The FAR Exam Study Solutions practice download pdf offered by Omgzlook can give you some reference. You just need to practice with FAR Exam Study Solutions vce torrent for 1-2 days, then, you can be confident to face the FAR Exam Study Solutions actual test with ease mood. The 99% pass rate of FAR Exam Study Solutions training vce will ensure you 100% pass. Our FAR Exam Study Solutions guide torrent will help you establish the error sets. We believe that it must be very useful for you to take your exam, and it is necessary for you to use our FAR Exam Study Solutions test questions. The 24/7 customer service will be waiting for you, if you have any questions.
You final purpose is to get the FAR Exam Study Solutions certificate.
Our high-quality FAR - CPA Financial Accounting and Reporting Exam Study Solutions} learning guide help the students know how to choose suitable for their own learning method, our FAR - CPA Financial Accounting and Reporting Exam Study Solutions study materials are a very good option. More importantly, it is evident to all that the FAR Sample Questions Answers training materials from our company have a high quality, and we can make sure that the quality of our products will be higher than other study materials in the market. If you want to pass the FAR Sample Questions Answers exam and get the related certification in the shortest time, choosing the FAR Sample Questions Answers training materials from our company will be in the best interests of all people.
All the preparation material reflects latest updates in FAR Exam Study Solutions certification exam pattern. You may now download the FAR Exam Study Solutions PDF documents in your smart devices and lug it along with you. You can effortlessly yield the printouts of FAR Exam Study Solutions exam study material as well, PDF files make it extremely simple for you to switch to any topics with a click.
Our AICPA FAR Exam Study Solutions exam materials can help you realize it.
Briefly speaking, our FAR Exam Study Solutions training guide gives priority to the quality and service and will bring the clients the brand new experiences and comfortable feelings. For we have engaged in this career for years and we are always trying our best to develope every detail of our FAR Exam Study Solutions study quiz. With our FAR Exam Study Solutions exam questions, you will find the exam is just a piece of cake. What are you still hesitating for? Hurry to buy our FAR Exam Study Solutions learning engine now!
Every page and every points of knowledge have been written from professional experts who are proficient in this line and are being accounting for this line over ten years. And they know every detail about our FAR Exam Study Solutions learning prep and can help you pass the exam for sure.
FAR PDF DEMO:
QUESTION NO: 1
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
A. I & II
B. I & IV
C. II & III
D. III & IV
Answer: D
Explanation:
Choice "d" is correct. Statements III and IV are correct. Statement I is incorrect because fair value is a market-specific measure, not an entity-specific measure. Statement II is incorrect because fair value is an
exit price (the price to sell an asset or transfer a liability), not an entrance price. Choices "a", "b" and
"c"
are incorrect, per the above Explanation: .
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 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.
QUESTION NO: 3
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: 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
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: 5
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.
In order to promise the high quality of our Google Professional-Cloud-Network-Engineer exam questions, our company has outstanding technical staff, and has perfect service system after sale. We can claim that once you study with our Salesforce Mobile-Solutions-Architecture-Designer exam questions for 20 to 30 hours, then you will be albe to pass the exam with confidence. If you decide to buy our Salesforce DEX-403 study questions, you can get the chance that you will pass your Salesforce DEX-403 exam and get the certification successfully in a short time. Unlike product from stores, quick browse of our Huawei H12-631_V1.0 preparation quiz can give you the professional impression wholly. And you can click all three formats of our PECB ISO-IEC-27001-Lead-Implementer exam dumps to see.
Updated: May 26, 2022