if you choose to use the software version of our FAR Exam Topics study guide, you will find that you can download our FAR Exam Topics exam prep on more than one computer and you can practice our FAR Exam Topics exam questions offline as well. We strongly believe that the software version of our FAR Exam Topics study materials will be of great importance for you to prepare for the exam and all of the employees in our company wish you early success! If you prepare based on our FAR Exam Topics exam simulations files, you will feel easy to clear exam once certainly. If you want to do something different and stand out, you should not only work hard but also constantly strive to improve including education qualification and career certificate. With over a decade’s endeavor, our FAR Exam Topics practice materials successfully become the most reliable products in the industry.
You final purpose is to get the FAR Exam Topics certificate.
Our high-quality FAR - CPA Financial Accounting and Reporting Exam Topics} learning guide help the students know how to choose suitable for their own learning method, our FAR - CPA Financial Accounting and Reporting Exam Topics study materials are a very good option. More importantly, it is evident to all that the FAR Reliable Study Questions Free Download 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 Reliable Study Questions Free Download exam and get the related certification in the shortest time, choosing the FAR Reliable Study Questions Free Download training materials from our company will be in the best interests of all people.
All the preparation material reflects latest updates in FAR Exam Topics certification exam pattern. You may now download the FAR Exam Topics PDF documents in your smart devices and lug it along with you. You can effortlessly yield the printouts of FAR Exam Topics exam study material as well, PDF files make it extremely simple for you to switch to any topics with a click.
AICPA FAR Exam Topics - 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 Topics 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 Topicstraining dumps to your mail boxes so that you can download FAR Exam Topics exam questions directly. It is fast and convenient out of your imagination.
Finally, you will pass the exam and get a AICPA certification. Using our products does not take you too much time but you can get a very high rate of return.
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 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: 2
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: 3
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: 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
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.
Meanwhile, if you want to keep studying this course , you can still enjoy the well-rounded services by Amazon SAP-C02 test prep, our after-sale services can update your existing Amazon SAP-C02 study quiz within a year and a discount more than one year. Moreover, to write the Up-to-date Splunk SPLK-1002 practice braindumps, they never stop the pace of being better. Secondly, you can get our ACFCS CFCS 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 EMC D-PST-MN-A-24 test prep in hand, we guarantee that you can pass the EMC D-PST-MN-A-24 exam as easy as blowing away the dust, as long as you guarantee 20 to 30 hours practice with our EMC D-PST-MN-A-24 study materials. Our Oracle 1z0-1127-24 study guide has three formats which can meet your different needs: PDF, software and online.
Updated: May 26, 2022