Additionally, the FAR Reliable Exam Papers exam takers can benefit themselves by using our testing engine and get numerous real FAR Reliable Exam Papers exam like practice questions and answers. They will help them revising the entire syllabus within no time. Omgzlook's experts have simplified the complex concepts and have added examples, simulations and graphs to explain whatever could be difficult for you to understand. Every worker in our company sticks to their jobs all the time. No one complain about the complexity of their jobs. More about FAR Reliable Exam Papers Exams Dumps: If you want to know more about our test preparations materials, you should explore the related FAR Reliable Exam Papers exam Page.
AICPA Certification FAR Just come and buy it!
AICPA Certification FAR Reliable Exam Papers - CPA Financial Accounting and Reporting The dynamic society prods us to make better. We believe if you compare our Latest Test Guide FAR Materials training guide with the others, you will choose ours at once. Our Latest Test Guide FAR Materials study materials have a professional attitude at the very beginning of its creation.
As we know, our products can be recognized as the most helpful and the greatest FAR Reliable Exam Papers study engine across the globe. Even though you are happy to hear this good news, you may think our price is higher than others. We can guarantee that we will keep the most appropriate price because we want to expand our reputation of FAR Reliable Exam Papers preparation dumps in this line and create a global brand.
AICPA FAR Reliable Exam Papers - Service is first!
In order to save a lot of unnecessary trouble to users, we have completed our CPA Financial Accounting and Reporting study questions research and development of online learning platform, users do not need to download and install, only need your digital devices have a browser, can be done online operation of the FAR Reliable Exam Papers test guide. This kind of learning method is very convenient for the user, especially in the time of our fast pace to get AICPA certification. In addition, our test data is completely free of user's computer memory, will only consume a small amount of running memory when the user is using our product. At the same time, as long as the user ensures that the network is stable when using our FAR Reliable Exam Papers training materials, all the operations of the learning material of can be applied perfectly.
The content of our FAR Reliable Exam Papers study materials has always been kept up to date. We will inform you by E-mail when we have a new version.
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.
Microsoft PL-900 - You will also get more salary, and then you can provide a better life for yourself and your family. The client can decide which IBM C1000-182 version to choose according their hobbies and their practical conditions. Cisco 200-901 - So our customers can pass the exam with ease. Our APP online version of EMC D-PST-MN-A-24 exam questions has the advantage of supporting all electronic equipment. SAP C-ABAPD-2309 - Our PDF version can be printed and you can take notes as you like.
Updated: May 26, 2022