you lose your exam with our FAR Source exam questions unfortunately, you can have full refund or switch other version for free.
AICPA Certification FAR It's never too late to know it from now on.
Through this we can know that Omgzlook AICPA FAR - CPA Financial Accounting and Reporting Source exam training materials can brought help to the candidates. To address this issue, our New FAR Exam Questions actual exam offers three different versions for users to choose from. The PC version is the closest to the real test environment, which is an excellent choice for windows - equipped computers.
As the top-rated exam in IT industry, FAR Source certification is one of the most important exams. With FAR Source certificate, you can get more benefits. If you want to attend the exam, Omgzlook AICPA FAR Source questions and answers can offer you convenience.
Now AICPA AICPA FAR Source certification test is very popular.
No matter in the day or on the night, you can consult us the relevant information about our FAR Source preparation exam through the way of chatting online or sending emails. I’m sure our 24-hour online service will not disappoint you as we offer our service 24/7 on our FAR Source study materials. And we will give you the most considerate suggestions on our FAR Source learning guide with all our sincere and warm heart.
So our IT technicians of Omgzlook take more efforts to study FAR Source exam materials. All exam software from Omgzlook is the achievements of more IT elite.
FAR PDF DEMO:
QUESTION NO: 1
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
QUESTION NO: 2
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: 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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
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
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
Huawei H13-334_V1.0 - The clients abroad only need to fill in correct mails and then they get our products conveniently. Our Omgzlook devote themselves for years to develop the Microsoft PL-100 exam software to help more people who want to have a better development in IT field to pass Microsoft PL-100 exam. ASQ CSQE - We have employed a lot of online workers to help all customers solve their problem. SAP C-HAMOD-2404 - Don't worry over trifles. You can rest assured to buy the Cisco 300-630 exam dumps from our company.
Updated: May 26, 2022