A good FAR Latest Braindumps Free certification must be supported by a good FAR Latest Braindumps Free exam practice, which will greatly improve your learning ability and effectiveness. Our study materials have the advantage of short time, high speed and high pass rate. You only take 20 to 30 hours to practice our FAR Latest Braindumps Free guide materials and then you can take the exam. You can browse our official websites to check our sales volumes. At the same time, many people pass the exam for the first time under the guidance of our FAR Latest Braindumps Free practice exam. If you want to pass the exam smoothly buying our CPA Financial Accounting and Reporting guide dump is your ideal choice.
Our FAR Latest Braindumps Free practice quiz is unique in the market.
AICPA Certification FAR Latest Braindumps Free - CPA Financial Accounting and Reporting With our study materials, you only need 20-30 hours of study to successfully pass the exam and reach the peak of your career. All intricate points of our Latest Test FAR Questions Vce study guide will not be challenging anymore. They are harbingers of successful outcomes.
FAR Latest Braindumps Free study guide not only apply to students, but also apply to office workers; not only apply to veterans in the workplace, but also apply to newly recruited newcomers. FAR Latest Braindumps Free guide torrent uses a very simple and understandable language, to ensure that all people can read and understand. Are you still feeling distressed for expensive learning materials? Are you still struggling with complicated and difficult explanations in textbooks? Do you still hesitate in numerous tutorial materials? FAR Latest Braindumps Free study guide can help you to solve all these questions.
AICPA FAR Latest Braindumps Free - What is more, we offer customer services 24/7.
Obtaining the FAR Latest Braindumps Free certification is not an easy task. Only a few people can pass it successfully. If you want to be one of them, please allow me to recommend the FAR Latest Braindumps Free learning questions from our company to you, the superb quality of FAR Latest Braindumps Free exam braindumps we've developed for has successfully helped thousands of candidates to realize their dreams. And our FAR Latest Braindumps Free study materials have helped so many customers pass the exam.
If you are interested in FAR Latest Braindumps Free exam material, you only need to enter our official website, and you can immediately download and experience our trial PDF file for free. Through the trial you will have different learning experience, you will find that what we say is not a lie, and you will immediately fall in love with our products.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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: 5
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:
IBM C1000-178 - The only aim of our company is to help each customer pass their exam as well as getting the important certification in a short time. EXIN SIAMP - Not only the content is the latest and valid information, but also the displays are varied and interesting. Once you have submitted your practice time, ISACA CISM learning Material system will automatically complete your operation. Fortinet FCP_FML_AD-7.4 - If you believe in our products this time, you will enjoy the happiness of success all your life Then windows software of the Scrum PSPO-II exam questions, which needs to install on windows software.
Updated: May 26, 2022