Our test-orientated high-quality FAR Exam Pattern exam questions would be the best choice for you, we sincerely hope all of our candidates can pass FAR Exam Pattern exam, and enjoy the tremendous benefits of our FAR Exam Pattern prep guide. Helping candidates to pass the FAR Exam Pattern exam has always been a virtue in our company’s culture, and you can connect with us through email at the process of purchasing and using, we would reply you as fast as we can. In order to ensure the quality of our FAR Exam Pattern preparation materials, we specially invited experienced team of experts to write them. The content of our FAR Exam Pattern practice engine comes from a careful analysis and summary of previous exam syllabus, so that you can accurately grasp the core test sites. As long as you get to know our FAR Exam Pattern exam questions, you will figure out that we have set an easier operation system for our candidates.
AICPA Certification FAR It's never too late to know it from now on.
Through this we can know that Omgzlook AICPA FAR - CPA Financial Accounting and Reporting Exam Pattern exam training materials can brought help to the candidates. And this version also helps establish the confidence of the candidates when they attend the New Exam Cram FAR Materials exam after practicing. Because of the different habits and personal devices, requirements for the version of our New Exam Cram FAR Materials exam questions vary from person to person.
As the top-rated exam in IT industry, FAR Exam Pattern certification is one of the most important exams. With FAR Exam Pattern certificate, you can get more benefits. If you want to attend the exam, Omgzlook AICPA FAR Exam Pattern questions and answers can offer you convenience.
AICPA FAR Exam Pattern - Don't worry over trifles.
In order to meet the demand of all customers and protect your machines network security, our company can promise that our FAR Exam Pattern test training guide have adopted technological and other necessary measures to ensure the security of personal information they collect, and prevent information leaks, damage or loss. In addition, the FAR Exam Pattern exam dumps system from our company can help all customers ward off network intrusion and attacks prevent information leakage, protect user machines network security. If you choose our FAR Exam Pattern study questions as your study tool, we can promise that we will try our best to enhance the safety guarantees and keep your information from revealing, and your privacy will be protected well. You can rest assured to buy the FAR Exam Pattern exam dumps from our company.
The mission of Omgzlook is to make the valid and high quality AICPA test pdf to help you advance your skills and knowledge and get the FAR Exam Pattern exam certification successfully. When you visit our product page, you will find the detail information about FAR Exam Pattern practice test.
FAR PDF DEMO:
QUESTION NO: 1
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
A. I & II
B. I & IV
C. II & III
D. III & IV
Answer: D
Explanation:
Choice "d" is correct. Statements III and IV are correct. Statement I is incorrect because fair value is a market-specific measure, not an entity-specific measure. Statement II is incorrect because fair value is an
exit price (the price to sell an asset or transfer a liability), not an entrance price. Choices "a", "b" and
"c"
are incorrect, per the above Explanation: .
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
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income
from these service contracts.
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: C
Explanation:
Choice "c" is correct. Change from the cash method to the accrual method is a correction of an error in
previously presented financial statements.
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
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: 5
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.
For example, it will note that how much time you have used to finish the IBM C1000-174 study guide, and how much marks you got for your practice as well as what kind of the questions and answers you are wrong with. SAP C-LIXEA-2404 - As long as the road is right, success is near. We can make sure that all employees in our company have wide experience and advanced technologies in designing the Adobe AD0-E134 study dump. Using EMC D-PEMX-DY-23 real questions will not only help you clear exam with less time and money but also bring you a bright future. After using the trial version, we believe that you will be willing to choose EMC D-XTR-OE-A-24 exam questions.
Updated: May 26, 2022