If you are a beginner, and if you want to improve your professional skills, Omgzlook AICPA FAR Detailed Answers exam braindumps will help you to achieve your desire step by step. If you have any questions about the exam, Omgzlook the AICPA FAR Detailed Answers will help you to solve them. Within a year, we provide free updates. Considering many exam candidates are in a state of anguished mood to prepare for the FAR Detailed Answers exam, our company made three versions of FAR Detailed Answers real exam materials to offer help. All these variants due to our customer-oriented tenets. Because the training materials it provides to the IT industry have no-limited applicability.
AICPA Certification FAR If you feel exam is a headache, don't worry.
AICPA Certification FAR Detailed Answers - CPA Financial Accounting and Reporting This training matrial is not only have reasonable price, and will save you a lot of time. The assistance of our FAR New Test Camp Questions guide question dumps are beyond your imagination. You will regret if you throw away the good products.
If you are concerned about the test, however, you can choose Omgzlook's AICPA FAR Detailed Answers exam training materials. No matter how low your qualifications, you can easily understand the content of the training materials. And you can pass the exam successfully.
To help you pass the AICPA FAR Detailed Answers exam is our goal.
Omgzlook can not only save you valuable time, but also make you feel at ease to participate in the exam and pass it successfully. Omgzlook has good reliability and a high reputation in the IT professionals. You can free download the part of AICPA FAR Detailed Answers exam questions and answers Omgzlook provide as an attempt to determine the reliability of our products. I believe you will be very satisfied of our products. I have confidence in our Omgzlook products that soon Omgzlook's exam questions and answers about AICPA FAR Detailed Answers will be your choice and you will pass AICPA certification FAR Detailed Answers exam successfully. It is wise to choose our Omgzlook and Omgzlook will prove to be the most satisfied product you want.
Our products are just suitable for you. Our FAR Detailed Answers exam training dumps will help you master the real test and prepare well for your exam.
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.
Microsoft MS-900 - 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. You will get your Huawei H13-511_V5.5 certification with little time and energy by the help of out dumps. OCEG GRCA - If you buy the Omgzlook's products, we will not only spare no effort to help you pass the certification exam, but also provide a free update and upgrade service. As we all know, it is not an easy thing to gain the Salesforce Sales-Cloud-Consultant certification. Cisco 300-740 - After your understanding of our reliability, I believe you will quickly add Omgzlook's products to your cart.
Updated: May 26, 2022