If you are willing, you can mark your performance every day and adjust your studying and preparation relatively. FAR Exam Vce exam cram materials will try our best to satisfy your demand. If you are not satisfied with the function of PDF version which just only provide you the questions and answers, the APP version of FAR Exam Vce exam cram materials can offer you more. As a responsible company, we don't ignore customers after the deal, but will keep an eye on your exam situation. Although we can assure you the passing rate of our FAR Exam Vce training guide nearly 100 %, we can also offer you a full refund if you still have concerns. The hiogh quality and high pass rate can ensure you get high scores in the FAR Exam Vce actual test.
AICPA Certification FAR We always put your needs in the first place.
Actually, just think of our FAR - CPA Financial Accounting and Reporting Exam Vce test prep as the best way to pass the exam is myopic. The inevitable trend is that knowledge is becoming worthy, and it explains why good New Test FAR Questions Explanations resources, services and data worth a good price. We always put our customers in the first place.
Our FAR Exam Vce preparation practice are highly targeted and have a high hit rate, there are a lot of learning skills and key points in the exam, even if your study time is very short, you can also improve your FAR Exam Vce exam scores very quickly. Even if you have a week foundation, I believe that you will get the certification by using our FAR Exam Vce study materials. We can claim that with our FAR Exam Vce practice engine for 20 to 30 hours, you will be ready to pass the exam with confidence.
AICPA FAR Exam Vce - You are the best and unique in the world.
As we enter into such a competitive world, the hardest part of standing out from the crowd is that your skills are recognized then you will fit into the large and diverse workforce. The FAR Exam Vce certification is the best proof of your ability. However, it’s not easy for those work officers who has less free time to prepare such an FAR Exam Vce exam. Here comes FAR Exam Vce exam materials which contain all of the valid FAR Exam Vce study questions. You will never worry about the FAR Exam Vce exam.
In the meantime, all your legal rights will be guaranteed after buying our FAR Exam Vce study materials. For many years, we have always put our customers in top priority.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
Conceptually, interim financial statements can be described as emphasizing:
A. Timeliness over reliability.
B. Reliability over relevance.
C. Relevance over comparability.
D. Comparability over neutrality.
Answer: A
Explanation:
Choice "a" is correct. Interim financial statements emphasize timeliness (an element of relevance) by providing financial information based on actual performance to date and estimates prior to year end.
Information must be available when it is needed to be useful. Reliability is impeded by the extensive use
of estimates; however, the lag until verifiability is obtained detracts from usefulness. SFAC 2 para. 56
Choice "b" is incorrect. Relevance (particularly timeliness) of information in interim financial statements is
emphasized more than reliability. Reliability is impeded by the extensive use of estimates in interim data.
Choice "c" is incorrect. Since comparability is a secondary quality of information, there should be no need
to trade off comparability for relevance (a primary quality). Choice "d" is incorrect. Neutrality is an element
of reliability (a primary quality of information. There should be NO need for a trade-off for comparability
over neutrality.
QUESTION NO: 3
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: 4
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: 5
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."
So we never stop the pace of offering the best services and ISQI CT-AI_v1.0_World practice materials for you. Even the Microsoft MS-102 test syllabus is changing every year; our experts still have the ability to master the tendency of the important knowledge as they have been doing research in this career for years. Our Splunk SPLK-1002 study materials provide a promising help for your Splunk SPLK-1002 exam preparation whether newbie or experienced exam candidates are eager to have them. SAP C_ABAPD_2309 - So do not hesitate and hurry to buy our study materials. By analyzing the syllabus and new trend, our CompTIA CS0-003 practice engine is totally in line with this exam for your reference.
Updated: May 26, 2022