In order to cater to the different needs of people from different countries in the international market, we have prepared three kinds of versions of our FAR Training learning questions in this website. And we can assure you that you will get the latest version of our FAR Training training materials for free from our company in the whole year after payment on FAR Training practice quiz. Last but not least, we will provide the most considerate after sale service for our customers on our FAR Training exam dumps. Most of them give us feedback that they have learned a lot from our FAR Training exam guide and think it has a lifelong benefit. They have more competitiveness among fellow workers and are easier to be appreciated by their boss. You don’t worry about that how to keep up with the market trend, just follow us.
AICPA Certification FAR Why not have a try?
In order to help all customers gain the newest information about the FAR - CPA Financial Accounting and Reporting Training exam, the experts and professors from our company designed the best CPA Financial Accounting and Reporting test guide. With our Reliable Test FAR Dumps Free exam questions, you will easily get the favor of executives and successfully enter the gates of famous companies. You will have higher wages and a better development platform.
Although the three major versions of our FAR Training exam dumps provide a demo of the same content for all customers, they will meet different unique requirements from a variety of users based on specific functionality. The most important feature of the online version of our FAR Training learning materials are practicality. The online version is open to all electronic devices, which will allow your device to have common browser functionality so that you can open our products.
AICPA FAR Training - You must make a decision as soon as possible!
If we waste a little bit of time, we will miss a lot of opportunities. If we miss the opportunity, we will accomplish nothing. Then, life becomes meaningless. Our FAR Training preparation exam have taken this into account, so in order to save our customer’s precious time, the experts in our company did everything they could to prepare our FAR Training study materials for those who need to improve themselves quickly in a short time to pass the exam to get the FAR Training certification.
Our FAR Training study tool prepared by our company has now been selected as the secret weapons of customers who wish to pass the exam and obtain relevant certification. If you are agonizing about how to pass the exam and to get the AICPA certificate, now you can try our learning materials.
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.
Amazon DOP-C02 - The clients can use the shortest time to prepare the exam and the learning only costs 20-30 hours. ASQ CSQE - We just want to provide you with the best service. Once their classmates or colleagues need to prepare an exam, they will soon introduce them to choose our SAP C-C4H320-34 study materials. SAP C-TS422-2023 - We are reliable and trustable in this career for more than ten years. But our Cisco 300-635 study guide will offer you the most professional guidance.
Updated: May 26, 2022