We provide the best service to the client and hope the client can be satisfied. Many clients may worry that their privacy information will be disclosed while purchasing our FAR Discount Voucher quiz torrent. We promise to you that our system has set vigorous privacy information protection procedures and measures and we won’t sell your privacy information. All contents of FAR Discount Voucher training prep are made by elites in this area rather than being fudged by laymen. Let along the reasonable prices of our FAR Discount Voucher exam materials which attracted tens of thousands of exam candidates mesmerized by their efficiency by proficient helpers of our company. Within one year, we will send the latest version to your mailbox with no charge if we have a new version of FAR Discount Voucher learning materials.
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 Discount Voucher exam, the experts and professors from our company designed the best CPA Financial Accounting and Reporting test guide. With our FAR Latest Exam Bootcamp Materials 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.
Our FAR Discount Voucher study guide design three different versions for all customers. These three different versions include PDF version, software version and online version, they can help customers solve any problems in use, meet all their needs. Although the three major versions of our FAR Discount Voucher 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.
AICPA FAR Discount Voucher - Now they have a better life.
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 Discount Voucher 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 Discount Voucher study materials for those who need to improve themselves quickly in a short time to pass the exam to get the FAR Discount Voucher certification.
Our learning materials are based on the customer's point of view and fully consider the needs of our customers. If you follow the steps of our FAR Discount Voucher exam questions, you can easily and happily learn and ultimately succeed in the ocean of learning.
FAR PDF DEMO:
QUESTION NO: 1
According to the FASB conceptual framework, the process of reporting an item in the financial statements
of an entity is:
A. Allocation.
B. Matching.
C. Realization.
D. Recognition.
Answer: D
Explanation:
Choice "d" is correct. Recognition is the process of recording an item in the financial statements of an entity. SFAC 5 para. 6 Choice "a" is incorrect. Allocation is the accounting process of assigning or distributing an amount according to a plan or a formulA. SFAC 6 para. 142 Choice "b" is incorrect.
Matching of costs and revenues is simultaneous or combined recognition of the revenues and expenses
that result directly and jointly from the same transactions or other events. SFAC 6 para. 146 Choice
"c" is
incorrect. Realization is the process of converting noncash resources and rights into money. SFAC 6 para.
1 43
QUESTION NO: 2
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
. Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain.
Fuqua has frequently retired bonds early when interest rates declined significantly.
. A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
. A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in
1 990?
A. $0
B. $5,000
C. $(90,000)
D. $(350,000)
Answer: A
Explanation:
Choice "a" is correct. $0. Note: The sale of the steel transportation component resulted in a loss from discontinued operations and is reported after "income from continuing operations." The steel forming
segment's hurricane damage (4th in 5 years) of $255,000 is only "unusual in nature" and does not occur
infrequently, therefore, it is not an "extraordinary item," and should be reported separately as a component of "income from continuing operations." The retirement of debt, although unusual, is not infrequent for the company; therefore, the gain does not qualify for classification as an extraordinary item
per APBO No. 30 (and SFAS No. 145).
QUESTION NO: 3
In general, an enterprise preparing interim financial statements should:
A. Defer recognition of seasonal revenue.
B. Disregard permanent decreases in the market value of its inventory.
C. Allocate revenues and expenses evenly over the quarters, regardless of when they actually occurred.
D. Use the same accounting principles followed in preparing its latest annual financial statements.
Answer: D
Explanation:
Choice "d" is correct. Generally accepted accounting principles that were used in the most recent annual
report of an enterprise should be applied to interim financial statements of the current year, unless a change in accounting principle is adopted in the current year.
Choices "a", "b", and "c" are incorrect, per above.
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 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: 5
Conceptually, interim financial statements can be described as emphasizing:
A. Timeliness over reliability.
B. Reliability over relevance.
C. Relevance over comparability.
D. Comparability over neutrality.
Answer: A
Explanation:
Choice "a" is correct. Interim financial statements emphasize timeliness (an element of relevance) by providing financial information based on actual performance to date and estimates prior to year end.
Information must be available when it is needed to be useful. Reliability is impeded by the extensive use
of estimates; however, the lag until verifiability is obtained detracts from usefulness. SFAC 2 para. 56
Choice "b" is incorrect. Relevance (particularly timeliness) of information in interim financial statements is
emphasized more than reliability. Reliability is impeded by the extensive use of estimates in interim data.
Choice "c" is incorrect. Since comparability is a secondary quality of information, there should be no need
to trade off comparability for relevance (a primary quality). Choice "d" is incorrect. Neutrality is an element
of reliability (a primary quality of information. There should be NO need for a trade-off for comparability
over neutrality.
ACAMS CAMS - The clients can use the shortest time to prepare the exam and the learning only costs 20-30 hours. The staff of Salesforce Salesforce-Loyalty-Management study materials is online 24 hours a day, seven days a week. Once their classmates or colleagues need to prepare an exam, they will soon introduce them to choose our SAP C_C4H320_34 study materials. ACAMS CAMS - We are reliable and trustable in this career for more than ten years. EMC D-RP-DY-A-24 - In the end, you will become an excellent talent.
Updated: May 26, 2022