Our company happened to be designing the FAR Test Certification Cost exam question. Do you want to have a new change about your life? Do you want to get more respects from other people? Do you long to become a powerful people? If your answer is yes, it is high time for you to use the FAR Test Certification Cost question torrent from our company. As the saying goes, opportunities for those who are prepared. I would like to inform you that you are coming to a professional site engaging in providing valid FAR Test Certification Cost dumps torrent materials. We are working on R & D for IT certification many years, so that most candidates can clear exam certainly with our FAR Test Certification Cost dumps torrent. They can be obtained within five minutes.
AICPA Certification FAR If you fail, don't forget to learn your lesson.
AICPA Certification FAR Test Certification Cost - CPA Financial Accounting and Reporting And besides, you can take it with you wherever you go for it is portable and takes no place. We constantly check the updating of FAR Latest Questions vce pdf to follow the current exam requirement and you will be allowed to free update your pdf files one-year. Don't hesitate to get help from our customer assisting.
We often ask, what is the purpose of learning? Why should we study? Why did you study for FAR Test Certification Costexam so long? As many people think that, even if one day we forget the formula for the area of a triangle, we can still live very well, but if it were not for the knowledge of learning FAR Test Certification Cost exam and try to obtain certification, how can we have the opportunity to good to future life? So, the examination is necessary, only to get the test FAR Test Certification Cost certification, get a certificate, to prove better us, to pave the way for our future life.
AICPA FAR Test Certification Cost - Do not reject learning new things.
Discount is being provided to the customer for the entire AICPA FAR Test Certification Cost preparation suite. These FAR Test Certification Cost learning materials include the FAR Test Certification Cost preparation software & PDF files containing sample Interconnecting AICPA FAR Test Certification Cost and answers along with the free 90 days updates and support services. We are facilitating the customers for the AICPA FAR Test Certification Cost preparation with the advanced preparatory tools.
We believe our study materials will be very useful and helpful for all people who are going to prepare for the FAR Test Certification Cost exam. There are a lot of excellent experts and professors in our company.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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:
Our Lpi 303-300 study materials offer you a free trial service, and you can download our trial questions bank for free. The PDF version of the EMC D-RP-DY-A-24 exam prep has many special functions, including download the demo for free, support the printable format and so on. CIW 1D0-720 - Omgzlook's experts have simplified the complex concepts and have added examples, simulations and graphs to explain whatever could be difficult for you to understand. Our OCEG GRCA exam prep has gained wide popularity among candidates. You can also avail of the free demo so that you will have an idea how convenient and effective our Salesforce Public-Sector-Solutions exam dumps are for Salesforce Public-Sector-Solutions certification.
Updated: May 26, 2022