You can free download them to check if it is the exact one that you want. Actually we eliminate the barriers blocking you from our FAR Study Reference practice materials. All types of our FAR Study Reference exam questions are priced favorably on your wishes. You have tried all kinds of exam questions when others are still looking around for FAR Study Reference exam materials, which means you have stayed one step ahead of other IT exam candidates. FAR Study Reference exam software provided by our Omgzlook consists of full exam resources will offer you a simulation of the real exam atmosphere of FAR Study Reference. As the saying goes, opportunities for those who are prepared.
AICPA Certification FAR Some of them can score more than 90%.
AICPA Certification FAR Study Reference - CPA Financial Accounting and Reporting They can be obtained within five minutes. Good New Test Camp FAR File study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate New Test Camp FAR File study guide files which guarantee candidates 100% pass exam in the first attempt.
All exam materials in FAR Study Reference learning materials contain PDF, APP, and PC formats. They have the same questions and answers but with different using methods. If you like to take notes randomly according to your own habits while studying, we recommend that you use the PDF format of our FAR Study Reference study guide.
AICPA FAR Study Reference - God will help those who help themselves.
FAR Study Reference real dumps revised and updated according to the syllabus changes and all the latest developments in theory and practice, our CPA Financial Accounting and Reporting real dumps are highly relevant to what you actually need to get through the certifications tests. Moreover they impart you information in the format of FAR Study Reference questions and answers that is actually the format of your real certification test. Hence not only you get the required knowledge but also find the opportunity to practice real exam scenario.
The only difference is that you harvest a lot of useful knowledge. Do not reject learning new things.
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.
We are facilitating the customers for the AICPA VMware 3V0-42.23 preparation with the advanced preparatory tools. We believe our study materials will be very useful and helpful for all people who are going to prepare for the Huawei H19-338_V3.0 exam. Our Cisco 350-401 study materials offer you a free trial service, and you can download our trial questions bank for free. SAP C_THR97_2405 - Of course, if you choose our study materials, you will have the chance to experience our PDF version. Additionally, the Salesforce Marketing-Cloud-Email-Specialist exam takers can benefit themselves by using our testing engine and get numerous real Salesforce Marketing-Cloud-Email-Specialist exam like practice questions and answers.
Updated: May 26, 2022