With great outcomes of the passing rate upon to 98-100 percent, our FAR Test Prep preparation braindumps are totally the perfect one. And you can find the comments and feedbacks on our website to see that how popular and excellent our FAR Test Prep study materials are. It is our promissory announcement on our FAR Test Prep exam questions that you will get striking by these viable ways. I believe you will be very satisfied with our products. With our products you can easily pass the exam. There are free demos of our FAR Test Prep exam questions for your reference with brief catalogue and outlines in them.
AICPA Certification FAR Please pay more attention to our website.
AICPA Certification FAR Test Prep - CPA Financial Accounting and Reporting As a responsible company over ten years, we are trustworthy. After you use, you will know that it is really good. The site of Omgzlook is well-known on a global scale.
If you feel exam is a headache, don't worry. FAR Test Prep test answers can help you change this. FAR Test Prep study material is in the form of questions and answers like the real exam that help you to master knowledge in the process of practicing and help you to get rid of those drowsy descriptions in the textbook.
AICPA FAR Test Prep - So that you can achieve a multiplier effect.
Our FAR Test Prep guide question dumps are suitable for all age groups. Even if you have no basic knowledge about the relevant knowledge, you still can pass the FAR Test Prep exam. We sincerely encourage you to challenge yourself as long as you have the determination to study new knowledge. Our FAR Test Prep exam material is full of useful knowledge, which can strengthen your capacity for work. As we all know, it is important to work efficiently. So once you have done you work excellently, you will soon get promotion. You need to be responsible for your career development. The assistance of our FAR Test Prep guide question dumps are beyond your imagination. You will regret if you throw away the good products.
If you are concerned about the test, however, you can choose Omgzlook's AICPA FAR Test Prep exam training materials. No matter how low your qualifications, you can easily understand the content of the training materials.
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
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: 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
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: 4
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: 5
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:
Please be assured that with the help of ISM INTE learning materials, you will be able to successfully pass the exam. And then, to take AICPA SAP C-THR83-2405 exam can help you to express your desire. Our Salesforce Salesforce-MuleSoft-Developer-I study materials are famous for its high-efficiency and high-quality. If you successfully get AICPA Microsoft DP-900-KR certificate, you can finish your work better. If you have problems with your installation or use on our Huawei H31-311_V2.5 training guide, our 24 - hour online customer service will resolve your trouble in a timely manner.
Updated: May 26, 2022