Please select Omgzlook, you will be the next successful IT person. Omgzlook will help you achieve your dream. Feedbacks of many IT professionals who have passed AICPA certification FAR Update exam prove that their successes benefit from Omgzlook's help. So if you buy the FAR Update study materials from our company, you will get the certification in a shorter time. It is known to us that our FAR Update study materials have been keeping a high pass rate all the time. Do not spend too much time and money, as long as you have Omgzlook learning materials you will easily pass the exam.
AICPA Certification FAR PDF version is easy for read and print out.
Omgzlook is a reliable site offering the FAR - CPA Financial Accounting and Reporting Update valid study material supported by 100% pass rate and full money back guarantee. Once you have well prepared with our FAR Study Notes dumps collection, you will go through the formal test without any difficulty. To help people pass exam easily, we bring you the latest FAR Study Notes exam prep for the actual test which enable you get high passing score easily in test.
Our website aimed to help you to get through your certification test easier with the help of our valid FAR Update vce braindumps. You just need to remember the answers when you practice FAR Update real questions because all materials are tested by our experts and professionals. Our FAR Update study guide will be your first choice of exam materials as you just need to spend one or days to grasp the knowledge points of FAR Update practice exam.
AICPA FAR Update - You will not need to struggle with the exam.
Regarding the process of globalization, every fighter who seeks a better life needs to keep pace with its tendency to meet challenges. FAR Update certification is a stepping stone for you to stand out from the crowd. Nowadays, having knowledge of the FAR Update study braindumps become widespread, if you grasp solid technological knowledge, you are sure to get a well-paid job and be promoted in a short time. According to our survey, those who have passed the exam with our FAR Update test guide convincingly demonstrate their abilities of high quality, raise their professional profile, expand their network and impress prospective employers.
Most of the materials on the market do not have a free trial function. Even some of the physical books are sealed up and cannot be read before purchase.
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
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.
QUESTION NO: 5
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:
Network Appliance NS0-528 - More detailed information is under below. And at the same time, you don't have to pay much time on the preparation for our Network Appliance NS0-516 learning guide is high-efficient. You can see that there are only benefits for you to buy our Cisco 300-715 learning guide, so why not just have a try right now? We are willing to recommend you to try the Amazon SOA-C02-KR learning guide from our company. And we can assure you that you will get the latest version of our VMware 3V0-61.24 training materials for free from our company in the whole year after payment on VMware 3V0-61.24 practice quiz.
Updated: May 26, 2022