Regarding the process of globalization, every fighter who seeks a better life needs to keep pace with its tendency to meet challenges. FAR Free Download certification is a stepping stone for you to stand out from the crowd. Nowadays, having knowledge of the FAR Free Download study braindumps become widespread, if you grasp solid technological knowledge, you are sure to get a well-paid job and be promoted in a short time. Before you purchase, you can log in to our website and download a free trial question bank to learn about FAR Free Download study tool. Most of the materials on the market do not have a free trial function. Under the support of our study materials, passing the exam won’t be an unreachable mission.
AICPA Certification FAR (PDF, APP, software).
Our FAR - CPA Financial Accounting and Reporting Free Download qualification test closely follow changes in the exam outline and practice. Up to now, there are three versions of FAR Vce Download exam materials for your choice. So high-quality contents and flexible choices of FAR Vce Download learning mode will bring about the excellent learning experience for you.
It is certain that the pass rate of our FAR Free Download study guide among our customers is the most essential criteria to check out whether our FAR Free Download training materials are effective or not. The good news is that according to statistics, under the help of our FAR Free Download learning dumps, the pass rate among our customers has reached as high as 98% to 100%. It is strongly proved that we are professonal in this career and our FAR Free Download exam braindumps are very popular.
AICPA FAR Free Download - Nowadays, it is hard to find a desirable job.
As is known to us, the leading status of the knowledge-based economy has been established progressively. It is more and more important for us to keep pace with the changeable world and improve ourselves for the beautiful life. So the FAR Free Download certification has also become more and more important for all people. Because a lot of people long to improve themselves and get the decent job. In this circumstance, more and more people will ponder the question how to get the FAR Free Download certification successfully in a short time.
Luckily, we are going to tell you a good new that the demo of the FAR Free Download study materials are easily available in our company. If you buy the study materials from our company, we are glad to offer you with the best demo of our study materials.
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."
Tableau TDS-C01 - Why not have a try? Microsoft AI-900-CN - We can promise that you will never miss the important information about the exam. With our EMC D-PST-OE-23 exam questions, you will easily get the favor of executives and successfully enter the gates of famous companies. Although the three major versions of our EMC D-OME-OE-A-24 exam dumps provide a demo of the same content for all customers, they will meet different unique requirements from a variety of users based on specific functionality. OCEG GRCA - For most users, access to the relevant qualifying examinations may be the first, so many of the course content related to qualifying examinations are complex and arcane.
Updated: May 26, 2022