You can get the latest information about the FAR Reliable Practice Questions real test, because our Omgzlook will give you one year free update. You can be confident to face any difficulties in the FAR Reliable Practice Questions actual test no matter any changes. Omgzlook is a reliable site offering the FAR Reliable Practice Questions valid study material supported by 100% pass rate and full money back guarantee. Our study materials are the up-to-dated and all FAR Reliable Practice Questions test answers you practiced are tested by our professional experts. Once you have well prepared with our FAR Reliable Practice Questions dumps collection, you will go through the formal test without any difficulty. Our FAR Reliable Practice Questions study guide will be your first choice of exam materials as you just need to spend one or days to grasp the knowledge points of FAR Reliable Practice Questions practice exam.
AICPA Certification FAR The knowledge you have learned is priceless.
You can much more benefited form our FAR - CPA Financial Accounting and Reporting Reliable Practice Questions study guide. To choose us is to choose success! It is an incredible opportunity among all candidates fighting for the desirable exam outcome to have our Latest FAR Exam Dumps Sheet practice materials.
But the FAR Reliable Practice Questions test prep we provide are compiled elaborately and it makes you use less time and energy to learn and provide the study materials of high quality and seizes the focus the exam. It lets you master the most information and costs you the least time and energy. The FAR Reliable Practice Questions prep torrent we provide will cost you less time and energy.
AICPA FAR Reliable Practice Questions - You must make a decision as soon as possible!
If we waste a little bit of time, we will miss a lot of opportunities. If we miss the opportunity, we will accomplish nothing. Then, life becomes meaningless. Our FAR Reliable Practice Questions preparation exam have taken this into account, so in order to save our customer’s precious time, the experts in our company did everything they could to prepare our FAR Reliable Practice Questions study materials for those who need to improve themselves quickly in a short time to pass the exam to get the FAR Reliable Practice Questions certification.
Our learning materials are based on the customer's point of view and fully consider the needs of our customers. If you follow the steps of our FAR Reliable Practice Questions exam questions, you can easily and happily learn and ultimately succeed in the ocean of 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
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: .
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
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: 5
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.
CompTIA SY0-601-KR - The client only need to spare 1-2 hours to learn our CPA Financial Accounting and Reporting study question each day or learn them in the weekends. Network Appliance NS0-014 - We just want to provide you with the best service. Splunk SPLK-1002 - As a matter of fact, we receive thousands of the warm feedbacks to thank us for helping them pass the exam. Omgzlook is famous for our company made these Huawei H31-311_V2.5 exam questions with accountability. But our VMware 6V0-31.24 study guide will offer you the most professional guidance.
Updated: May 26, 2022