We can hardly leave the Internet now, we usually use computer or iPad to work and learn. Inevitably, we will feel too tired if we worked online too long. You can see our FAR Test Blueprint exam materials have three version, including PDf version, APP version and soft version, the PDf version support printing. Because you just need to spend twenty to thirty hours on the practice exam, our FAR Test Blueprint study materials will help you learn about all knowledge, you will successfully pass the FAR Test Blueprint exam and get your certificate. So if you think time is very important for you, please try to use our FAR Test Blueprint study materials, it will help you save your time. That is to download and use our FAR Test Blueprint study materials.
Come and buy our FAR Test Blueprint exam questions!
The FAR - CPA Financial Accounting and Reporting Test Blueprint certification exam training tools contains the latest studied materials of the exam supplied by IT experts. And after using our FAR Valid Exam Cram Review learning prep, they all have marked change in personal capacity to deal with the FAR Valid Exam Cram Review exam intellectually. The world is full of chicanery, but we are honest and professional in this area over ten years.
The industrious Omgzlook's IT experts through their own expertise and experience continuously produce the latest AICPA FAR Test Blueprint training materials to facilitate IT professionals to pass the AICPA certification FAR Test Blueprint exam. The certification of AICPA FAR Test Blueprint more and more valuable in the IT area and a lot people use the products of Omgzlook to pass AICPA certification FAR Test Blueprint exam. Through so many feedbacks of these products, our Omgzlook products prove to be trusted.
AICPA FAR Test Blueprint - We get first-hand information; 2.
Perhaps you have wasted a lot of time to playing computer games. It doesn’t matter. It is never too late to change. There is no point in regretting for the past. Our FAR Test Blueprint exam questions can help you compensate for the mistakes you have made in the past. You will change a lot after learning our FAR Test Blueprint study materials. And most of all, you will get reward by our FAR Test Blueprint training engine in the least time with little effort.
As we sell electronic files, there is no need to ship. After payment you can receive FAR Test Blueprint exam review questions you purchase soon so that you can study before.
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 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: 2
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: 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.
It is known to us that more and more companies start to pay high attention to the Google Professional-Cloud-Developer certification of the candidates. We offer you the most accurate EMC D-VXR-DY-01 exam answers that will be your key to pass the certification exam in your first try. We have taken our customers’ suggestions of the SAP C_ARCIG_2404 exam prep seriously, and according to these useful suggestions, we have tried our best to perfect the SAP C_ARCIG_2404 reference guide from our company just in order to meet the need of these customers well. Expert for one-year free updating of Huawei H19-412_V1.0 dumps pdf, we promise you full refund if you failed exam with our dumps. Usually, the questions of the real exam are almost the same with our EMC D-PSC-MN-01 exam questions.
Updated: May 26, 2022