How to get the test FAR Test Guide certification in a short time, which determines enough qualification certificates to test our learning ability and application level. This may be a contradiction of the problem, we hope to be able to spend less time and energy to take into account the test FAR Test Guide certification, but the qualification examination of the learning process is very wasted energy, so how to achieve the balance? Our FAR Test Guide exam prep can be done with its high-efficient merit. Try it now! But they forgot to answer the other questions, our FAR Test Guide training guide can help you solve this problem and get used to the pace. In order to help you control the FAR Test Guide examination time, we have considerately designed a special timer to help your adjust the pace of answering the questions of the FAR Test Guide study materials. If you want to get a comprehensive idea about our real FAR Test Guide study materials.
AICPA Certification FAR what a brighter future!
You have seen Omgzlook's AICPA FAR - CPA Financial Accounting and Reporting Test Guide exam training materials, it is time to make a choice. Or you will forget the so-called good, although all kinds of digital device convenient now we read online, but many of us are used by written way to deepen their memory patterns. Our FAR Test Topics Pdf prep guide can be very good to meet user demand in this respect, allow the user to read and write in a good environment continuously consolidate what they learned.
Omgzlook is a professional website that providing IT certification training materials. Select Omgzlook, it will ensure your success. No matter how high your pursuit of the goal, Omgzlook will make your dreams become a reality.
AICPA FAR Test Guide - Do not be afraid of making positive changes.
Our experts have great familiarity with FAR Test Guide real exam in this area. With passing rate up to 98 to 100 percent, we promise the profession of them and infallibility of our FAR Test Guide practice materials. So you won’t be pestered with the difficulties of the exam any more. What is more, our FAR Test Guide exam dumps can realize your potentiality greatly. Unlike some irresponsible companies who churn out some FAR Test Guide study guide, we are looking forward to cooperate fervently.
Omgzlook provide exam materials about FAR Test Guide certification exam for you to consolidate learning opportunities. Omgzlook will provide all the latest and accurate exam practice questions and answers for the staff to participate in FAR Test Guide certification exam.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 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.
In this way, you have a general understanding of our EMC D-DS-FN-23 actual prep exam, which must be beneficial for your choice of your suitable exam files. VMware 1V0-41.20 - Omgzlook's products are developed by a lot of experienced IT specialists using their wealth of knowledge and experience to do research for IT certification exams. Salesforce Sales-Cloud-Consultant - All those merits prefigure good needs you may encounter in the near future. Omgzlook is a good website for AICPA certification Huawei H13-511_V5.5 exams to provide short-term effective training. Just as exactly, to obtain the certification of ATLASSIAN ACP-120 exam braindumps, you will do your best to pass the according exam without giving up.
Updated: May 26, 2022