Besides, the pass rate of our FAR Test Objectives exam questions are unparalled high as 98% to 100%, you will get success easily with our help. There are so many features to show that our FAR Test Objectives study guide surpasses others. You can have a free try for downloading our FAR Test Objectives exam demo before you buy our products. If you want to get the related certification in an efficient method, please choose the FAR Test Objectives learning dumps from our company. We can guarantee that the study materials from our company will help you pass the exam and get the certification in a relaxed and efficient method. This is hard to find and compare with in the market.
AICPA Certification FAR Our reputation is really good.
AICPA Certification FAR Test Objectives - CPA Financial Accounting and Reporting This greatly improves the students' availability of fragmented time. With our Latest FAR Exam Papers 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 Latest FAR Exam Papers 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.
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. Our FAR Test Objectives test braindumps can help you improve your abilities. Once you choose our learning materials, your dream that you have always been eager to get AICPA certification which can prove your abilities will realized.
Our AICPA FAR Test Objectives exam questions are your best choice.
According to the survey, the average pass rate of our candidates has reached 99%. High passing rate must be the key factor for choosing, which is also one of the advantages of our FAR Test Objectives real study dumps. Our FAR Test Objectives 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 FAR Test Objectives certification successfully. With about ten years’ research and development we still keep updating our FAR Test Objectives prep guide, in order to grasp knowledge points in accordance with the exam, thus your study process would targeted and efficient.
According to the research statistics, we can confidently tell that 99% candidates after using our products have passed the FAR Test Objectives exam. Our FAR Test Objectives learning questions engage our working staff in understanding customers’ diverse and evolving expectations and incorporate that understanding into our strategies, thus you can 100% trust our FAR Test Objectives exam engine.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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.
QUESTION NO: 5
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
The content of our Huawei H13-511_V5.5 practice engine is based on real exam by whittling down superfluous knowledge without delinquent mistakes rather than dropping out of reality. On the one hand, our Fortinet FCP_FAC_AD-6.5 learning questions engage our working staff in understanding customers’ diverse and evolving expectations and incorporate that understanding into our strategies, thus you can 100% trust our Fortinet FCP_FAC_AD-6.5 exam engine. And you will feel grateful if you choose our Salesforce Sales-Cloud-Consultant exam questions. We use the 99% pass rate to prove that our Axis Communications CTS practice materials have the power to help you go through the exam and achieve your dream. By browsing this website, all there versions of EMC D-PST-OE-23 training materials can be chosen according to your taste or preference.
Updated: May 26, 2022