We provide the FAR Exam Questions Vce test engine with self-assessment features for enhanced progress. Omgzlook is driven by the ambition of making you succeed. Our AICPA FAR Exam Questions Vce study material offers you high-quality training material and helps you have a good knowledge of the FAR Exam Questions Vce actual test. To improve our products’ quality we employ first-tier experts and professional staff and to ensure that all the clients can pass the test we devote a lot of efforts to compile the FAR Exam Questions Vce learning guide. Even if you unfortunately fail in the test we won’t let you suffer the loss of the money and energy and we will return your money back at the first moment. If you fail exam with our exam questions, you just need to send your FAR Exam Questions Vce failure score scanned to our email address, we will full refund to you soon without any other doubt.
AICPA Certification FAR There is no point in regretting for the past.
AICPA Certification FAR Exam Questions Vce - CPA Financial Accounting and Reporting As we sell electronic files, there is no need to ship. It is known to us that more and more companies start to pay high attention to the FAR Valid Exam Pattern certification of the candidates. Because these leaders of company have difficulty in having a deep understanding of these candidates, may it is the best and fast way for all leaders to choose the excellent workers for their company by the FAR Valid Exam Pattern certification that the candidates have gained.
We offer you the most accurate FAR Exam Questions Vce exam answers that will be your key to pass the certification exam in your first try. There are the best preparation materials for your FAR Exam Questions Vce practice test in our website to guarantee your success in a short time. Please totally trust the accuracy of questions and answers.
AICPA FAR Exam Questions Vce - You absolutely can pass the exam.
Our website offers you the most comprehensive FAR Exam Questions Vce study guide for the actual test and the best quality service for aftersales. Our customers can easily access and download the FAR Exam Questions Vce dumps pdf on many electronic devices including computer, laptop and Mac. Online test engine enjoys great reputation among IT workers because it brings you to the atmosphere of FAR Exam Questions Vce real exam and remarks your mistakes.
How do you stand out? Obtaining FAR Exam Questions Vce certification is a very good choice. Our FAR Exam Questions Vce study materials can help you pass test faster.
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
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: 3
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: 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.
Our EMC D-PM-IN-23 exam review contains the latest test questions and accurate answers along with the professional explanations. Let me tell the advandages of using the SAP C-THR70-2404 practice engine. Our experts check the updating of Huawei H20-421_V1.0 free demo to ensure the accuracy of our dumps and create the pass guide based on the latest information. Even in a globalized market, the learning material of similar SAP C_LIXEA_2404 doesn't have much of a share, nor does it have a high reputation or popularity. SAP C_TS462_2023 - Therefore, you will have more confidence in passing the exam.
Updated: May 26, 2022