Unlike other kinds of exam files which take several days to wait for delivery from the date of making a purchase, our FAR Questions Ebook study materials can offer you immediate delivery after you have paid for them. The moment you money has been transferred to our account, and our system will send our FAR Questions Ebooktraining dumps to your mail boxes so that you can download FAR Questions Ebook exam questions directly. It is fast and convenient out of your imagination. Using our products does not take you too much time but you can get a very high rate of return. Our FAR Questions Ebook quiz guide is of high quality, which mainly reflected in the passing rate. Meanwhile, if you want to keep studying this course , you can still enjoy the well-rounded services by FAR Questions Ebook test prep, our after-sale services can update your existing FAR Questions Ebook study quiz within a year and a discount more than one year.
AICPA Certification FAR Please give us a chance to prove.
AICPA Certification FAR Questions Ebook - CPA Financial Accounting and Reporting We will solve your problem as quickly as we can and provide the best service. As you can see, we never stop innovating new version of the Exam FAR Topic study materials. We really need your strong support.
In your every stage of review, our FAR Questions Ebook practice prep will make you satisfied. Our FAR Questions Ebook exam questions just focus on what is important and help you achieve your goal. With high-quality FAR Questions Ebook guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you.
AICPA FAR Questions Ebook - Need any help, please contact with us again!
In order to pass AICPA certification FAR Questions Ebook exam disposably, you must have a good preparation and a complete knowledge structure. Omgzlook can provide you the resources to meet your need.
Our questions and answers are based on the real exam and conform to the popular trend in the industry. You only need 20-30 hours to learn CPA Financial Accounting and Reporting exam torrent and prepare the exam.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 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.
APMG-International AgilePM-Foundation - In today's competitive IT profession, if you want to stabilize your own position, you will have to prove your professional knowledge and technology level. To some extent, these MuleSoft MCPA-Level-1 certificates may determine your future. SAP C_S43_2022 - There a galaxy of talents in the 21st century, but professional IT talents not so many. There are so many success examples by choosing our Microsoft PL-400-KR guide quiz, so we believe you can be one of them. Because of its popularity, you can use the Omgzlook AICPA Amazon SAA-C03 exam questions and answers to pass the exam.
Updated: May 26, 2022