This is the royal road to pass FAR Latest Exam Answers exam. Although you are busy working and you have not time to prepare for the exam, you want to get AICPA FAR Latest Exam Answers certificate. At the moment, you must not miss Omgzlook FAR Latest Exam Answers certification training materials which are your unique choice. However, our FAR Latest Exam Answers training materials can offer better condition than traditional practice materials and can be used effectively. We treat it as our major responsibility to offer help so our FAR Latest Exam Answers practice guide can provide so much help, the most typical one is their efficiency. For IT staff, not having got the certificate has a bad effect on their job.
AICPA Certification FAR Some of them can score more than 90%.
Our FAR - CPA Financial Accounting and Reporting Latest Exam Answers practice materials integrating scientific research of materials, production of high quality FAR - CPA Financial Accounting and Reporting Latest Exam Answers training engine and considerate after-sales services have help us won a prominent position in the field of materials. Good FAR Exam Materials study guide will be a shortcut for you to well-directed prepare and practice efficiently, you will avoid do much useless efforts and do something interesting. Omgzlook releases 100% pass-rate FAR Exam Materials study guide files which guarantee candidates 100% pass exam in the first attempt.
All exam materials in FAR Latest Exam Answers learning materials contain PDF, APP, and PC formats. They have the same questions and answers but with different using methods. If you like to take notes randomly according to your own habits while studying, we recommend that you use the PDF format of our FAR Latest Exam Answers study guide.
AICPA FAR Latest Exam Answers - God will help those who help themselves.
FAR Latest Exam Answers real dumps revised and updated according to the syllabus changes and all the latest developments in theory and practice, our CPA Financial Accounting and Reporting real dumps are highly relevant to what you actually need to get through the certifications tests. Moreover they impart you information in the format of FAR Latest Exam Answers questions and answers that is actually the format of your real certification test. Hence not only you get the required knowledge but also find the opportunity to practice real exam scenario.
Do not reject learning new things. Maybe your life will be changed a lot after learning our FAR Latest Exam Answers training questions.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 4
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: 5
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.
Discount is being provided to the customer for the entire AICPA VMware 3V0-31.24 preparation suite. It is also known to us that passing the exam is not an easy thing for many people, so a good study method is very important for a lot of people, in addition, a suitable study tool is equally important, because the good and suitable CompTIA SY0-701 reference guide can help people pass the exam in a relaxed state. I believe that after you try Salesforce Energy-and-Utilities-Cloud training engine, you will love them. SAP C-S4EWM-2023 - Of course, if you choose our study materials, you will have the chance to experience our PDF version. Additionally, the SAP C_WZADM_2404 exam takers can benefit themselves by using our testing engine and get numerous real SAP C_WZADM_2404 exam like practice questions and answers.
Updated: May 26, 2022