With the pass rate high as 98% to 100%, you can totally rely on our FAR Test Cost exam questions. As we all know it is not easy to obtain the FAR Test Cost certification, and especially for those who cannot make full use of their sporadic time. But you are lucky, we can provide you with well-rounded services on FAR Test Cost practice braindumps to help you improve ability. Since our company’s establishment, we have devoted mass manpower, materials and financial resources into FAR Test Cost exam materials and until now, we have a bold idea that we will definitely introduce our FAR Test Cost study materials to the whole world and make all people that seek fortune and better opportunities have access to realize their life value. Our FAR Test Cost practice questions, therefore, is bound to help you pass though the FAR Test Cost exam and win a better future. So it is worthy for you to buy our FAR Test Cost practice prep.
AICPA Certification FAR It costs both time and money.
So FAR - CPA Financial Accounting and Reporting Test Cost practice materials come within the scope of our business activities. You can totally rely on us! We never concoct any praise but show our capacity by the efficiency and profession of our FAR Valid Study Questions Ebook practice materials.
FAR Test Cost study engine is very attentive to provide a demo for all customers who concerned about our products, whose purpose is to allow customers to understand our product content before purchase. Many students suspect that if FAR Test Cost learning material is really so magical? Does it really take only 20-30 hours to pass such a difficult certification exam successfully? It is no exaggeration to say that you will be able to successfully pass the exam with our FAR Test Cost exam questions.
You can ask anyone who has used AICPA FAR Test Cost actual exam.
Our FAR Test Cost exam quiz is unlike other exam materials that are available on the market, our FAR Test Cost study dumps specially proposed different versions to allow you to learn not only on paper, but also to use mobile phones to learn. This greatly improves the students' availability of fragmented time. So you can achieve your FAR Test Cost certification easily without disrupting your daily routine. And we will give you 100% success guaranteed on the FAR Test Cost training guide.
With our FAR Test Cost test prep, you don't have to worry about the complexity and tediousness of the operation. As long as you enter the learning interface of our soft test engine of FAR Test Cost quiz guide and start practicing on our Windows software, you will find that there are many small buttons that are designed to better assist you in your learning.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 3
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: 4
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: 5
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:
VMware 6V0-32.24 - Can you survive and be invincible in a highly competitive society? Can you gain a foothold in such a complex society? If your answer is "no", that is because your ability is not strong enough. Palo Alto Networks PSE-Strata - Everybody knows that in every area, timing counts importantly. Our Lpi 306-300 exam questions are your best choice. Our Palo Alto Networks PCNSC exam questions have been widely acclaimed among our customers, and the good reputation in industry prove that choosing our study materials would be the best way for you, and help you gain the Palo Alto Networks PCNSC certification successfully. According to the research statistics, we can confidently tell that 99% candidates after using our products have passed the SAP C-ARSUM-2404 exam.
Updated: May 26, 2022