In order to provide a convenient study method for all people, our company has designed the online engine of the FAR Reliable Exam Tips study practice dump. The online engine is very convenient and suitable for all people to study, and you do not need to download and install any APP. We believe that the FAR Reliable Exam Tips exam questions from our company will help all customers save a lot of installation troubles. FAR Reliable Exam Tips practice quiz provide you with the most realistic test environment, so that you can adapt in advance so that you can easily deal with formal exams. What we say is true, apart from the examination environment, also includes FAR Reliable Exam Tips exam questions which will come up exactly in the real exam. Also, from an economic point of view, our CPA Financial Accounting and Reporting exam dumps is priced reasonable, so the FAR Reliable Exam Tips test material is very responsive to users, user satisfaction is also leading the same products.
AICPA Certification FAR They have always been in a trend of advancement.
So our FAR - CPA Financial Accounting and Reporting Reliable Exam Tips test prep will not occupy too much time. As long as you practice our FAR Reliable Test Sims test question, you can pass exam quickly and successfully. By using them, you can not only save your time and money, but also pass FAR Reliable Test Sims practice exam without any stress.
We hope that our new design can make study more interesting and colorful. You also can send us good suggestions about developing the study material. Our online test engine and windows software of the FAR Reliable Exam Tips test answers will let your experience the flexible learning style.
AICPA FAR Reliable Exam Tips - I wish you good luck.
Omgzlook website is fully equipped with resources and the questions of AICPA FAR Reliable Exam Tips exam, it also includes the AICPA FAR Reliable Exam Tips exam practice test. Which can help candidates prepare for the exam and pass the exam. You can download the part of the trial exam questions and answers as a try. Omgzlook provide true and comprehensive exam questions and answers. With our exclusive online AICPA FAR Reliable Exam Tips exam training materials, you'll easily through AICPA FAR Reliable Exam Tips exam. Our site ensure 100% pass rate.
If you use Omgzlook'straining program, you can 100% pass the exam. If you fail the exam, we will give a full refund to you.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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:
There are many dumps and training materials providers that would guarantee you pass the AICPA SASInstitute A00-420 exam. Microsoft DP-203-KR - Select Omgzlook is equivalent to choose success. AICPA EMC D-RP-DY-A-24 certification exam will definitely lead you to a better career prospects. Omgzlook AICPA EMC D-VXR-DY-23 exam training materials bear with a large number of the exam questions you need, which is a good choice. EMC D-DP-FN-23 - Select it will be your best choice.
Updated: May 26, 2022