There may be a lot of people feel that the preparation process for FAR Exam Certification Cost exams is hard and boring, and hard work does not necessarily mean good results, which is an important reason why many people are afraid of examinations. Today, our FAR Exam Certification Cost exam materials will radically change this. High question hit rate makes you no longer aimless when preparing for the exam, so you just should review according to the content of our FAR Exam Certification Cost study guide prepared for you. So there is nothing to worry about, just buy our FAR Exam Certification Cost exam questions. It is our consistent aim to serve our customers wholeheartedly. If you still worried about whether or not you pass exam; if you still doubt whether it is worthy of purchasing our software, what can you do to clarify your doubts that is to download free demo of FAR Exam Certification Cost.
AICPA Certification FAR You must seize the good chances when it comes.
Annual test syllabus is essential to predicate the real FAR - CPA Financial Accounting and Reporting Exam Certification Cost questions. Every day thousands of people browser our websites to select our FAR Reliable Exam Review exam materials. As you can see, many people are inclined to enrich their knowledge reserve.
When you try our part of AICPA certification FAR Exam Certification Cost exam practice questions and answers, you can make a choice to our Omgzlook. We will be 100% providing you convenience and guarantee. Remember that making you 100% pass AICPA certification FAR Exam Certification Cost exam is Omgzlook.
AICPA FAR Exam Certification Cost - I wish you good luck.
Omgzlook website is fully equipped with resources and the questions of AICPA FAR Exam Certification Cost exam, it also includes the AICPA FAR Exam Certification Cost exam practice test. Which can help candidates prepare for the exam and pass the exam. You can download the part of the trial exam questions and answers as a try. Omgzlook provide true and comprehensive exam questions and answers. With our exclusive online AICPA FAR Exam Certification Cost exam training materials, you'll easily through AICPA FAR Exam Certification Cost exam. Our site ensure 100% pass rate.
If you use Omgzlook'straining program, you can 100% pass the exam. If you fail the exam, we will give a full refund to you.
FAR PDF DEMO:
QUESTION NO: 1
Conceptually, interim financial statements can be described as emphasizing:
A. Timeliness over reliability.
B. Reliability over relevance.
C. Relevance over comparability.
D. Comparability over neutrality.
Answer: A
Explanation:
Choice "a" is correct. Interim financial statements emphasize timeliness (an element of relevance) by providing financial information based on actual performance to date and estimates prior to year end.
Information must be available when it is needed to be useful. Reliability is impeded by the extensive use
of estimates; however, the lag until verifiability is obtained detracts from usefulness. SFAC 2 para. 56
Choice "b" is incorrect. Relevance (particularly timeliness) of information in interim financial statements is
emphasized more than reliability. Reliability is impeded by the extensive use of estimates in interim data.
Choice "c" is incorrect. Since comparability is a secondary quality of information, there should be no need
to trade off comparability for relevance (a primary quality). Choice "d" is incorrect. Neutrality is an element
of reliability (a primary quality of information. There should be NO need for a trade-off for comparability
over neutrality.
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
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: 4
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: 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 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."
There are many dumps and training materials providers that would guarantee you pass the AICPA IBM C1000-184 exam. EMC D-VXR-OE-23 - It is a necessary part of the IT field of information technology. Before you decide to buy, you can try a free trial version, so that you will know the quality of the Omgzlook's AICPA Microsoft MS-102 exam training materials. HP HP2-I60 - The training materials can help you pass the certification. SAP C_THR83_2405 - Select it will be your best choice.
Updated: May 26, 2022