Since our company’s establishment, we have devoted mass manpower, materials and financial resources into FAR Practice Test Online exam materials and until now, we have a bold idea that we will definitely introduce our FAR Practice Test Online study materials to the whole world and make all people that seek fortune and better opportunities have access to realize their life value. Our FAR Practice Test Online practice questions, therefore, is bound to help you pass though the FAR Practice Test Online exam and win a better future. As is well known to us, our passing rate has been high; Ninety-nine percent of people who used our FAR Practice Test Online real braindumps have passed their exams and get the certificates. I dare to make a bet that you will not be exceptional. Our FAR Practice Test Onlinelearning materials provide you with an opportunity.
AICPA Certification FAR It costs both time and money.
Having been handling in this line for more than ten years, we can assure you that our FAR - CPA Financial Accounting and Reporting Practice Test Online study questions are of best quality and reasonable prices for your information. Besides, the pollster conducted surveys of public opinions of our FAR Reliable Vce Test Simulator study engine and get desirable outcomes that more than 98 percent of exam candidates feel rewarding after using our FAR Reliable Vce Test Simulator actual exam. And we enjoy their warm feedbacks to show and prove that we really did a good job in this career.
FAR Practice Test Online study engine is very attentive to provide a demo for all customers who concerned about our products, whose purpose is to allow customers to understand our product content before purchase. Many students suspect that if FAR Practice Test Online learning material is really so magical? Does it really take only 20-30 hours to pass such a difficult certification exam successfully? It is no exaggeration to say that you will be able to successfully pass the exam with our FAR Practice Test Online exam questions.
AICPA FAR Practice Test Online - Our reputation is really good.
Our FAR Practice Test Online exam quiz is unlike other exam materials that are available on the market, our FAR Practice Test Online study dumps specially proposed different versions to allow you to learn not only on paper, but also to use mobile phones to learn. This greatly improves the students' availability of fragmented time. So you can achieve your FAR Practice Test Online certification easily without disrupting your daily routine. And we will give you 100% success guaranteed on the FAR Practice Test Online training guide.
With our FAR Practice Test Online test prep, you don't have to worry about the complexity and tediousness of the operation. As long as you enter the learning interface of our soft test engine of FAR Practice Test Online quiz guide and start practicing on our Windows software, you will find that there are many small buttons that are designed to better assist you in your learning.
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
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: .
CompTIA CAS-005 - Can you survive and be invincible in a highly competitive society? Can you gain a foothold in such a complex society? If your answer is "no", that is because your ability is not strong enough. In such a way, you can confirm that you get the convenience and fast from our Nutanix NCSE-Core study guide. EMC D-PSC-MN-01 - Many company requests candidates not only have work experiences, but also some professional certifications. IBM C1000-127 - According to the survey, the average pass rate of our candidates has reached 99%. According to the research statistics, we can confidently tell that 99% candidates after using our products have passed the SAP C_THR92_2405 exam.
Updated: May 26, 2022