Our FAR Free Download study guide can help you improve in the shortest time. Even you do not know anything about the FAR Free Download exam. It absolutely has no problem. At the fork in the road, we always face many choices. When we choose job, job are also choosing us. Some buttons are used for hide or display answers.
AICPA Certification FAR They have always been in a trend of advancement.
We can tell you that our FAR - CPA Financial Accounting and Reporting Free Download test prep concentrate on systematic study, which means all your study is logic. As long as you practice our Valid Test Dumps FAR File test question, you can pass exam quickly and successfully. By using them, you can not only save your time and money, but also pass Valid Test Dumps FAR File practice exam without any stress.
Our online test engine and windows software of the FAR Free Download test answers will let your experience the flexible learning style. Apart from basic knowledge, we have made use of the newest technology to enrich your study of the FAR Free Download exam study materials. Online learning platform is different from traditional learning methods.
AICPA FAR Free Download - It is useless if you do not prepare well.
Annual test syllabus is essential to predicate the real FAR Free Download questions. So you must have a whole understanding of the test syllabus. After all, you do not know the FAR Free Download exam clearly. It must be difficult for you to prepare the FAR Free Download exam. Then our study materials can give you some guidance. All questions on our FAR Free Download study materials are strictly in accordance with the knowledge points on newest test syllabus. Also, our experts are capable of predicating the difficult knowledge parts of the FAR Free Download exam according to the test syllabus. We have tried our best to simply the difficult questions. In order to help you memorize the FAR Free Download study materials better, we have detailed explanations of the difficult questions such as illustration, charts and referring website. Every year some knowledge is reoccurring over and over. You must ensure that you master them completely.
So you must act from now. As we all know, time and tide wait for no man.
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 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 sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income
from these service contracts.
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: C
Explanation:
Choice "c" is correct. Change from the cash method to the accrual method is a correction of an error in
previously presented financial statements.
QUESTION NO: 2
Financial reporting by a development stage enterprise differs from financial reporting for an established
operating enterprise in regard to footnote disclosures:
A. Only.
B. And expense recognition principles only.
C. And revenue recognition principles only.
D. And revenue and expense recognition principles.
Answer: A
Explanation:
Choice "a" is correct. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to (more extensive) footnote disclosures only.
Choices "b", "c", and "d" are incorrect. Revenue and expense recognition principles are the same.
Rule:
Development stage enterprises should present financial statements in accordance with GAAP and make
additional disclosures such as: cumulative net losses, cumulative deficit (as part of equity), cumulative
sales and expenses (as part of the income statement), cumulative statement of cash flows and supplementary "shareholders equity."
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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
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: B
Explanation:
Choice "b" is correct. Change in lives of fixed assets is a change in accounting estimate.
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
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:
When you try our part of AICPA certification Microsoft PL-600 exam practice questions and answers, you can make a choice to our Omgzlook. Now Omgzlook provide you a effective method to pass AICPA certification PDMA NPDP exam. EMC D-RP-DY-A-24 - Selecting Omgzlook, you will be an IT talent. Fortinet FCSS_NST_SE-7.4 - Omgzlook can also promise if you fail to pass the exam, Omgzlook will 100% refund. In today's competitive IT industry, passing AICPA certification EMC D-PCM-DY-23 exam has a lot of benefits.
Updated: May 26, 2022