In fact, our FAR Test Experience exam questions have helped tens of thousands of our customers successfully achieve their certification. The moment you choose to go with our FAR Test Experience study materials, your dream will be more clearly presented to you. Next, through my introduction, I hope you can have a deeper understanding of our FAR Test Experience learning quiz. The curtain of life stage may be opened at any time, the key is that you are willing to show, or choose to avoid. Most of People who can seize the opportunityin front of them are successful. At home, you can use the computer and outside you can also use the phone.
AICPA Certification FAR You can really try it we will never let you down!
As we all know the passing rate for IT exams is low, the wise choice for candidates will select valid FAR - CPA Financial Accounting and Reporting Test Experience test braindump materials to make you pass exam surely and fast. Then you can start learning our FAR Latest Study Guide exam questions in preparation for the exam. After years of hard work, our FAR Latest Study Guide guide training can take the leading position in the market.
The intelligence of the FAR Test Experience test engine has inspired the enthusiastic for the study. In order to save your time and energy, you can install FAR Test Experience test engine on your phone or i-pad, so that you can study in your spare time. You will get a good score with high efficiency with the help of FAR Test Experience practice training tools.
AICPA FAR Test Experience - Only firm people will reach the other side.
Victory won't come to me unless I go to it. It is time to start to clear exam and obtain an IT certification to improve your competitor from our AICPA FAR Test Experience training PDF if you don't want to be discarded by epoch. Many IT workers have a nice improve after they get a useful certification. If you are willing, our FAR Test Experience training PDF can give you a good beginning. No need to doubt and worry, thousands of candidates choose our exam training materials, you shouldn't miss this high pass-rate FAR Test Experience training PDF materials.
Our effort in building the content of our FAR Test Experience learning questions lead to the development of learning guide and strengthen their perfection. Our FAR Test Experience practice braindumps beckon exam candidates around the world with our attractive characters.
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
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: 4
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:
QUESTION NO: 5
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
We assist you to prepare the key knowledge points of SAP C_TS422_2023 actual test and obtain the up-to-dated exam answers. The high quality product like our EMC D-XTR-MN-A-24 study quiz has no need to advertise everywhere, and exerts influential effects which are obvious and everlasting during your preparation. We will offer you the privilege of 365 days free update for Dell D-SRM-A-01 latest exam dumps. You will find the exam is a piece of cake with the help of our SAP C-THR87-2405 study materials. Fortinet FCP_FWB_AD-7.4 questions & answers cover all the key points of the real test.
Updated: May 26, 2022