Please give us a chance to service you; you will be satisfied with our training prep. Our FAR Reliable Test Sims preparation exam will be very useful for you if you are going to take the exam. So if you buy our FAR Reliable Test Sims guide quiz, it will help you pass your exam and get the certification in a short time, and you will find that our FAR Reliable Test Sims study materials are good value for money. In addition, when you are in the real exam environment, you can learn to control your speed and quality in answering questions and form a good habit of doing exercise, so that you’re going to be fine in the CPA Financial Accounting and Reporting exam. Nowadays, seldom do the exam banks have such an integrated system to provide you a simulation test. If you are a college student, you can learn and use online resources through the student learning platform over the FAR Reliable Test Sims study materials.
AICPA Certification FAR Finding a good paying job is available for you.
AICPA Certification FAR Reliable Test Sims - CPA Financial Accounting and Reporting Remember this version support Windows system users only. They will thank you so much. Our company never sets many restrictions to the FAR Reliable Real Test Answer exam question.
Get the test FAR Reliable Test Sims certification is not achieved overnight, we need to invest a lot of time and energy to review, and the review process is less a week or two, more than a month or two, or even half a year, so FAR Reliable Test Sims exam questions are one of the biggest advantage is that it is the most effective tools for saving time for users. Users do not need to spend too much time on FAR Reliable Test Sims questions torrent, only need to use their time pieces for efficient learning, the cost is about 20 to 30 hours, users can easily master the test key and difficulties of questions and answers of FAR Reliable Test Sims prep guide, and in such a short time acquisition of accurate examination skills, better answer out of step, so as to realize high pass the qualification test, has obtained the corresponding qualification certificate.
AICPA FAR Reliable Test Sims - Also, the system will deduct the relevant money.
We all know that FAR Reliable Test Sims learning guide can help us solve learning problems. But if it is too complex, not only can’t we get good results, but also the burden of students' learning process will increase largely. Unlike those complex and esoteric materials, our FAR Reliable Test Sims preparation prep is not only of high quality, but also easy to learn. For our professional experts simplified the content of theFAR Reliable Test Sims exam questions for all our customers to be understood.
In order to remain competitive in the market, our company has been keeping researching and developing of the new FAR Reliable Test Sims exam questions. We are focused on offering the most comprehensive FAR Reliable Test Sims study materials which cover all official tests.
FAR PDF DEMO:
QUESTION NO: 1
Conceptually, interim financial statements can be described as emphasizing:
A. Timeliness over reliability.
B. Reliability over relevance.
C. Relevance over comparability.
D. Comparability over neutrality.
Answer: A
Explanation:
Choice "a" is correct. Interim financial statements emphasize timeliness (an element of relevance) by providing financial information based on actual performance to date and estimates prior to year end.
Information must be available when it is needed to be useful. Reliability is impeded by the extensive use
of estimates; however, the lag until verifiability is obtained detracts from usefulness. SFAC 2 para. 56
Choice "b" is incorrect. Relevance (particularly timeliness) of information in interim financial statements is
emphasized more than reliability. Reliability is impeded by the extensive use of estimates in interim data.
Choice "c" is incorrect. Since comparability is a secondary quality of information, there should be no need
to trade off comparability for relevance (a primary quality). Choice "d" is incorrect. Neutrality is an element
of reliability (a primary quality of information. There should be NO need for a trade-off for comparability
over neutrality.
QUESTION NO: 2
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: 3
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: 4
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: 5
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."
Some candidates may like to accept the help of their friends or mentors, and some candidates may only rely on some Microsoft AZ-104-KR books. Our SAP C_TS414_2023 study materials can help you get your certification in the least time with the least efforts. CompTIA PT0-002 - Users can evaluate our products by downloading free demo templates prior to formal purchase. We have left some space for you to make notes on the PDF version of the Amazon SAP-C02-KR study materials. Axis ANVE - Believe that there is such a powerful expert help, our users will be able to successfully pass the qualification test to obtain the qualification certificate.
Updated: May 26, 2022