We are constantly improving and just want to give you the best FAR New Practice Materials learning braindumps. And we have engaged for years to become a trustable study flatform for helping you pass the FAR New Practice Materials exam. If you really want to pass the FAR New Practice Materials exam faster, choosing a professional product is very important. It will help us to pass the exam successfully. This is the best shortcut to success. As long as you use FAR New Practice Materials learning materials and get a FAR New Practice Materials certificate, you will certainly be appreciated by the leaders.
AICPA Certification FAR Then, you need to upgrade and develop yourself.
As long as you study with our FAR - CPA Financial Accounting and Reporting New Practice Materials exam questions for 20 to 30 hours, you will pass the exam for sure. Whatever exam you choose to take, Omgzlook training dumps will be very helpful to you. Because all questions in the actual test are included in Omgzlook practice test dumps which provide you with the adequate explanation that let you understand these questions well.
Moreover our FAR New Practice Materials test guides provide customers with supplement service-mock test, which can totally inspire them to study hard and check for defects during their learning process. Our commitment is not frank, as long as you choose our FAR New Practice Materials study tool you will truly appreciate the benefits of our products. We want to provide our customers with different versions of FAR New Practice Materials test guides to suit their needs in order to learn more efficiently.
AICPA FAR New Practice Materials - Then you will be confident in the actual test.
Our FAR New Practice Materials training quiz will be your best teacher who helps you to find the key and difficulty of the exam, so that you no longer feel confused when review. Our FAR New Practice Materials study materials will be your best learning partner and will accompany you through every day of the review. Our FAR New Practice Materials exam quiz will help you to deal with all the difficulties you have encountered in the learning process and make you walk more easily and happily on the road of studying.
Well-pointed preparation for your test will help you save a lot of time. AICPA FAR New Practice Materials exam cram PDF will be great helper for your coming exam definitely.
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:
Cisco 300-715 - Our study materials will help you get the according certification you want to have. The Juniper JN0-637 real questions are written and approved by our It experts, and tested by our senior professionals with many years' experience. The HP HPE6-A85 study braindumps are compiled by our frofessional experts who have been in this career fo r over ten years. With the help of ISC CISSP-KR study material, you will master the concepts and techniques that ensure you exam success. Amazon SAA-C03 - Our customer service is 24 hours online and will answer your questions in the shortest possible time.
Updated: May 26, 2022