Also the useful small buttons can give you a lot of help on our FAR Test Cram Sheet study guide. Some buttons are used for hide or display answers. What is more, there are extra place for you to make notes below every question of the FAR Test Cram Sheet practice quiz. Our content and design of the FAR Test Cram Sheet exam questions have laid a good reputation for us. Our users are willing to volunteer for us. In order to meet a wide range of tastes, our company has developed the three versions of the FAR Test Cram Sheet preparation questions, which includes PDF version, online test engine and windows software.
AICPA Certification FAR We will never neglect any user.
AICPA Certification FAR Test Cram Sheet - CPA Financial Accounting and Reporting And we will give some discounts from time to time. After your payment is successful, we will send you an email within 5 to 10 minutes. As long as you click on the link, you can use Latest Test FAR Objectives Pdf learning materials to learn.
They are unsuspecting experts who you can count on. Without unintelligible content within our FAR Test Cram Sheet study tool, all questions of the exam are based on their professional experience in this industry. Besides, they made three versions for your reference, the PDF, APP and Online software version.
AICPA FAR Test Cram Sheet - Don't hesitate!
Among global market, FAR Test Cram Sheet guide question is not taking up such a large share with high reputation for nothing. And we are the leading practice materials in this dynamic market. To facilitate your review process, all questions and answers of our FAR Test Cram Sheet test question is closely related with the real exam by our experts who constantly keep the updating of products to ensure the accuracy of questions, so all FAR Test Cram Sheet guide question is 100 percent assured. We make FAR Test Cram Sheet exam prep from exam candidate perspective, and offer high quality practice materials with reasonable prices but various benefits.
The efficiency of our FAR Test Cram Sheet exam braindumps has far beyond your expectation. On one hand, our FAR Test Cram Sheet study materials are all the latest and valid exam questions and answers that will bring you the pass guarantee.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 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
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: 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.
SAP C_HRHFC_2405 - Once you decide to buy, you will have many benefits like free update lasting one-year and convenient payment mode. So choosing appropriate EMC D-PE-FN-23 test guide is important for you to pass the exam. Being the most competitive and advantageous company in the market, our EMC D-PDD-OE-23 practice quiz have help tens of millions of exam candidates realize their dreams all these years. Our SAP C_THR70_2404 study questions not only have three different versions for our customers to choose and enjoy the convenience and preasure in the varied displays. Their enrichment is dependable and reliable on the SAP C-THR97-2405 training braindumps.
Updated: May 26, 2022