And our pass rate of the FAR Test Cram training engine is high as 98% to 100%, it is the data that proved and tested by our loyal customers. As long as you study with our FAR Test Cram learning guide, you will pass the exam easily. Our FAR Test Cram exam questions almost guarantee that you pass the exam. If you are not working hard, you will lose a lot of opportunities! There is no time, quickly purchase FAR Test Cram study materials, pass the exam! The passing rate is the best test for quality of our FAR Test Cram study materials.
AICPA Certification FAR Now IT industry is more and more competitive.
The finicky points can be solved effectively by using our FAR - CPA Financial Accounting and Reporting Test Cram exam questions. If you have decided to upgrade yourself by passing AICPA certification Instant FAR Access exam, then choosing Omgzlook is not wrong. Our Omgzlook promise you that you can pass your first time to participate in the AICPA certification Instant FAR Access exam and get AICPA Instant FAR Access certification to enhance and change yourself.
So accordingly, we offer three versions of free demos for you to download. Our FAR Test Cram practice questions are on the cutting edge of this line with all the newest contents for your reference. Free demos are understandable and part of the FAR Test Cram exam materials as well as the newest information for your practice.
We can help you pass the AICPA AICPA FAR Test Cram exam smoothly.
Our FAR Test Cram practice questions enjoy great popularity in this line. We provide our FAR Test Cram exam braindumps on the superior quality and being confident that they will help you expand your horizon of knowledge of the exam. They are time-tested FAR Test Cram learning materials, so they are classic. As well as our after-sales services. And we can always give you the most professional services on our FAR Test Cram training guide.
Not every training materials on the Internet have such high quality. Only Omgzlook could be so perfect.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
PMI PMP-KR - Also, annual official test is also included. Getting CompTIA 220-1102 certificate, you will get great benefits. During the trial process, you can learn about the three modes of EMC D-VXR-DY-23 study quiz and whether the presentation and explanation of the topic in EMC D-VXR-DY-23 preparation questions is consistent with what you want. Huawei H13-323_V1.0 - As long as you want to update the dumps you have, you can get the latest updates within a year. Microsoft DP-203 - Therefore, our CPA Financial Accounting and Reporting guide torrent is attributive to high-efficient learning.
Updated: May 26, 2022