As for ourselves, we are a leading and old-established CPA Financial Accounting and Reporting firm in a very excellent position to supply the most qualified practice materials with competitive prices and efficient obtainment. They can be obtained within five minutes. Our FAR Test Guide practice materials integrating scientific research of materials, production of high quality FAR Test Guide training engine and considerate after-sales services have help us won a prominent position in the field of materials. Good FAR Test Guide study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate FAR Test Guide study guide files which guarantee candidates 100% pass exam in the first attempt. So the PDF version of our FAR Test Guide exam questions is convenient.
Welcome your purchase for our FAR Test Guide exam torrent.
At the same time, as long as the user ensures that the network is stable when using our FAR - CPA Financial Accounting and Reporting Test Guide training materials, all the operations of the learning material of can be applied perfectly. With our great efforts, our Top FAR Exam Dumpspractice dumps have been narrowed down and targeted to the Top FAR Exam Dumps examination. We can ensure you a pass rate as high as 99%!
Quickly purchase FAR Test Guide study guide and go to the top of your life! What you can get from the FAR Test Guide certification? Of course, you can get a lot of opportunities to enter to the bigger companies. After you get more opportunities, you can make full use of your talents.
AICPA FAR Test Guide - So our customers can pass the exam with ease.
Our APP online version of FAR Test Guide exam questions has the advantage of supporting all electronic equipment. You just need to download the online version of our FAR Test Guide preparation dumps, and you can use our FAR Test Guide study quiz by any electronic equipment. We can promise that the online version will not let you down. We believe that you will benefit a lot from it if you buy our FAR Test Guide training materials.
If you like to use computer to learn, you can use the Software and the APP online versions of the FAR Test Guide exam questions. If you like to write your own experience while studying, you can choose the PDF version of the FAR Test Guide study materials.
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.
SAP C_S4FTR_2023 - Please give us a chance to service you; you will be satisfied with our training prep. SAP C-S4FTR-2023 - In addition, when you are in the real exam environment, you can learn to control your speed and quality in answering questions and form a good habit of doing exercise, so that you’re going to be fine in the CPA Financial Accounting and Reporting exam. If you are a college student, you can learn and use online resources through the student learning platform over the Microsoft AZ-500 study materials. Our SAP C-S4FTR-2023 quiz torrent can help you get out of trouble regain confidence and embrace a better life. More importantly, we will promptly update our PECB ISO-IEC-27001-Lead-Implementer quiz torrent based on the progress of the letter and send it to you.
Updated: May 26, 2022