If you choose to sign up to participate in AICPA certification FAR Exam Forum exams, you should choose a good learning material or training course to prepare for the examination right now. Because AICPA certification FAR Exam Forum exam is difficult to pass. If you want to pass the exam, you must have a good preparation for the exam. So your personal effort is brilliant but insufficient to pass the CPA Financial Accounting and Reporting exam and our FAR Exam Forum test guide can facilitate the process smoothly & successfully. Our CPA Financial Accounting and Reporting practice materials are successful by ensuring that what we delivered is valuable and in line with the syllabus of this exam. Each IT certification exam candidate know this certification related to the major shift in their lives.
AICPA Certification FAR They believe and rely on us.
AICPA Certification FAR Exam Forum - CPA Financial Accounting and Reporting Though the content is the same, but their displays are totally different and functionable. In order to prevent your life from regret and remorse, you should seize every opportunity which can change lives passibly. Did you do it? Omgzlook's AICPA Latest FAR Exam Book exam training materials can help you to achieve your success.
Our FAR Exam Forum practice questions enjoy great popularity in this line. We provide our FAR Exam Forum exam braindumps on the superior quality and being confident that they will help you expand your horizon of knowledge of the exam. They are time-tested FAR Exam Forum learning materials, so they are classic.
AICPA FAR Exam Forum - We are absolutely responsible for you.
Do you feel headache looking at so many IT certification exams and so many exam materials? What should you do? Which materials do you choose? If you don't know how to choose, I choose your best exam materials for you. You can choose to attend AICPA FAR Exam Forum exam which is the most popular in recent. Getting FAR Exam Forum certificate, you will get great benefits. Moreover, to effectively prepare for the exam, you can select Omgzlook AICPA FAR Exam Forum certification training dumps which are the best way to pass the test.
If you are interested in our products, I believe that after your trial, you will certainly not hesitate to buy it. All consumers who are interested in FAR Exam Forum guide materials can download our free trial database at any time by visiting our platform.
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
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: 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
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."
CheckPoint 156-587 - After you buy the dumps, you can get a year free updates. EXIN SIAMP - Once the pay is done, our customers will receive an e-mail from our company. What's more, it is the best recognition for us that you obtain the Cisco 200-301-KR exam certification. As we all know, there are many reasons for the failure of the Fortinet NSE7_LED-7.0 exam, such as chance, the degree of knowledge you master. There are many reasons why we are be trusted: 24-hour online customer service, the free experienced demo for CompTIA CAS-004 exam materials, diversity versions, one-year free update service after purchase, and the guarantee of no help full refund.
Updated: May 26, 2022