There is no doubt that obtaining this FAR Study Guide Pdf certification is recognition of their ability so that they can find a better job and gain the social status that they want. Most people are worried that it is not easy to obtain the certification of FAR Study Guide Pdf, so they dare not choose to start. We are willing to appease your troubles and comfort you. Unlike other question banks that are available on the market, our FAR Study Guide Pdf guide dumps specially proposed different versions to allow you to learn not only on paper, but also to use mobile phones to learn. This greatly improves the students' availability of fragmented time. Taking this into consideration, we have tried to improve the quality of our FAR Study Guide Pdf training materials for all our worth.
AICPA Certification FAR Moreover, we have Demos as freebies.
AICPA Certification FAR Study Guide Pdf - CPA Financial Accounting and Reporting Though the content of these three versions is the same, the displays have their different advantages. We believe that you will like our products. According to the different demands from customers, the experts and professors designed three different versions for all customers.
As we will find that, get the test FAR Study Guide Pdf certification, acquire the qualification of as much as possible to our employment effect is significant. But how to get the test FAR Study Guide Pdf certification didn't own a set of methods, and cost a lot of time to do something that has no value. With our FAR Study Guide Pdf exam Practice, you will feel much relax for the advantages of high-efficiency and accurate positioning on the content and formats according to the candidates’ interests and hobbies.
AICPA FAR Study Guide Pdf - You are the best and unique in the world.
As we enter into such a competitive world, the hardest part of standing out from the crowd is that your skills are recognized then you will fit into the large and diverse workforce. The FAR Study Guide Pdf certification is the best proof of your ability. However, it’s not easy for those work officers who has less free time to prepare such an FAR Study Guide Pdf exam. Here comes FAR Study Guide Pdf exam materials which contain all of the valid FAR Study Guide Pdf study questions. You will never worry about the FAR Study Guide Pdf exam.
In the meantime, all your legal rights will be guaranteed after buying our FAR Study Guide Pdf study materials. For many years, we have always put our customers in top priority.
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."
So we never stop the pace of offering the best services and CompTIA FC0-U61 practice materials for you. Even the Salesforce Marketing-Cloud-Advanced-Cross-Channel test syllabus is changing every year; our experts still have the ability to master the tendency of the important knowledge as they have been doing research in this career for years. Our Juniper JN0-105 study materials provide a promising help for your Juniper JN0-105 exam preparation whether newbie or experienced exam candidates are eager to have them. If you are preparing for the exam by the guidance of the Cisco 300-635 study practice question from our company and take it into consideration seriously, you will absolutely pass the exam and get the related certification. With our VMware 2V0-32.24 study guide, not only that you can pass you exam easily and smoothly, but also you can have a wonderful study experience based on the diversed versions of our VMware 2V0-32.24 training prep.
Updated: May 26, 2022