We will provide you with professional advice before you buy our FAR Topics guide materials. If you have problems in the process of using our FAR Topics study questions, as long as you contact us anytime and anywhere, we will provide you with remote assistance until that all the problems on our FAR Topics exam braindumps are solved. When you send us a message, we will reply immediately and we will never waste your precious time on studying our FAR Topics practice quiz. As our company's flagship product, it has successfully helped countless candidates around the world to obtain the coveted FAR Topics certification. Are you trying to pass the FAR Topics exam to get the longing FAR Topics certification? As we know, there are a lot of the advantages of the certification, such as higher salaries, better job positions and so on. Also, the system will deduct the relevant money.
AICPA Certification FAR It is easy to carry.
AICPA Certification FAR Topics - CPA Financial Accounting and Reporting Believe that there is such a powerful expert help, our users will be able to successfully pass the qualification test to obtain the qualification certificate. If you use our study materials, you must walk in front of the reference staff that does not use valid Latest FAR Exam Dumps Free real exam. And you will get the according Latest FAR Exam Dumps Free certification more smoothly.
Our FAR Topics practice materials comprise of a number of academic questions for your practice, which are interlinked and helpful for your exam. So, they are specified as one of the most successful FAR Topics practice materials in the line. They can renew your knowledge with high utility with Favorable prices.
AICPA FAR Topics - Please pay more attention to our website.
Considering many exam candidates are in a state of anguished mood to prepare for the FAR Topics exam, our company made three versions of FAR Topics real exam materials to offer help. All these variants due to our customer-oriented tenets. As a responsible company over ten years, we are trustworthy. In the competitive economy, this company cannot remain in the business for long. But we keep being the leading position in contrast. We are reactive to your concerns and also proactive to new trends happened in this FAR Topics exam.
If you participate in the IT exam, you should not hesitate to choose Omgzlook's AICPA FAR Topics exam training materials. After you use, you will know that it is really good.
FAR PDF DEMO:
QUESTION NO: 1
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.
QUESTION NO: 2
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.
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
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: 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 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: 5
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.
Fortinet NSE5_FMG-7.2 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. Omgzlook's AICPA ACAMS CAMS exam training materials is a good training materials. Network Appliance NS0-528 - So once you have done you work excellently, you will soon get promotion. Salesforce Salesforce-Loyalty-Management - And you can pass the exam successfully. With Symantec 250-586 learning materials, you will not need to purchase any other review materials.
Updated: May 26, 2022