How you can gain the FAR Study Questions Ppt certification with ease in the least time? The answer is our FAR Study Questions Ppt study materials for we have engaged in this field for over ten years and we have become the professional standard over all the exam materials. You can free download the demos which are part of our FAR Study Questions Ppt exam braindumps, you will find that how good they are for our professionals devote of themselves on compiling and updating the most accurate content of our FAR Study Questions Ppt exam questions. Our experts have experience of the exam for over ten years. So our FAR Study Questions Ppt practice materials are their masterpiece full of professional knowledge and sophistication to cope with the FAR Study Questions Ppt exam. So you could understand the quality of our FAR Study Questions Ppt certification file.
Our FAR Study Questions Ppt exam torrent carries no viruses.
Of course, FAR - CPA Financial Accounting and Reporting Study Questions Ppt learning materials produced several versions of the product to meet the requirements of different users. As long as you study our Reliable Exam FAR Questions Vce training engine and followe it step by step, we believe you will achieve your dream easily. Every question from our Reliable Exam FAR Questions Vce study materials is carefully elaborated and the content of our Reliable Exam FAR Questions Vce exam questions involves the professional qualification certificate examination.
FAR Study Questions Ppt training materials are not only the domestic market, but also the international high-end market. We are studying some learning models suitable for high-end users. Our research materials have many advantages.
AICPA FAR Study Questions Ppt - More useful certifications mean more ways out.
We attract customers by our fabulous FAR Study Questions Ppt certification material and high pass rate, which are the most powerful evidence to show our strength. We are so proud to tell you that according to the statistics from our customers’ feedback, the pass rate among our customers who prepared for the exam with our FAR Study Questions Ppt test guide have reached as high as 99%, which definitely ranks the top among our peers. Hence one can see that the CPA Financial Accounting and Reporting learn tool compiled by our company are definitely the best choice for you.
A good learning platform should not only have abundant learning resources, but the most intrinsic things are very important, and the most intuitive things to users are also indispensable. The FAR Study Questions Ppt test material is professional editorial team, each test product layout and content of proofreading are conducted by experienced professionals who have many years of rich teaching experiences, so by the editor of fine typesetting and strict check, the latest FAR Study Questions Ppt exam torrent is presented to each user's page is refreshing, but also ensures the accuracy of all kinds of learning materials is extremely high.
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
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: 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.
So we take this factor into consideration, develop the most efficient way for you to prepare for the Microsoft MB-335 exam, that is the real questions and answers practice mode, firstly, it simulates the real CPA Financial Accounting and Reporting test environment perfectly, which offers greatly help to our customers. We employ the senior lecturers and authorized authors who have published the articles about the test to compile and organize the ISQI CTAL-TTA_Syll19_4.0 prep guide dump. API API-510 - And on your way to success, they can offer titanic help to make your review more relaxing and effective. We strongly advise you to buy our online engine and windows software of the Juniper JN0-452 study materials, which can simulate the real test environment. The successful outcomes are appreciable after you getting our CIW 1D0-622 exam prep.
Updated: May 26, 2022