So it is important to get familiar with the real test environment. Also, the real test environment of the FAR Exam Bible study materials can help you control time. After all, you must submit your practice in limited time in FAR Exam Bible practice materials. The amazing quality of our FAR Exam Bible learning questions can totally catch eyes of exam candidates with passing rate up to 98 to 100 percent. As one of the leading brand in the market, our FAR Exam Bible exam materials can be obtained on our website within five minutes. In order to meet all demands of all customers, our company has employed a lot of excellent experts and professors in the field to design and compile the FAR Exam Bible test dump with a high quality.
AICPA Certification FAR So their perfection is unquestionable.
Selecting our study materials is your rightful assistant with internationally recognized FAR - CPA Financial Accounting and Reporting Exam Bible certification. The results show our products are suitable for them. In addition, the system of our FAR Latest Learning Material test training is powerful.
The content system of FAR Exam Bible exam simulation is constructed by experts. After-sales service of our study materials is also provided by professionals. If you encounter some problems when using our FAR Exam Bible study materials, you can also get them at any time.
AICPA FAR Exam Bible - We are keeping advancing with you.
You can free download part of practice questions and answers about AICPA certification FAR Exam Bible exam to test our quality. Omgzlook can help you 100% pass AICPA certification FAR Exam Bible exam, and if you carelessly fail to pass AICPA certification FAR Exam Bible exam, we will guarantee a full refund for you.
It is well known that even the best people fail sometimes, not to mention the ordinary people. In face of the FAR Exam Bible exam, everyone stands on the same starting line, and those who are not excellent enough must do more.
FAR PDF DEMO:
QUESTION NO: 1
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: 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 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: 3
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: 4
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.
QUESTION NO: 5
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."
Omgzlook is a website which can help you quickly pass AICPA certification EMC D-PE-FN-23 exams. There is no doubt that if you pass the EMC D-UN-OE-23 exam certification test, which means that your ability and professional knowledge are acknowledged by the authority field, we suggest that you can try our EMC D-UN-OE-23 reliable exam dumps. Omgzlook is a website which can help you save time and energy to rapidly and efficiently master the AICPA certification SAP C-HRHFC-2405 exam related knowledge. We send learning information in the form of questions and answers, and our EMC D-PVM-DS-23 study materials are highly relevant to what you need to pass EMC D-PVM-DS-23 certification exam. Feedbacks of many IT professionals who have passed AICPA certification Fortinet FCSS_SOC_AN-7.4 exam prove that their successes benefit from Omgzlook's help.
Updated: May 26, 2022