Our FAR Exam Sims guide materials are high quality and high accuracy rate products. It is all about the superior concreteness and precision of the FAR Exam Sims exam questions that helps. Every page and every points of knowledge have been written from professional experts who are proficient in this line and are being accounting for this line over ten years. In order to promise the high quality of our FAR Exam Sims exam questions, our company has outstanding technical staff, and has perfect service system after sale. More importantly, our good FAR Exam Sims guide quiz and perfect after sale service are approbated by our local and international customers. We can claim that once you study with our FAR Exam Sims exam questions for 20 to 30 hours, then you will be albe to pass the exam with confidence.
AICPA Certification FAR It is an undeniable fact.
And this version also helps establish the confidence of the candidates when they attend the FAR - CPA Financial Accounting and Reporting Exam Sims exam after practicing. In recent years, many people are interested in AICPA certification exam. So, AICPA Examcollection FAR Vce test also gets more and more important.
Our FAR Exam Sims learning guide provides a variety of functions to help the clients improve their learning. For example, the function to stimulate the exam helps the clients test their learning results of the FAR Exam Sims learning dump in an environment which is highly similar to the real exam. Our FAR Exam Sims exam guide question is recognized as the standard and authorized study materials and is widely commended at home and abroad.
AICPA FAR Exam Sims - A bold attempt is half success.
Our CPA Financial Accounting and Reporting exam questions are designed by a reliable and reputable company and our company has rich experience in doing research about the study materials. We can make sure that all employees in our company have wide experience and advanced technologies in designing the FAR Exam Sims study dump. So a growing number of the people have used our study materials in the past years, and it has been a generally acknowledged fact that the quality of the FAR Exam Sims test guide from our company is best in the study materials market. Now we would like to share the advantages of our FAR Exam Sims study dump to you, we hope you can spend several minutes on reading our introduction; you will benefit a lot from it.
Using FAR Exam Sims real questions will not only help you clear exam with less time and money but also bring you a bright future. We are looking forward to your join.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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
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.
Our Cisco 300-425 study materials can have such a high pass rate, and it is the result of step by step that all members uphold the concept of customer first. These WGU Managing-Human-Capital exam pdf offers you a chance to get high passing score in formal test and help you closer to your success. SAP C-WZADM-2404 - In the process of development, it also constantly considers the different needs of users. The frequently updated of Huawei H20-421_V1.0 latest torrent can ensure you get the newest and latest study material. Compared with your colleagues around you, with the help of our SAP C-S43-2022 preparation questions, you will also be able to have more efficient work performance.
Updated: May 26, 2022