If all of the IT staff can do like this the state will become stronger. Omgzlook AICPA FAR Latest Exam Pass4Sure exam training materials can help IT personnel to achieve this purpose. We guarantee you 100% to pass the exam. We all well know the status of AICPA certification FAR Latest Exam Pass4Sure exams in the IT area is a pivotal position, but the key question is to be able to get AICPA FAR Latest Exam Pass4Sure certification is not very simple. We know very clearly about the lack of high-quality and high accuracy exam materials online. Omgzlook's AICPA FAR Latest Exam Pass4Sure exam training materials have a part of free questions and answers that provided for you.
AICPA Certification FAR In this, you can check its quality for yourself.
In order to meet the request of current real test, the technology team of research on Omgzlook AICPA FAR - CPA Financial Accounting and Reporting Latest Exam Pass4Sure exam materials is always update the questions and answers in time. Once you have checked our demo, you will find the study materials we provide are what you want most. Our target is to reduce your pressure and improve your learning efficiency from preparing for New FAR Cram Materials exam.
This is really worth the price, the value it creates is far greater than the price. If your budget is limited, but you need complete exam material. Then you can try the Omgzlook's AICPA FAR Latest Exam Pass4Sure exam training materials.
AICPA FAR Latest Exam Pass4Sure - Our strength will make you incredible.
The secret that Omgzlook helps many candidates pass FAR Latest Exam Pass4Sure exam is AICPA exam questions attentively studied by our professional IT team for years, and the detailed answer analysis. We constantly updated the FAR Latest Exam Pass4Sure exam materials at the same time with the exam update. We try our best to ensure 100% pass rate for you.
The opportunity always belongs to a person who has the preparation. But, when opportunities arise, will you seize the opportunities successfully? At present, you are preparing for AICPA FAR Latest Exam Pass4Sure test.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 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
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: 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.
Besides, the detailed answers analysis provided by our professionals will make you be more confidence to pass SAP C-TS462-2023 exam. AICPA Salesforce Salesforce-MuleSoft-Developer-II exam is very popular in IT field. If you want to know our Google Professional-Cloud-Network-Engineer test questions materials, you can download our free demo now. Have you learned Omgzlook AICPA Microsoft PL-400-KR exam dumps? Why do the people that have used Omgzlook dumps sing its praises? Do you really want to try it whether it have that so effective? Hurry to click Omgzlook to download our certification training materials. Excellent AICPA Juniper JN0-649 study guide make candidates have clear studying direction to prepare for your test high efficiently without wasting too much extra time and energy.
Updated: May 26, 2022