Our exam training materials could make you not help recommend to your friends after you buy it. Because it's really a great help to you. Omgzlook's AICPA FAR Mock Exam exam training materials is no other sites in the world can match. Though the content is the same, but their displays are totally different and functionable. We have handled professional FAR Mock Exam practice materials for over ten years. In order to prevent your life from regret and remorse, you should seize every opportunity which can change lives passibly.
AICPA Certification FAR We are absolutely responsible for you.
AICPA Certification FAR Mock Exam - CPA Financial Accounting and Reporting Do you feel headache looking at so many IT certification exams and so many exam materials? What should you do? Which materials do you choose? If you don't know how to choose, I choose your best exam materials for you. If you are interested in our products, I believe that after your trial, you will certainly not hesitate to buy it. All consumers who are interested in Cert FAR Guide guide materials can download our free trial database at any time by visiting our platform.
Omgzlook does its best to provide you with the maximum convenience. Contrary to the low price of Omgzlook exam dumps, the quality of its dumps is the best. What's more, Omgzlook provides you with the most excellent service.
AICPA FAR Mock Exam - Most companies think highly of this character.
Nowadays, our learning methods become more and more convenient. Advances in technology allow us to learn freely on mobile devices. However, we understand that some candidates are still more accustomed to the paper, so our FAR Mock Exam study materials provide customers with a variety of versions to facilitate your learning process: the PDF, Software and APP online. These three versions of our FAR Mock Exam practice engine can provide you study on all conditions. Come and buy our FAR Mock Exam exam guide!
We promise that we provide you with best quality FAR Mock Exam original questions and competitive prices. We offer 100% pass products with excellent service.
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
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: 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 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: 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.
And you can free download the demos of our ISQI CTFL-Foundation learning guide on our website, it is easy, fast and convenient. With the help of our online version, you can not only practice our Lpi 303-300 exam pdf in any electronic equipment, but also make you feel the atmosphere of Lpi 303-300 actual test. And all of the PDF version, online engine and windows software of the ISQI CTFL-PT_D study guide will be tested for many times. Our valid EMC D-ECS-DS-23 practice questions are created according to the requirement of the certification center based on the real questions. Microsoft MB-910 - It is important to review the questions you always choose mistakenly.
Updated: May 26, 2022