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. Welcome your purchase for our FAR Study Materials exam torrent. As is an old saying goes: Client is god! At the same time, as long as the user ensures that the network is stable when using our FAR Study Materials 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 Study Materials exam questions has the advantage of supporting all electronic equipment. If you like to use computer to learn, you can use the Software and the APP online versions of the FAR Actual Test Pdf exam questions. If you like to write your own experience while studying, you can choose the PDF version of the FAR Actual Test Pdf study materials.
We believe that our FAR Study Materials 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 Study Materials preparation exam will be very useful for you if you are going to take the exam.
AICPA FAR Study Materials - Do not be bemused about the exam.
Omgzlook help you to find real AICPA FAR Study Materials exam preparation process in a real environment. If you are a beginner, and if you want to improve your professional skills, Omgzlook AICPA FAR Study Materials exam braindumps will help you to achieve your desire step by step. If you have any questions about the exam, Omgzlook the AICPA FAR Study Materials will help you to solve them. Within a year, we provide free updates. Please pay more attention to our website.
Considering many exam candidates are in a state of anguished mood to prepare for the FAR Study Materials exam, our company made three versions of FAR Study Materials real exam materials to offer help. All these variants due to our customer-oriented tenets.
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
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: 2
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: 3
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:
QUESTION NO: 4
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: 5
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
ISQI CTFL-Foundation - Because the training materials it provides to the IT industry have no-limited applicability. GAQM CSCM-001 - The world today is in an era dominated by knowledge. Microsoft PL-500 - This training matrial is not only have reasonable price, and will save you a lot of time. The assistance of our SAP C-THR92-2405 guide question dumps are beyond your imagination. Microsoft AZ-204 - Do not feel that you have no ability, and don't doubt yourself.
Updated: May 26, 2022