According to the survey from our company, the experts and professors from our company have designed and compiled the best FAR Topics Pdf cram guide in the global market. A lot of people have given up when they are preparing for the FAR Topics Pdf exam. However, we need to realize that the genius only means hard-working all one’s life. At the same time, we believe that our FAR Topics Pdf training quiz will be very useful for you to have high quality learning time during your learning process. If you purchase our FAR Topics Pdf preparation questions, it will be very easy for you to easily and efficiently find the exam focus. So it equals that you have made a worthwhile investment.
AICPA Certification FAR Our website is a very safe and regular platform.
And our FAR - CPA Financial Accounting and Reporting Topics Pdf learning guide will be your best choice. But our Reliable Study Questions FAR Free Download test material has been recognized by multitude of customers, which possess of the top-class quality, can help you pass exam successfully. On the other hand, our Reliable Study Questions FAR Free Download latest dumps are designed by the most experienced experts, thus it can not only teach you knowledge, but also show you the method of learning in the most brief and efficient ways.
Adn the APP online version can be applied to all electronic devices. We have three different versions of our FAR Topics Pdf exam questions which can cater to different needs of our customers. They are the versions: PDF, Software and APP online.
Our AICPA FAR Topics Pdf exam torrent carries no viruses.
If you are not sure whether our FAR Topics Pdf exam braindumps are suitable for you, you can request to use our trial version. Of course, FAR Topics Pdf learning materials produced several versions of the product to meet the requirements of different users. You can also ask to try more than one version and choose the one that suits you best. And we have three different versions Of our FAR Topics Pdf study guide: the PDF, the Software and the APP online.
As long as you study our FAR Topics Pdf training engine and followe it step by step, we believe you will achieve your dream easily. Every question from our FAR Topics Pdf study materials is carefully elaborated and the content of our FAR Topics Pdf exam questions involves the professional qualification certificate examination.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 3
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: 4
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:
QUESTION NO: 5
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.
SHRM SHRM-SCP training materials are not only the domestic market, but also the international high-end market. So if you get any questions of our SAP C-TS462-2023 learning guide, please get us informed. And you can free download the demos of the ISQI CTFL-PT_D study guide to check it out. Passing the Hitachi HQT-4230 exam has never been so efficient or easy when getting help from our Hitachi HQT-4230 training materials. You will receive the renewal of Microsoft MS-900 study files through the email.
Updated: May 26, 2022