Our FAR Exam Consultant exam dumps can be quickly downloaded to the eletronic devices. When you have a lot of eletronic devices, you definitly will figure out the way to study and prepare your FAR Exam Consultant exam with them. It is so cool even to think about it. In this highly competitive modern society, everyone needs to improve their knowledge level or ability through various methods so as to obtain a higher social status. Under this circumstance passing FAR Exam Consultant exam becomes a necessary way to improve oneself. The best part of FAR Exam Consultant exam dumps are their relevance, comprehensiveness and precision.
You final purpose is to get the FAR Exam Consultant certificate.
Our high-quality FAR - CPA Financial Accounting and Reporting Exam Consultant} learning guide help the students know how to choose suitable for their own learning method, our FAR - CPA Financial Accounting and Reporting Exam Consultant study materials are a very good option. More importantly, it is evident to all that the FAR Test Study Guide training materials from our company have a high quality, and we can make sure that the quality of our products will be higher than other study materials in the market. If you want to pass the FAR Test Study Guide exam and get the related certification in the shortest time, choosing the FAR Test Study Guide training materials from our company will be in the best interests of all people.
All the preparation material reflects latest updates in FAR Exam Consultant certification exam pattern. You may now download the FAR Exam Consultant PDF documents in your smart devices and lug it along with you. You can effortlessly yield the printouts of FAR Exam Consultant exam study material as well, PDF files make it extremely simple for you to switch to any topics with a click.
AICPA FAR Exam Consultant - We can provide you with a free trial version.
Unlike other kinds of exam files which take several days to wait for delivery from the date of making a purchase, our FAR Exam Consultant study materials can offer you immediate delivery after you have paid for them. The moment you money has been transferred to our account, and our system will send our FAR Exam Consultanttraining dumps to your mail boxes so that you can download FAR Exam Consultant exam questions directly. It is fast and convenient out of your imagination.
Under the guidance of our study materials, you can gain unexpected knowledge. Finally, you will pass the exam and get a AICPA certification.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 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.
Meanwhile, if you want to keep studying this course , you can still enjoy the well-rounded services by EMC D-CSF-SC-23 test prep, our after-sale services can update your existing EMC D-CSF-SC-23 study quiz within a year and a discount more than one year. Moreover, to write the Up-to-date CompTIA CAS-004 practice braindumps, they never stop the pace of being better. Secondly, you can get our CWNP CWT-101 practice test only in 5 to 10 minutes after payment, which enables you to devote yourself to study as soon as possible. With our test-oriented SAP C-THR96-2405 test prep in hand, we guarantee that you can pass the SAP C-THR96-2405 exam as easy as blowing away the dust, as long as you guarantee 20 to 30 hours practice with our SAP C-THR96-2405 study materials. Our HP HPE0-V28 study guide has three formats which can meet your different needs: PDF, software and online.
Updated: May 26, 2022