As for its shining points, the PDF version can be readily downloaded and printed out so as to be read by you. It’s really a convenient way for those who are fond of paper learning. With this kind of version, you can flip through the pages at liberty and quickly finish the check-up FAR Test Camp test prep. Without tawdry points of knowledge to remember, our experts systematize all knowledge for your reference. You can download our free demos and get to know synoptic outline before buying. Our FAR Test Camp study torrent specially proposed different versions to allow you to learn not only on paper, but also to use mobile phones to learn.
AICPA Certification FAR And you can choose the favorite one.
If you are clueless about the oncoming exam, our FAR - CPA Financial Accounting and Reporting Test Camp guide materials are trustworthy materials for your information. Many exam candidates are uninformed about the fact that our Reliable FAR Test Bootcamp Materials preparation materials can help them with higher chance of getting success than others. It is all about efficiency and accuracy.
Today, getting FAR Test Camp certification has become a trend, and FAR Test Camp exam dump is the best weapon to help you pass certification. We all know that obtaining the FAR Test Camp certification is very difficult, and students who want to pass the exam often have to spend a lot of time and energy. After years of hard work, the experts finally developed a set of perfect learning materials FAR Test Camp practice materials that would allow the students to pass the exam easily.
AICPA FAR Test Camp - Just make your own decisions.
According to personal propensity and various understanding level of exam candidates, we have three versions of FAR Test Camp study guide for your reference. They are the versions of the PDF, Software and APP online. If you visit our website on our FAR Test Camp exam braindumps, then you may find that there are the respective features and detailed disparities of our FAR Test Camp simulating questions. And you can free donwload the demos to have a look.
In addition to the lack of effort, you may also not make the right choice on our FAR Test Camp exam questions. A good choice can make one work twice the result with half the effort, and our FAR Test Camp study materials will be your right choice.
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.
So our Juniper JN0-649 real questions may help you generate financial reward in the future and provide more chances to make changes with capital for you and are indicative of a higher quality of life. ISM LEAD - Nowadays, the certification has been one of the criteria for many companies to recruit employees. We want to finish long term objectives through customer satisfaction and we have achieved it already by our excellent CWNP CWT-101 exam questions. Obtaining the SAP C_TS462_2023 certification is not an easy task. As a key to the success of your life, the benefits that SAP C_TS4FI_2023 exam guide can bring you are not measured by money.
Updated: May 26, 2022