We have made classification to those faced with various difficulties, aiming at which we adopt corresponding methods to deal with. According to the statistics shown in the feedback chart, the general pass rate for latest FAR Reliable Test Vce test prep is 98%, which is far beyond that of others in this field. In recent years, our FAR Reliable Test Vce exam guide has been well received and have reached 99% pass rate with all our dedication. Of course, there is no exception in the competitive IT industry. IT Professionals working in the IT area also want to have good opportunities for promotion of job and salary. Besides, you can consolidate important knowledge for you personally and design customized study schedule or to-do list on a daily basis with our FAR Reliable Test Vce learning questions.
AICPA Certification FAR Please pay more attention to our website.
AICPA Certification FAR Reliable Test Vce - CPA Financial Accounting and Reporting But we keep being the leading position in contrast. The site of Omgzlook is well-known on a global scale. Because the training materials it provides to the IT industry have no-limited applicability.
The world today is in an era dominated by knowledge. Knowledge is the most precious asset of a person. If you feel exam is a headache, don't worry.
Our AICPA FAR Reliable Test Vce latest study guide can help you.
Omgzlook is an excellent source of information on IT Certifications. In the Omgzlook, you can find study skills and learning materials for your exam. Omgzlook's AICPA FAR Reliable Test Vce training materials are studied by the experienced IT experts. It has a strong accuracy and logic. To encounter Omgzlook, you will encounter the best training materials. You can rest assured that using our AICPA FAR Reliable Test Vce exam training materials. With it, you have done fully prepared to meet this exam.
Most returned customers said that our FAR Reliable Test Vce dumps pdf covers the big part of main content of the certification exam. Questions and answers from our FAR Reliable Test Vce free download files are tested by our certified professionals and the accuracy of our questions are 100% guaranteed.
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
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:
SAP C_TS4FI_2023 - 100% guarantee to pass IT certification test. The efficiency and accuracy of our CFA Institute ESG-Investing learning guide will not let you down. Omgzlook AICPA Dell D-AX-RH-A-00 exam dumps are the best reference materials. Although you will take each Hitachi HQT-4230 online test one at a time - each one builds upon the previous. As long as you choose our dumps as review tool before the exam, you will have a happy result in IBM C1000-181 exam, which is perfectly obvious.
Updated: May 26, 2022