Quickly purchase FAR Minimum Pass Score study guide and go to the top of your life! What you can get from the FAR Minimum Pass Score certification? Of course, you can get a lot of opportunities to enter to the bigger companies. After you get more opportunities, you can make full use of your talents. The client can decide which FAR Minimum Pass Score version to choose according their hobbies and their practical conditions. You will be surprised by the convenient functions of our FAR Minimum Pass Score exam dumps. So our customers can pass the exam with ease.
AICPA Certification FAR They will thank you so much.
Get the test FAR - CPA Financial Accounting and Reporting Minimum Pass Score certification is not achieved overnight, we need to invest a lot of time and energy to review, and the review process is less a week or two, more than a month or two, or even half a year, so FAR - CPA Financial Accounting and Reporting Minimum Pass Score exam questions are one of the biggest advantage is that it is the most effective tools for saving time for users. As long as you encounter obstacles in the learning process on our Hot FAR Questions training guide, send us an email and we will solve it for you at the first time. Please believe that Hot FAR Questions learning materials will be your strongest backing from the time you buy our Hot FAR Questions practice braindumps to the day you pass the exam.
Our test prep can help you to conquer all difficulties you may encounter. In other words, we will be your best helper. All kinds of exams are changing with dynamic society because the requirements are changing all the time.
AICPA FAR Minimum Pass Score - Also, the system will deduct the relevant money.
We all know that FAR Minimum Pass Score learning guide can help us solve learning problems. But if it is too complex, not only can’t we get good results, but also the burden of students' learning process will increase largely. Unlike those complex and esoteric materials, our FAR Minimum Pass Score preparation prep is not only of high quality, but also easy to learn. For our professional experts simplified the content of theFAR Minimum Pass Score exam questions for all our customers to be understood.
In order to remain competitive in the market, our company has been keeping researching and developing of the new FAR Minimum Pass Score exam questions. We are focused on offering the most comprehensive FAR Minimum Pass Score study materials which cover all official tests.
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.
Some candidates may like to accept the help of their friends or mentors, and some candidates may only rely on some California Department of Insurance CA-Life-Accident-and-Health books. Our EMC D-MSS-DS-23 study materials can help you get your certification in the least time with the least efforts. Linux Foundation FOCP - Users can evaluate our products by downloading free demo templates prior to formal purchase. Autodesk ACP-01101 - You can directly print it on papers. Salesforce CRT-251 - Believe that there is such a powerful expert help, our users will be able to successfully pass the qualification test to obtain the qualification certificate.
Updated: May 26, 2022