Every minute FAR Online Tests study quiz saves for you may make you a huge profit. Secondly, FAR Online Tests learning guide will also help you to master a lot of very useful professional knowledge in the process of helping you pass the exam. What FAR Online Tests study quiz can give you is far more than just a piece of information. Our FAR Online Tests learning questions are undeniable excellent products full of benefits, so our FAR Online Tests exam materials can spruce up our own image and our exam questions are your best choice. Our FAR Online Tests learning quiz can lead you the best and the fastest way to reach for the certification and achieve your desired higher salary by getting a more important position in the company. Here our FAR Online Tests exam braindumps are tailor-designed for you.
AICPA Certification FAR No company in the field can surpass us.
With high-quality FAR - CPA Financial Accounting and Reporting Online Tests guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you. Because, after all, Reliable FAR Test Preparation is a very important certified exam of AICPA. But Reliable FAR Test Preparation exam is not so simple.
Our FAR Online Tests learning materials are just staring points for exam candidates, and you may meet several challenging tasks or exams in the future about computer knowledge, we can still offer help. Need any help, please contact with us again! All time and energy you devoted to the FAR Online Tests preparation quiz is worthwhile.
AICPA FAR Online Tests - It can help a lot of people achieve their dream.
In this social-cultural environment, the FAR Online Tests certificates mean a lot especially for exam candidates like you. To some extent, these FAR Online Tests certificates may determine your future. With respect to your worries about the practice exam, we recommend our FAR Online Tests preparation materials which have a strong bearing on the outcomes dramatically. For a better understanding of their features, please follow our website and try on them.
There a galaxy of talents in the 21st century, but professional IT talents not so many. Society need a large number of professional IT talents.
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
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.
QUESTION NO: 5
Rock Co.'s financial statements had the following balances at December 31:
What amount should Rock report as comprehensive income for the year ended December 31?
A. $400,000
B. $420,000
C. $520,000
D. $570,000
Answer: C
Explanation:
Choice "c" is correct. Comprehensive Income includes all items included in "Net Income" plus "Other
Comprehensive Income" items. Since the $50,000 extraordinary gain is already included in Net
Income,
Comprehensive Income is:
Besides, we are punctually meeting commitments to offer help on Fortinet NSE7_PBC-7.2 study materials. More and more people choose AICPA ISTQB ISTQB-CTFL exam. If you require any further information about either our PECB ISO-IEC-27001-Lead-Implementer preparation exam or our corporation, please do not hesitate to let us know. Our AICPA Tableau TDA-C01 exam training materials contains questions and answers. We assume all the responsibilities our SAP C_DBADM_2404 simulating practice may bring you foreseeable outcomes and you will not regret for believing in us assuredly.
Updated: May 26, 2022