Omgzlook will achieve your dream. In order to meet the demand of most of the IT employees, Omgzlook's IT experts team use their experience and knowledge to study the past few years AICPA certification FAR Test Pass4Sure exam questions. Finally, Omgzlook's latest AICPA FAR Test Pass4Sure simulation test, exercise questions and answers have come out. Our dumps collection will save you much time and ensure you get high mark in FAR Test Pass4Sure actual test with less effort. Come and check the free demo in our website you won’t regret it. Our questions and answers will not only allow you effortlessly through the exam first time, but also can save your valuable time.
AICPA Certification FAR And IT certification has become a necessity.
Our FAR - CPA Financial Accounting and Reporting Test Pass4Sure latest study guide can help you. Omgzlook is an excellent source of information on IT Certifications. In the Omgzlook, you can find study skills and learning materials for your exam.
Most returned customers said that our FAR Test Pass4Sure dumps pdf covers the big part of main content of the certification exam. Questions and answers from our FAR Test Pass4Sure free download files are tested by our certified professionals and the accuracy of our questions are 100% guaranteed. Please check the free demo of FAR Test Pass4Sure braindumps before purchased and we will send you the download link of FAR Test Pass4Sure real dumps after payment.
AICPA FAR Test Pass4Sure - So the proficiency of our team is unquestionable.
FAR Test Pass4Sure is the authentic study guides with the latest exam material which can help you solve all the difficulties in the actual test. Our FAR Test Pass4Sure free demo is available for all of you. You will receive an email attached with the FAR Test Pass4Sure training dumps within 5-10 minutes after completing purchase. Immediately download for the FAR Test Pass4Sure study pdf is available for study with no time wasted. We have money refund policy to ensure your interest in case the failure of FAR Test Pass4Sure actual test.
It will be easy for you to find your prepared learning material. If you are suspicious of our FAR Test Pass4Sure exam questions, you can download the free demo from our official websites.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
To all customers who bought our Palo Alto Networks PCNSE pdf torrent, all can enjoy one-year free update. Amazon DOP-C02-KR - Do not lose the wonderful chance to advance with times. SAP C_TS462_2023 - It can be used on Phone, Ipad and so on. GARP 2016-FRR - So you don’t need to wait for a long time and worry about the delivery time or any delay. With the help of our Juniper JN0-105 dumps collection, all level of candidates can grasp the key content of the real exam and solve the difficulty of Juniper JN0-105 real questions easily.
Updated: May 26, 2022