Looking for latest FAR Reliable Test Pattern exam questions? You can pass the certification exam easily with our FAR Reliable Test Pattern practice exam. With the help of our study guide, you will save lots of time to practice FAR Reliable Test Pattern vce pdf and boost confidence in solving the difficult questions. Our training materials can help you learn about the knowledge points of FAR Reliable Test Pattern exam collection and improve your technical problem-solving skills. Considering about all benefits mentioned above, you must have huge interest to our FAR Reliable Test Pattern study materials. You should take the look at our FAR Reliable Test Pattern simulating questions right now. Accurate FAR Reliable Test Pattern test answers are tested and verified by our professional experts with the high technical knowledge and rich experience.
AICPA Certification FAR We look forward to meeting you.
You can practice the questions on practice software in simulated real FAR - CPA Financial Accounting and Reporting Reliable Test Pattern exam scenario or you can use simple PDF format to go through all the real FAR - CPA Financial Accounting and Reporting Reliable Test Pattern exam questions. Now I will tell you responsibly that our payment method of FAR Latest Test Simulator Online exam materials is very secure. The payment method we use is credit card payment, not only can we guarantee your security of the payment, but also we can protect your right and interests.
Our FAR Reliable Test Pattern practice dumps compiled by the most professional experts can offer you with high quality and accuracy practice materials for your success. Up to now, we have more than tens of thousands of customers around the world supporting our FAR Reliable Test Pattern exam questions. If you are unfamiliar with our FAR Reliable Test Pattern study materials, please download the free demos for your reference, and to some unlearned exam candidates, you can master necessities by our FAR Reliable Test Pattern training guide quickly.
AICPA FAR Reliable Test Pattern - This is really amazing.
Due to continuous efforts of our experts, we have exactly targeted the content of the FAR Reliable Test Pattern exam. You will pass the FAR Reliable Test Pattern exam after 20 to 30 hours' learning with our FAR Reliable Test Pattern study material. If you fail to pass the exam, we will give you a refund. Many users have witnessed the effectiveness of our FAR Reliable Test Pattern guide braindumps you surely will become one of them. Try it right now! And we will let you down.
Omgzlook's AICPA FAR Reliable Test Pattern exam training materials are effective training materials that proven by professionals and the candidates who passed the exam. It can help you to pass the exam certification easily.
FAR PDF DEMO:
QUESTION NO: 1
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:
QUESTION NO: 2
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
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
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.
To understand our Cisco 300-610 learning questions in detail, just come and try! Nutanix NCSE-Core - In order to enhance your own, do it quickly. EMC D-ZT-DS-P-23 - Many people want to be the competent people which can excel in the job in some area and be skillful in applying the knowledge to the practical working in some industry. Fortinet NSE7_EFW-7.2 - Don't you believe in it? Omgzlook real questions and answers are the materials that it can help you get high marks and pass the certification exam. Saving the precious time users already so, also makes the Microsoft AI-900-CN quiz torrent look more rich, powerful strengthened the practicability of the products, to meet the needs of more users, to make the Microsoft AI-900-CN test prep stand out in many similar products.
Updated: May 26, 2022