Most people are nervous and anxious to take part in the FAR Free Download exam for the first time. Then it is easy for them to make mistakes. So it is important to get familiar with the real test environment. As long as you pay for our FAR Free Download study guide successfully, then you will receive it quickly. That is the expression of our efficiency. With the high class operation system, the FAR Free Download study question from our company has won the common recognition from a lot of international customers for us.
AICPA Certification FAR Many people think this is incredible.
Choose FAR - CPA Financial Accounting and Reporting Free Download test guide to get you closer to success. Involving all types of questions in accordance with the real exam content, our Test FAR Review exam questions are compiled to meet all of your requirements. The comprehensive coverage would be beneficial for you to pass the exam.
It is common in modern society that many people who are more knowledgeable and capable than others finally lost some good opportunities for development because they didn’t obtain the FAR Free Download certification. The prerequisite for obtaining the FAR Free Download certification is to pass the exam, but not everyone has the ability to pass it at one time. But our FAR Free Download exam questions will help you pass the exam by just one go for we have the pass rate high as 98% to 100%.
So our AICPA FAR Free Download study questions are their best choice.
With the rise of internet and the advent of knowledge age, mastering knowledge about computer is of great importance. This FAR Free Download exam is your excellent chance to master more useful knowledge of it. Up to now, No one has questioned the quality of our FAR Free Download training materials, for their passing rate has reached up to 98 to 100 percent. If you make up your mind of our FAR Free Download exam questions after browsing the free demos, we will staunchly support your review and give you a comfortable and efficient purchase experience this time.
And our online test engine and the windows software of the FAR Free Download guide materials are designed more carefully. During our researching and developing, we always obey the principles of conciseness and exquisiteness.
FAR PDF DEMO:
QUESTION NO: 1
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.
QUESTION NO: 2
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: 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 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: 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 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: 5
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.
SAP C-S4TM-2023 - You will become a master of learning in the eyes of others. Our training materials can guarantee you 100% to pass AICPA certification SAP C-IEE2E-2404 exam, if not, we will give you a full refund and exam practice questions and answers will be updated quickly, but this is almost impossible to happen. SAP C_TS422_2023 - Various study forms are good for boosting learning interests. If you purchase the training materials we provide, you can pass AICPA certification Huawei H19-338_V3.0 exam successfully. Lpi 303-300 - Sometimes, we will receive some good suggestions from our users.
Updated: May 26, 2022