Our FAR Study Plan study materials are willing to stand by your side and provide attentive service, and to meet the majority of customers, we sincerely recommend our FAR Study Plan practice guide to all customers, for our rich experience and excellent service are more than you can imagine. Here are several advantages of FAR Study Plan training guide for your reference: we have free demos for you to download before payment, and we offer one year free updates of our FAR Study Plan exam questions after payment and so on. You will be feeling be counteracted the effect of tension for our FAR Study Plan practice dumps can relieve you of the anxious feelings. Facing the incoming FAR Study Plan exam, you may feel stained and anxious, suspicious whether you could pass the exam smoothly and successfully. Now, let us show you why our FAR Study Plan exam questions are absolutely your good option.
It all starts from our FAR Study Plan learning questions.
Our FAR - CPA Financial Accounting and Reporting Study Plan study materials can satisfy their wishes and they only spare little time to prepare for exam. When you see other people in different industry who feel relaxed with high salary, do you want to try another field? And is the difficulty of learning a new piece of knowledge often deterring you? It doesn't matter, now Reliable FAR Test Practice practice exam offers you a great opportunity to enter a new industry. Our Reliable FAR Test Practice learning material was compiled from the wisdom and sweat of many industry experts.
Are you staying up for the FAR Study Plan exam day and night? Do you have no free time to contact with your friends and families because of preparing for the exam? Are you tired of preparing for different kinds of exams? If your answer is yes, please buy our FAR Study Plan exam questions, which is equipped with a high quality. We can make sure that our FAR Study Plan study materials have the ability to help you solve your problem, and you will not be troubled by these questions above.
AICPA FAR Study Plan - They are quite convenient.
With the rapid development of the world economy, it has been universally accepted that a growing number of people have longed to become the social elite. However, the competition of becoming the social elite is fierce for all people. The FAR Study Plan latest dumps will be a shortcut for a lot of people who desire to be the social elite. If you try your best to prepare for the FAR Study Plan exam and get the related certification in a short time, it will be easier for you to receive the attention from many leaders of the big company, and it also will be very easy for many people to get a decent job in the labor market by the FAR Study Plan learning guide.
We have the confidence and ability to make you finally have rich rewards. Our FAR Study Plan learning materials provide you with a platform of knowledge to help you achieve your wishes.
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 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: 2
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.
QUESTION NO: 3
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
QUESTION NO: 4
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: 5
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
HP HPE2-N71 - It means you can try our demo and you do not need to spend any money. In this case, we need a professional SASInstitute A00-282 certification, which will help us stand out of the crowd and knock out the door of great company. Juniper JN0-1103 - There are a lot of experts and professors in the field in our company. Microsoft DP-203 - You can see the high pass rate as 98% to 100%, which is unmarched in the market. EMC D-RP-DY-A-24 - More importantly, the demo from our company is free for all people.
Updated: May 26, 2022