Therefore, modern society is more and more pursuing efficient life, and our FAR Latest Exam Dumps.Zip exam materials are the product of this era, which conforms to the development trend of the whole era. It seems that we have been in a state of study and examination since we can remember, and we have experienced countless tests, including the qualification examinations we now face. In the process of job hunting, we are always asked what are the achievements and what certificates have we obtained? Therefore, we get the test AICPA certification and obtain the qualification certificate to become a quantitative standard, and our FAR Latest Exam Dumps.Zip learning guide can help you to prove yourself the fastest in a very short period of time. Get the best FAR Latest Exam Dumps.Zip exam Training; as you study from our exam-files. Our online resources and events enable you to focus on learning just what you want on your timeframe. If you make up your mind, choose us!
FAR Latest Exam Dumps.Zip study material is suitable for all people.
Besides, our company's website purchase process holds security guarantee, so you needn’t be anxious about download and install our FAR - CPA Financial Accounting and Reporting Latest Exam Dumps.Zip exam questions. So a wise and diligent person should absorb more knowledge when they are still young. At present, our Valid Study FAR Questions Book study prep has gained wide popularity among different age groups.
From the customers’ point of view, our FAR Latest Exam Dumps.Zip test question put all candidates’ demands as the top priority. We treasure every customer’ reliance and feedback to the optimal FAR Latest Exam Dumps.Zip practice test. Considering all customers’ sincere requirements, FAR Latest Exam Dumps.Zip test question persist in the principle of “Quality First and Clients Supreme” all along and promise to our candidates with plenty of high-quality products, considerate after-sale services as well as progressive management ideas.
AICPA FAR Latest Exam Dumps.Zip - These interactions have inspired us to do better.
We are now in an era of technological development. FAR Latest Exam Dumps.Zip had a deeper impact on our work. Passing the FAR Latest Exam Dumps.Zip exam is like the vehicle's engine. Only when we pass the exam can we find the source of life and enthusiasm, become active and lasting, and we can have better jobs in today’s highly competitive times. To pass the FAR Latest Exam Dumps.Zip exam, careful planning and preparation are crucial to its realization. Of course, the path from where you are to where you want to get is not always smooth and direct. Therefore, this is the point of our FAR Latest Exam Dumps.Zip exam materials, designed to allow you to spend less time and money to easily pass the exam.
Our FAR Latest Exam Dumps.Zip exam materials boost high passing rate and if you are unfortunate to fail in exam we can refund you in full at one time immediately. The learning costs you little time and energy and you can commit yourself mainly to your jobs or other important things.
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
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: 4
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: 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.
ISQI CTFL-Foundation - We can guarantee that the study materials from our company will help you pass the exam and get the certification in a relaxed and efficient method. Our Microsoft MB-220 test questions will help customers learn the important knowledge about exam. EMC D-VPX-DY-A-24 - Therefore, when you are ready to review the exam, you can fully trust our products, choose our learning materials. We believe that our Pegasystems PEGACPBA88V1 test torrent can help you improve yourself and make progress beyond your imagination. EMC D-SF-A-24 - You also can become the lucky guys as long as you are willing to learn.
Updated: May 26, 2022