Therefore, our CPA Financial Accounting and Reporting guide torrent is attributive to high-efficient learning. The immediate downloading feature of our FAR Exam Study Guide certification guide is an eminent advantage of our products. Once the pay is done, our customers will receive an e-mail from our company. Our Omgzlook team know that it is very hard to build trust relationship between the seller and customer. So we are sincerely show our profession and efficiency in FAR Exam Study Guide exam software to you; we will help you pass FAR Exam Study Guide exam with our comprehensive questions and detailed analysis of our dumps; we will win your trust with our better customer service. Although the FAR Exam Study Guide exam is an exam to test your mastery of the knowledge of FAR Exam Study Guide, but there are so many factor to influence the result.
AICPA Certification FAR So you need to be brave enough to have a try.
The exam simulation will mark your mistakes and help you play well in FAR - CPA Financial Accounting and Reporting Exam Study Guide practice test. And all of the PDF version, online engine and windows software of the Valid FAR Exam Tips study guide will be tested for many times. Although it is not easy to solve all technology problems, we have excellent experts who never stop trying.
Our valid FAR Exam Study Guide practice questions are created according to the requirement of the certification center based on the real questions. Our team always checked and revised FAR Exam Study Guide dumps pdf to ensure the accuracy of our preparation study materials. We guarantee that our FAR Exam Study Guide exam prep is cost-efficient and affordable for most candidates who want to get certification quickly in their first try.
AICPA FAR Exam Study Guide - We can help you to achieve your goals.
With the help of our FAR Exam Study Guide practice materials, you can successfully pass the actual exam with might redoubled. Our company owns the most popular reputation in this field by providing not only the best ever FAR Exam Study Guide study guide but also the most efficient customers’ servers. We can lead you the best and the fastest way to reach for the certification of FAR Exam Study Guide exam dumps and achieve your desired higher salary by getting a more important position in the company.
Omgzlook AICPA FAR Exam Study Guide exam training materials is the best training materials. If you're also have an IT dream.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
QUESTION NO: 5
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."
Fortinet FCP_FML_AD-7.4 - If you have any question that you don't understand, just contat us and we will give you the most professional advice immediately. SAP C-IEE2E-2404 - In real life, every great career must have the confidence to take the first step. Our Symantec 250-587 practice guide well received by the general public for immediately after you have made a purchase for our Symantec 250-587 exam prep, you can download our Symantec 250-587 study materials to make preparations for the exams. PECB ISO-IEC-27001-Lead-Implementer - And you can download these materials and print it out for study at any time. That is to say, there is absolutely no mistake in choosing our Google ChromeOS-Administrator test guide to prepare your exam, you will pass your exam in first try and achieve your dream soon.
Updated: May 26, 2022