Life is a long journey. It is never too late to learn new things. Our FAR Exam Cram Pdf study materials will never disappoint you. Our behavior has been strictly ethical and responsible to you, which is trust worthy. We know making progress and getting the certificate of FAR Exam Cram Pdf study materials will be a matter of course with the most professional experts in command of the newest and the most accurate knowledge in it. FAR Exam Cram Pdf exam questions have a very high hit rate, of course, will have a very high pass rate.
AICPA Certification FAR Their efficiency has far beyond your expectation!
If you try on our FAR - CPA Financial Accounting and Reporting Exam Cram Pdf exam braindumps, you will be very satisfied with its content and design. It is fast and convenient out of your imagination. Unlike other kinds of exam files which take several days to wait for delivery from the date of making a purchase, our Real FAR Exam Answers study materials can offer you immediate delivery after you have paid for them.
Because our products are compiled by experts from various industries and they are based on the true problems of the past years and the development trend of the industry. What's more, according to the development of the time, we will send the updated materials of FAR Exam Cram Pdf test prep to the customers soon if we update the products. Under the guidance of our study materials, you can gain unexpected knowledge.
AICPA FAR Exam Cram Pdf - No company in the field can surpass us.
Our FAR Exam Cram Pdf exam questions just focus on what is important and help you achieve your goal. With high-quality FAR Exam Cram Pdf guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you. Every page is carefully arranged by our experts with clear layout and helpful knowledge to remember. In your every stage of review, our FAR Exam Cram Pdf practice prep will make you satisfied.
Because, after all, FAR Exam Cram Pdf is a very important certified exam of AICPA. But FAR Exam Cram Pdf exam is not so simple.
FAR PDF DEMO:
QUESTION NO: 1
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: 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 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: 3
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.
QUESTION NO: 4
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: 5
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
Our Microsoft AZ-305-KR learning materials are just staring points for exam candidates, and you may meet several challenging tasks or exams in the future about computer knowledge, we can still offer help. In order to pass AICPA certification ISACA CISA exam disposably, you must have a good preparation and a complete knowledge structure. SAP C-THR86-2405 - Many people, especially the in-service staff, are busy in their jobs, learning, family lives and other important things and have little time and energy to learn and prepare the exam. CompTIA PT0-003 - It can help a lot of people achieve their dream. SAP C-HRHPC-2405 - For a better understanding of their features, please follow our website and try on them.
Updated: May 26, 2022