We attract customers by our fabulous FAR Mock Test certification material and high pass rate, which are the most powerful evidence to show our strength. We are so proud to tell you that according to the statistics from our customers’ feedback, the pass rate among our customers who prepared for the exam with our FAR Mock Test test guide have reached as high as 99%, which definitely ranks the top among our peers. Hence one can see that the CPA Financial Accounting and Reporting learn tool compiled by our company are definitely the best choice for you. Imagine, if you're using a FAR Mock Test 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 Mock Test test material can avoid these risks very well. All in all, high efficiency of FAR Mock Test exam material is the reason for your selection.
AICPA Certification FAR Our experts have taken your worries seriously.
The content system of FAR - CPA Financial Accounting and Reporting Mock Test exam simulation is constructed by experts. When the interface displays that you have successfully paid for our New FAR Exam Bootcamp study materials, our specific online sales workers will soon deal with your orders. You will receive the New FAR Exam Bootcamp study materials no later than ten minutes.
Perhaps you have doubts about this "shortest time." I believe that after you understand the professional configuration of FAR Mock Test training questions, you will agree with what I said. What our FAR Mock Test study materials contain are all the real questions and answers that will come out in the real exam. As long as you study with our FAR Mock Test exam braindumps for 20 to 30 hours that we can claim that you will pass the exam for sure.
AICPA FAR Mock Test - Many people think this is incredible.
We have chosen a large number of professionals to make FAR Mock Test learning question more professional, while allowing our study materials to keep up with the times. Of course, we do it all for you to get the information you want, and you can make faster progress. You can also get help from FAR Mock Test exam training professionals at any time when you encounter any problems. We can be sure that with the professional help of our FAR Mock Test test guide you will surely get a very good experience. Good materials and methods can help you to do more with less. Choose FAR Mock Test test guide to get you closer to success.
Only need to spend about 20-30 hours practicing our FAR Mock Test study files can you be fully prepared for the exam. With deeply understand of core knowledge FAR Mock Test actual test guide, you can overcome all the difficulties in the way.
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
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: 3
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: 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
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."
QUESTION NO: 5
Which of the following should be disclosed for each reportable operating segment of an enterprise?
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. In disclosure questions, if you are not sure, disclose the most rather than the least.
Choice "b" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. Choice "c" is incorrect. For each reportable segment of an enterprise, both profit or
loss and total assets should be disclosed. Choice "d" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets should be disclosed.
But our Microsoft MB-700 exam questions will help you pass the exam by just one go for we have the pass rate high as 98% to 100%. There are many benefits after you pass the Google Professional-Machine-Learning-Engineer certification such as you can enter in the big company and double your wage. Salesforce Marketing-Cloud-Developer - Time is so important to everyone because we have to use our limited time to do many things. And you will find that it is easy to understand the content of the SAP C_THR12_2311 learning guide for our experts have simplified the questions and answers. APICS CSCP - No matter what your previous learning level is, there will be no problem of understanding.
Updated: May 26, 2022