Secondly software version does not limit to the number of installed computers, and it simulates the real FAR Free Practice actual test guide, but it can only run on Windows operating system. Thirdly, online version supports for any electronic equipment and also supports offline use at the same time. For the first time, you need to open FAR Free Practice exam questions in online environment, and then you can use it offline. That is because our company beholds customer-oriented tenets that guide our everyday work. The achievements of wealth or prestige is no important than your exciting feedback about efficiency and profession of our FAR Free Practice study guide. Success does not come only from the future, but it continues to accumulate from the moment you decide to do it.
AICPA Certification FAR The reality is often cruel.
We attract customers by our fabulous FAR - CPA Financial Accounting and Reporting Free Practice certification material and high pass rate, which are the most powerful evidence to show our strength. Imagine, if you're using a FAR Study Reference practice materials, always appear this or that grammar, spelling errors, such as this will not only greatly affect your mood, but also restricted your learning efficiency. Therefore, good typesetting is essential for a product, especially education products, and the FAR Study Reference test material can avoid these risks very well.
All in all, high efficiency of FAR Free Practice exam material is the reason for your selection. We understand our candidates have no time to waste, everyone wants an efficient learning. So we take this factor into consideration, develop the most efficient way for you to prepare for the FAR Free Practice exam, that is the real questions and answers practice mode, firstly, it simulates the real CPA Financial Accounting and Reporting test environment perfectly, which offers greatly help to our customers.
AICPA FAR Free Practice - So Omgzlook a website worthy of your trust.
It is known to us that our FAR Free Practice study materials have been keeping a high pass rate all the time. There is no doubt that it must be due to the high quality of our study materials. It is a matter of common sense that pass rate is the most important standard to testify the FAR Free Practice study materials. The high pass rate of our study materials means that our products are very effective and useful for all people to pass their exam and get the related certification. So if you buy the FAR Free Practice study materials from our company, you will get the certification in a shorter time.
FAR Free Practice study materials including the official AICPA FAR Free Practice certification training courses, AICPA FAR Free Practice self-paced training guide, FAR Free Practice exam Omgzlook and practice, FAR Free Practice online exam FAR Free Practice study guide. FAR Free Practice simulation training package designed by Omgzlook can help you effortlessly pass the exam.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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."
IIA IIA-CHAL-QISA - Software version-It support simulation test system, and times of setup has no restriction. Network Appliance NS0-521 - With it, you will be brimming with confidence, fully to do the exam preparation. We have three packages of the HP HPE0-V27-KR study materials: the PDF, Software and APP online and each one of them has its respect and different advantages. Make the tough decision to choose our Omgzlook AICPA Salesforce Education-Cloud-Consultant exam training materials please. Buying all our information can guarantee you to pass your first AICPA certification Cisco 200-201 exam.
Updated: May 26, 2022