AICPA FAR Test Papers certification exam is among those popular IT certifications. It is also the dream of ambitious IT professionals. This part of the candidates need to be fully prepared to allow them to get the highest score in the FAR Test Papers exam, make their own configuration files compatible with market demand. If you won't believe us, you can visit our Omgzlook to experience it. And then, I am sure you must choose Omgzlook exam dumps. Omgzlook's AICPA FAR Test Papers exam training material includes all the knowledge that must be mastered for the purpose of passing the AICPA FAR Test Papers exam.
AICPA Certification FAR We absolutely protect the interests of consumers.
AICPA Certification FAR Test Papers - CPA Financial Accounting and Reporting Whether to pass the exam successfully, it consists not in how many materials you have seen, but in if you find the right method. We can guarantee that you can pass the AICPA Valid FAR Exam Guide exam the first time. If you buy the goods of Omgzlook, then you always be able to get newer and more accurate test information.
What we provide for you is the latest and comprehensive FAR Test Papers exam dumps, the safest purchase guarantee and the immediate update of FAR Test Papers exam software. Free demo download can make you be rest assured to buy; one-year free update of FAR Test Papers exam software after payment can assure you during your preparation for the exam. What's more, what make you be rest assured most is that we develop the exam software which will help more candidates get FAR Test Papers exam certification.
AICPA FAR Test Papers - There is no reason to waste your time on a test.
Omgzlook is a reliable study center providing you the valid and correct FAR Test Papers questions & answers for boosting up your success in the actual test. FAR Test Papers PDF file is the common version which many candidates often choose. If you are tired with the screen for study, you can print the FAR Test Papers pdf dumps into papers. With the pdf papers, you can write and make notes as you like, which is very convenient for memory. We can ensure you pass with AICPA study torrent at first time.
Moreover, the colleagues and the friends with IT certificate have been growing. In this case, if you have none, you will not be able to catch up with the others.
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
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: 3
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: 4
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: 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.
EMC D-PE-OE-23 - Besides, we will offer you the benefits of 365 days free update. If you have any questions about purchasing ISC CISSP-KR exam software, you can contact with our online support who will give you 24h online service. Passing real exam is not easy task so many people need to take professional suggestions to prepare Microsoft AZ-140 practice exam. Maybe you have heard that the important Amazon SOA-C02-KR exam will take more time or training fee, because you haven't use our Amazon SOA-C02-KR exam software provided by our Omgzlook. Are you still silly to spend much time to prepare for your test but still fail again and again? Do you find that some candidates pass exam easily with AICPA Microsoft MB-820 exam dumps questions? If your goal is passing exams and obtain certifications our Microsoft MB-820 exam dumps can help you achieve your goal easily, why not choose us? Only dozen of money and 20-35 hours' valid preparation before the test with Microsoft MB-820 exam dumps questions will make you clear exam surely.
Updated: May 26, 2022