With high-quality FAR Reliable Exam Notes guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you. Every page is carefully arranged by our experts with clear layout and helpful knowledge to remember. In your every stage of review, our FAR Reliable Exam Notes practice prep will make you satisfied. Because, after all, FAR Reliable Exam Notes is a very important certified exam of AICPA. But FAR Reliable Exam Notes exam is not so simple. Our FAR Reliable Exam Notes learning materials are just staring points for exam candidates, and you may meet several challenging tasks or exams in the future about computer knowledge, we can still offer help.
AICPA Certification FAR It can help a lot of people achieve their dream.
AICPA Certification FAR Reliable Exam Notes - CPA Financial Accounting and Reporting For a better understanding of their features, please follow our website and try on them. Omgzlook's training course has a high quality, which its practice questions have 95% similarity with real examination. If you use Omgzlook's product to do some simulation test, you can 100% pass your first time to attend IT certification exam.
Besides, we are punctually meeting commitments to offer help on FAR Reliable Exam Notes study materials. So there is no doubt any information you provide will be treated as strictly serious and spare you from any loss of personal loss. There are so many success examples by choosing our FAR Reliable Exam Notes guide quiz, so we believe you can be one of them.
More and more people choose AICPA AICPA FAR Reliable Exam Notes exam.
If you require any further information about either our FAR Reliable Exam Notes preparation exam or our corporation, please do not hesitate to let us know. High quality FAR Reliable Exam Notes practice materials leave a good impression on the exam candidates and bring more business opportunities in the future. And many of our cutomers use our FAR Reliable Exam Notes exam questions as their exam assistant and establish a long cooperation with us.
Our AICPA FAR Reliable Exam Notes exam training materials contains questions and answers. Our experienced team of IT experts through their own knowledge and experience continue to explore the exam information.
FAR PDF DEMO:
QUESTION NO: 1
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: 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 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: 3
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.
QUESTION NO: 4
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: 5
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
Provided that you lose your exam with our Splunk SPLK-1005 exam questions unfortunately, you can have full refund or switch other version for free. Oracle 1z0-1084-24 - According to the needs of the candidate, they consider the issue from all angles, and manufacturing applicability exam training materials. Perhaps you haven't heard of our company's brand yet, although we are becoming a leader of Network Appliance NS0-521 exam questions in the industry. Scrum SAFe-SASM - So that the pass rate of Omgzlook is very high. To address this issue, our EMC D-PVM-OE-23 actual exam offers three different versions for users to choose from.
Updated: May 26, 2022