We are glad to help you get the certification with our best FAR Reliable Test Sample study materials successfully. Are you aware of the importance of the FAR Reliable Test Sample certification? If your answer is not, you may place yourself at the risk of be eliminated by the labor market. As we know, the FAR Reliable Test Sample certification is the main reflection of your ability. No matter you are exam candidates of high caliber or newbies, our FAR Reliable Test Sample exam quiz will be your propulsion to gain the best results with least time and reasonable money. Not only because the outstanding content of FAR Reliable Test Sample real dumps that produced by our professional expert but also for the reason that we have excellent vocational moral to improve our FAR Reliable Test Sample learning materials quality. On the other hand, using free trial downloading before purchasing, I can promise that you will have a good command of the function of our FAR Reliable Test Sample exam prepare.
AICPA Certification FAR Action always speaks louder than words.
If you are satisfied with our FAR - CPA Financial Accounting and Reporting Reliable Test Sample training guide, come to choose and purchase. We have free demos on the website for our customers to download if you still doubt our products, and you can check whether it is the right one for you before purchase as well. Our FAR Reliable Test Question And Answer exam materials are famous among candidates.
All experts and professors of our company have been trying their best to persist in innovate and developing the FAR Reliable Test Sample test training materials all the time in order to provide the best products for all people and keep competitive in the global market. We believe that the study materials will keep the top selling products. We sincerely hope that you can pay more attention to our FAR Reliable Test Sample study questions.
Our AICPA FAR Reliable Test Sample practice quiz is unique in the market.
With the improvement of people’s living standards, there are more and more highly educated people. To defeat other people in the more and more fierce competition, one must demonstrate his extraordinary strength. Today, getting FAR Reliable Test Sample certification has become a trend, and FAR Reliable Test Sample exam dump is the best weapon to help you pass certification. We all know that obtaining the FAR Reliable Test Sample certification is very difficult, and students who want to pass the exam often have to spend a lot of time and energy. After years of hard work, the experts finally developed a set of perfect learning materials FAR Reliable Test Sample practice materials that would allow the students to pass the exam easily. With our study materials, you only need 20-30 hours of study to successfully pass the exam and reach the peak of your career. What are you waiting for? Come and buy it now.
And our website has already became a famous brand in the market because of our reliable FAR Reliable Test Sample exam questions. Different from all other bad quality practice materials that cheat you into spending much money on them, our FAR Reliable Test Sample exam materials are the accumulation of professional knowledge worthy practicing and remembering.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 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.
Are you still feeling distressed for expensive learning materials? Are you still struggling with complicated and difficult explanations in textbooks? Do you still hesitate in numerous tutorial materials? Oracle 1z0-1127-24 study guide can help you to solve all these questions. CheckPoint 156-215.81.20 - For more textual content about practicing exam questions, you can download our products with reasonable prices and get your practice begin within 5 minutes. EMC D-ISM-FN-23 - Just make your own decisions. Fortinet NSE7_LED-7.0 - And you can free donwload the demos to have a look. So every year a large number of people take Fortinet NSE5_FMG-7.2 tests to prove their abilities.
Updated: May 26, 2022