What are you waiting for? Closed cars will not improve, and when we are reviewing our qualifying examinations, we should also pay attention to the overall layout of various qualifying examinations. For the convenience of users, our CPA Financial Accounting and Reporting learn materials will be timely updated information associated with the qualification of the home page, so users can reduce the time they spend on the Internet, blindly to find information. With the rapid market development, there are more and more companies and websites to sell FAR Questions Pdf guide torrent for learners to help them prepare for exam. If you have known before, it is not hard to find that the study materials of our company are very popular with candidates, no matter students or businessman. At the same time, as long as the user ensures that the network is stable when using our FAR Questions Pdf training materials, all the operations of the learning material of can be applied perfectly.
AICPA Certification FAR So our customers can pass the exam with ease.
Our APP online version of FAR - CPA Financial Accounting and Reporting Questions Pdf exam questions has the advantage of supporting all electronic equipment. Therefore, we have provided three versions of Relevant FAR Answers practice guide: the PDF, the Software and the APP online. You can choose according to your actual situation.
We believe that our FAR Questions Pdf learning engine will meet your all needs. Please give us a chance to service you; you will be satisfied with our training prep. Our FAR Questions Pdf preparation exam will be very useful for you if you are going to take the exam.
AICPA FAR Questions Pdf - Finding a good paying job is available for you.
Our PDF version of FAR Questions Pdf training materials is legible to read and remember, and support printing request. Software version of FAR Questions Pdf practice materials supports simulation test system, and give times of setup has no restriction. Remember this version support Windows system users only. App online version of FAR Questions Pdf exam questions is suitable to all kinds of equipment or digital devices and supportive to offline exercise on the condition that you practice it without mobile data.
They will thank you so much. Our company never sets many restrictions to the FAR Questions Pdf exam question.
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.
Get the test Cisco 200-901 certification is not achieved overnight, we need to invest a lot of time and energy to review, and the review process is less a week or two, more than a month or two, or even half a year, so Cisco 200-901 exam questions are one of the biggest advantage is that it is the most effective tools for saving time for users. As long as you encounter obstacles in the learning process on our Huawei H19-412_V1.0 training guide, send us an email and we will solve it for you at the first time. Our Cisco 700-826 practice materials are updating according to the precise of the real exam. With the help of our SAP C-IEE2E-2404 exam questions, your review process will no longer be full of pressure and anxiety. If you have problems in the process of using our Cisco 350-401 study questions, as long as you contact us anytime and anywhere, we will provide you with remote assistance until that all the problems on our Cisco 350-401 exam braindumps are solved.
Updated: May 26, 2022