More detailed information is under below. We are pleased that you can spare some time to have a look for your reference about our FAR Test Questions test prep. As long as you spare one or two hours a day to study with our latest FAR Test Questions quiz prep, we assure that you will have a good command of the relevant knowledge before taking the exam. And at the same time, you don't have to pay much time on the preparation for our FAR Test Questions learning guide is high-efficient. Nowadays passing the test FAR Test Questions certification is extremely significant for you and can bring a lot of benefits to you. You can finish practicing all the contents in our FAR Test Questions practice materials within 20 to 30 hours, and you will be confident enough to attend the exam for our FAR Test Questions exam dumps are exact compiled with the questions and answers of the real exam.
AICPA Certification FAR Why not have a try?
AICPA Certification FAR Test Questions - CPA Financial Accounting and Reporting As is known to us, getting the newest information is very important for all people to pass the exam and get the certification in the shortest time. With our Latest Exam FAR Simulator Online exam questions, you will easily get the favor of executives and successfully enter the gates of famous companies. You will have higher wages and a better development platform.
The online version is open to all electronic devices, which will allow your device to have common browser functionality so that you can open our products. At the same time, our online version of the FAR Test Questions study guide can also be implemented offline, which is a big advantage that many of the same educational products are not able to do on the market at present. Our FAR Test Questions study guide design three different versions for all customers.
AICPA FAR Test Questions - So, buy our products immediately!
We offer free demos of the FAR Test Questions exam braindumps for your reference before you pay for them, for there are three versions of the FAR Test Questions practice engine so that we also have three versions of the free demos. And we will send you the new updates if our experts make them freely. On condition that you fail the exam after using our FAR Test Questions study guide unfortunately, we will switch other versions for you or give back full of your refund. All we do and the promises made are in your perspective.
In addition, our FAR Test Questions study materials will be updated according to the newest test syllabus. So you can completely rely on our FAR Test Questions study materials to pass the exam.
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.
With years of experience dealing with ISM CORe learning engine, we have thorough grasp of knowledge which appears clearly in our ISM CORe study quiz with all the keypoints and the latest questions and answers. EMC D-PEXE-IN-A-00 - Now IT industry is more and more competitive. The finicky points can be solved effectively by using our GARP 2016-FRR exam questions. If you have decided to upgrade yourself by passing AICPA certification Cisco 300-710 exam, then choosing Omgzlook is not wrong. SAP C_TS414_2023 - So accordingly, we offer three versions of free demos for you to download.
Updated: May 26, 2022