Our FAR Test Testking learning materials are new but increasingly popular choices these days which incorporate the newest information and the most professional knowledge of the practice exam. All points of questions required are compiled into our FAR Test Testking preparation quiz by experts. By the way, the FAR Test Testkingcertificate is of great importance for your future and education. The FAR Test Testking dumps pdf are the best guide for them passing test. Our FAR Test Testking exam dumps are required because people want to get succeed in IT field by clearing the certification exam. If you have any questions about CPA Financial Accounting and Reporting test torrent or there are any problems existing in the process of the refund you can contact us by mails or contact our online customer service personnel and we will reply and solve your doubts or questions promptly.
AICPA Certification FAR It is so cool even to think about it.
And you are lucky to find us for we are the most popular vendor in this career and have a strong strength on providing the best FAR - CPA Financial Accounting and Reporting Test Testking study materials. The best part of FAR Latest Exam Materials exam dumps are their relevance, comprehensiveness and precision. You need not to try any other source forFAR Latest Exam Materials exam preparation.
However, it is difficult for many people to get a FAR Test Testking certification, but we are here to offer you help. We have helped tens of thousands of our customers achieve their certification with our excellent FAR Test Testking exam braindumps. You can see the recruitment on the Internet, and the requirements for FAR Test Testking certification are getting higher and higher.
You final purpose is to get the AICPA FAR Test Testking certificate.
For a long time, high quality is our FAR Test Testking exam questions constantly attract students to participate in the use of important factors, only the guarantee of high quality, to provide students with a better teaching method, and at the same time the FAR Test Testking practice quiz brings more outstanding teaching effect. Our high-quality FAR Test Testking} learning guide help the students know how to choose suitable for their own learning method, our FAR Test Testking study materials are a very good option.
As is known to us, there are best sale and after-sale service of the FAR Test Testking certification training dumps all over the world in our company. Our company has employed a lot of excellent experts and professors in the field in the past years, in order to design the best and most suitable FAR Test Testking latest questions for all customers.
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
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: 3
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: 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
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: 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.
You can effortlessly yield the printouts of Salesforce Revenue-Cloud-Consultant-Accredited-Professional exam study material as well, PDF files make it extremely simple for you to switch to any topics with a click. Microsoft PL-400-KR - As is known to us, where there is a will, there is a way. Moreover, doing these practice tests will impart you knowledge of the actual CompTIA N10-009 exam format and develop your command over it. SAP C-TS422-2023 - It is never too late to learn new things. Salesforce Marketing-Cloud-Developer - Our CPA Financial Accounting and Reporting exam prep has taken up a large part of market.
Updated: May 26, 2022