The industrious Omgzlook's IT experts through their own expertise and experience continuously produce the latest AICPA FAR Test Collection Pdf training materials to facilitate IT professionals to pass the AICPA certification FAR Test Collection Pdf exam. The certification of AICPA FAR Test Collection Pdf more and more valuable in the IT area and a lot people use the products of Omgzlook to pass AICPA certification FAR Test Collection Pdf exam. Through so many feedbacks of these products, our Omgzlook products prove to be trusted. Since we have the same ultimate goals, which is successfully pass the FAR Test Collection Pdf exam. So during your formative process of preparation, we are willing be your side all the time. If you fail to pass the exam, Omgzlook will full refund to you.
AICPA Certification FAR A bad situation can show special integrity.
And we believe you will pass the FAR - CPA Financial Accounting and Reporting Test Collection Pdf exam just like the other people! If a person is strong-willed, it is close at hand. I think you should be such a person.
We are confident that your future goals will begin with this successful exam. So choosing our FAR Test Collection Pdf training materials is a wise choice. Our FAR Test Collection Pdfpractice materials will provide you with a platform of knowledge to help you achieve your dream.
AICPA FAR Test Collection Pdf - We provide one-year customer service; 4.
Perhaps you have wasted a lot of time to playing computer games. It doesn’t matter. It is never too late to change. There is no point in regretting for the past. Our FAR Test Collection Pdf exam questions can help you compensate for the mistakes you have made in the past. You will change a lot after learning our FAR Test Collection Pdf study materials. And most of all, you will get reward by our FAR Test Collection Pdf training engine in the least time with little effort.
If you are urgent to pass exam our exam materials will be suitable for you. Mostly you just need to remember the questions and answers of our AICPA FAR Test Collection Pdf exam review questions and you will clear exams.
FAR PDF DEMO:
QUESTION NO: 1
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
QUESTION NO: 2
Which of the following should be disclosed for each reportable operating segment of an enterprise?
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. In disclosure questions, if you are not sure, disclose the most rather than the least.
Choice "b" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. Choice "c" is incorrect. For each reportable segment of an enterprise, both profit or
loss and total assets should be disclosed. Choice "d" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets should be disclosed.
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
QUESTION NO: 4
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."
QUESTION NO: 5
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
It is known to us that more and more companies start to pay high attention to the VMware 5V0-63.23 certification of the candidates. We offer you the most accurate Fortinet FCSS_SOC_AN-7.4 exam answers that will be your key to pass the certification exam in your first try. After a long period of research and development, our ISQI CTAL-TTA_Syll19_4.0 test questions have been the leader study materials in the field. The Huawei H19-308_V4.0 test answers are tested and approved by our certified experts and you can check the accuracy of our questions from our free demo. And you can free download the demos of the IIA IIA-CIA-Part2-KR learning quiz.
Updated: May 26, 2022