By our three versions of FAR Exam Tutorials study engine: the PDF, Software and APP online, we have many repeat orders in a long run. The PDF version helps you read content easier at your process of studying with clear arrangement, and the PC Test Engine version of FAR Exam Tutorials practice questions allows you to take stimulation exam to check your process of exam preparing, which support windows system only. Moreover, there is the APP version of FAR Exam Tutorials study engine, you can learn anywhere at any time. If you have other exam to be taken, we can free replace it for you. FAR Exam Tutorials latest cram material covers all the sections of the actual exam. If you have any confusion about our FAR Exam Tutorials exam questions, just contact us and we will help you out.
AICPA Certification FAR The results are accurate.
AICPA Certification FAR Exam Tutorials - CPA Financial Accounting and Reporting We promise during the process of installment and payment of our CPA Financial Accounting and Reporting prep torrent, the security of your computer or cellphone can be guaranteed, which means that you will be not afraid of virus intrusion and personal information leakage. When you find it hard for you to learn on computers, you can learn the printed materials of the FAR Valid Test Discount Voucher study materials. What is more, you absolutely can afford fort the three packages.
Don’t hesitate any more. Time and tide wait for no man. Come and buy our FAR Exam Tutorials exam questions!
AICPA FAR Exam Tutorials - Select Omgzlook is to choose success.
One strong point of our APP online version is that it is convenient for you to use our FAR Exam Tutorials exam dumps even though you are in offline environment. In other words, you can prepare for your FAR Exam Tutorials exam with under the guidance of our FAR Exam Tutorials training materials anywhere at any time. Just take action to purchase we would be pleased to make you the next beneficiary of our FAR Exam Tutorials exam practice. Trust us and you will get what you are dreaming!
A bad situation can show special integrity. When to face of a difficult time, only the bravest people could take it easy.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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: 5
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.
And we believe you will pass the Google Google-Workspace-Administrator exam just like the other people! Omgzlook AICPA Nutanix NCP-CI-AWS exam training materials is the best choice to help you pass the exam. All you have to do is to pay a small fee on our Cisco 300-730 practice materials, and then you will have a 99% chance of passing the exam and then embrace a good life. Microsoft AZ-400 - If you fail in the exam, Omgzlook promises to give you FULL REFUND of your purchasing fees. Considering your practical constraint and academic requirements of the SHRM SHRM-SCP exam preparation, you may choose the SHRM SHRM-SCP practice materials with following traits.
Updated: May 26, 2022