Why we are so popular in the market and trusted by tens of thousands of our clients all over the world? The answer lies in the fact that every worker of our company is dedicated to perfecting our FAR Latest Examcollection exam guide. The professional experts of our company are responsible for designing every FAR Latest Examcollectionquestion and answer. No one can know the FAR Latest Examcollection study materials more than them. Never feel sorry to invest yourself. Our FAR Latest Examcollection exam materials deserve your choice. You can much more benefited form our FAR Latest Examcollection study guide.
AICPA Certification FAR To choose us is to choose success!
The FAR - CPA Financial Accounting and Reporting Latest Examcollection prep torrent we provide will cost you less time and energy. There is a large range of Valid FAR Test Practice certifications that can help you improve your professional worth and make your dreams come true. Our Valid FAR Test Practice certification practice materials provide you with a wonderful opportunity to get your dream certification with confidence and ensure your success by your first attempt.
Although the pass rate of our FAR Latest Examcollection study materials can be said to be the best compared with that of other exam tests, our experts all are never satisfied with the current results because they know the truth that only through steady progress can our FAR Latest Examcollection preparation braindumps win a place in the field of exam question making forever. Therefore, buying our FAR Latest Examcollection actual study guide will surprise you with high grades and you are more likely to get the certification easily.
AICPA FAR Latest Examcollection - (PDF, APP, software).
Our FAR Latest Examcollection test guides have a higher standard of practice and are rich in content. If you are anxious about how to get FAR Latest Examcollection certification, considering purchasing our FAR Latest Examcollection study tool is a wise choice and you will not feel regretted. Our learning materials will successfully promote your acquisition of certification. Our FAR Latest Examcollection qualification test closely follow changes in the exam outline and practice. In order to provide effective help to customers, on the one hand, the problems of our FAR Latest Examcollection test guides are designed fitting to the latest and basic knowledge. For difficult knowledge, we will use examples and chart to help you learn better. On the other hand, our FAR Latest Examcollection test guides also focus on key knowledge and points that are difficult to understand to help customers better absorb knowledge. Only when you personally experience our FAR Latest Examcollection qualification test can you better feel the benefits of our products. Join us soon.
Though the content of these three versions of our FAR Latest Examcollection study questions is the same, their displays are totally different. And you can be surprised to find that our FAR Latest Examcollection learning quiz is developed with the latest technologies as well.
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
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
A. I & II
B. I & IV
C. II & III
D. III & IV
Answer: D
Explanation:
Choice "d" is correct. Statements III and IV are correct. Statement I is incorrect because fair value is a market-specific measure, not an entity-specific measure. Statement II is incorrect because fair value is an
exit price (the price to sell an asset or transfer a liability), not an entrance price. Choices "a", "b" and
"c"
are incorrect, per the above Explanation: .
QUESTION NO: 5
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.
The good news is that according to statistics, under the help of our CheckPoint 156-587 learning dumps, the pass rate among our customers has reached as high as 98% to 100%. This time set your mind at rest with the help of our PECB ISO-IEC-27001-Lead-Implementer guide quiz. Before you buy our product, you can download and try out it freely so you can have a good understanding of our VMware 5V0-31.22 quiz prep. Any difficult posers will be solved by our IBM C1000-184 quiz guide. And if you find that your version of the IBM C1000-169 practice guide is over one year, you can enjoy 50% discount if you buy it again.
Updated: May 26, 2022