Today, in an era of fierce competition, how can we occupy a place in a market where talent is saturated? The answer is a certificate. What the certificate main? All kinds of the test FAR Test Preparation certification, prove you through all kinds of qualification certificate, it is not hard to find, more and more people are willing to invest time and effort on the FAR Test Preparation exam guide, because get the test FAR Test Preparation certification is not an easy thing, so, a lot of people are looking for an efficient learning method. And here, fortunately, you have found the FAR Test Preparation exam braindumps, a learning platform that can bring you unexpected experiences. If you choose Omgzlook, success is not far away for you. And soon you can get AICPA certification FAR Test Preparation exam certificate. The software version is one of the three versions of our FAR Test Preparation actual exam, which is designed by the experts from our company.
AICPA Certification FAR With it, you will pass the exam easily.
AICPA Certification FAR Test Preparation - CPA Financial Accounting and Reporting Our product is of high quality and the passing rate and the hit rate are both high. Even if you spend a small amount of time to prepare for Valid FAR Exam Review certification, you can also pass the exam successfully with the help of Omgzlook AICPA Valid FAR Exam Review braindump. Because Omgzlook exam dumps contain all questions you can encounter in the actual exam, all you need to do is to memorize these questions and answers which can help you 100% pass the exam.
FAR Test Preparation practice materials are typically seen as the tools of reviving, practicing and remembering necessary exam questions for the exam, spending much time on them you may improve the chance of winning. However, our FAR Test Preparation training materials can offer better condition than traditional practice materials and can be used effectively. We treat it as our major responsibility to offer help so our FAR Test Preparation practice guide can provide so much help, the most typical one is their efficiency.
AICPA FAR Test Preparation - If you fail, don't forget to learn your lesson.
All exam materials in FAR Test Preparation learning materials contain PDF, APP, and PC formats. They have the same questions and answers but with different using methods. If you like to take notes randomly according to your own habits while studying, we recommend that you use the PDF format of our FAR Test Preparation study guide. And besides, you can take it with you wherever you go for it is portable and takes no place. So the PDF version of our FAR Test Preparation exam questions is convenient.
Downloading the FAR Test Preparation free demo doesn't cost you anything and you will learn about the pattern of our practice exam and the accuracy of our FAR Test Preparation test answers. We constantly check the updating of FAR Test Preparation vce pdf to follow the current exam requirement and you will be allowed to free update your pdf files one-year.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 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.
We often ask, what is the purpose of learning? Why should we study? Why did you study for Qlik QREPexam so long? As many people think that, even if one day we forget the formula for the area of a triangle, we can still live very well, but if it were not for the knowledge of learning Qlik QREP exam and try to obtain certification, how can we have the opportunity to good to future life? So, the examination is necessary, only to get the test Qlik QREP certification, get a certificate, to prove better us, to pave the way for our future life. Our EMC D-VXR-DY-23 practice exam available in three modes, pdf files, and PC test engine and online test engine, which apply to any level of candidates. Improving your efficiency and saving your time has always been the goal of our ISACA IT-Risk-Fundamentals preparation exam. SAP P-SAPEA-2023 online test engine is selected by many candidates because of its intelligence and interactive features. Salesforce Salesforce-Loyalty-Management - The clients can choose the version which supports their equipment on their hands to learn.
Updated: May 26, 2022