If you have problems with your installation or use on our FAR Cram Review training guide, our 24 - hour online customer service will resolve your trouble in a timely manner. We dare say that our FAR Cram Review preparation quiz have enough sincerity to our customers. You can free download the demos of our FAR Cram Review 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 FAR Cram Review practice test dumps. This braindump's hit accuracy is high and it works best the other way around. Simplified language allows candidates to see at a glance.
To help you pass the FAR Cram Review exam is our goal.
AICPA Certification FAR Cram Review - CPA Financial Accounting and Reporting Omgzlook can not only save you valuable time, but also make you feel at ease to participate in the exam and pass it successfully. If you worry about your exam, our Latest Practice FAR Test Fee exam training dumps will guide you and make you well preparing，you will pass exam without any doubt. How to find a valid exam dumps providers which can elaborate on how to prepare you properly with more appropriate questions to pass Latest Practice FAR Test Fee exams? Yes, here is your chance to know us.
Omgzlook is a website to provide a targeted training for AICPA certification FAR Cram Review exam. Omgzlook is also a website which can not only make your expertise to get promoted, but also help you pass AICPA certification FAR Cram Review exam for just one time. The training materials of Omgzlook are developed by many IT experts' continuously using their experience and knowledge to study, and the quality is very good and have very high accuracy.
Our AICPA FAR Cram Review latest study guide can help you.
Omgzlook is an excellent source of information on IT Certifications. In the Omgzlook, you can find study skills and learning materials for your exam. Omgzlook's AICPA FAR Cram Review training materials are studied by the experienced IT experts. It has a strong accuracy and logic. To encounter Omgzlook, you will encounter the best training materials. You can rest assured that using our AICPA FAR Cram Review exam training materials. With it, you have done fully prepared to meet this exam.
Most returned customers said that our FAR Cram Review dumps pdf covers the big part of main content of the certification exam. Questions and answers from our FAR Cram Review free download files are tested by our certified professionals and the accuracy of our questions are 100% guaranteed.
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
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.
If you are tired of preparing AICPA Lpi 201-450 exam, you can choose Omgzlook AICPA Lpi 201-450 certification training materials. The efficiency and accuracy of our Microsoft MS-900 learning guide will not let you down. Omgzlook AICPA Microsoft PL-400-KR exam dumps are the best reference materials. Although you will take each Amazon SAA-C03-KR online test one at a time - each one builds upon the previous. As long as you choose our dumps as review tool before the exam, you will have a happy result in HP HP2-I60 exam, which is perfectly obvious.
Updated: May 26, 2022