With our study materials, you only need 20-30 hours of study to successfully pass the exam and reach the peak of your career. What are you waiting for? Come and buy it now. With the improvement of people’s living standards, there are more and more highly educated people. And our website has already became a famous brand in the market because of our reliable FAR Test Objectives Pdf exam questions. Different from all other bad quality practice materials that cheat you into spending much money on them, our FAR Test Objectives Pdf exam materials are the accumulation of professional knowledge worthy practicing and remembering. Are you still feeling distressed for expensive learning materials? Are you still struggling with complicated and difficult explanations in textbooks? Do you still hesitate in numerous tutorial materials? FAR Test Objectives Pdf study guide can help you to solve all these questions.
AICPA Certification FAR You can directly select our products.
AICPA Certification FAR Test Objectives Pdf - CPA Financial Accounting and Reporting And you can free donwload the demos to have a look. In addition to the lack of effort, you may also not make the right choice on our Official FAR Practice Test exam questions. A good choice can make one work twice the result with half the effort, and our Official FAR Practice Test study materials will be your right choice.
So our FAR Test Objectives Pdf real questions may help you generate financial reward in the future and provide more chances to make changes with capital for you and are indicative of a higher quality of life. It is not just an easy decision to choose our FAR Test Objectives Pdf prep guide, because they may bring tremendous impact on your individuals development. Holding a professional certificate means you have paid more time and effort than your colleagues or messmates in your major, and have experienced more tests before succeed.
AICPA FAR Test Objectives Pdf - Omgzlook guarantee 100% success.
Nowadays, online shopping has been greatly developed, but because of the fear of some uncontrollable problems after payment, there are still many people don't trust to buy things online, especially electronic products. But you don't have to worry about this when buying our FAR Test Objectives Pdf actual exam. Not only will we fully consider for customers before and during the purchase on our FAR Test Objectives Pdf practice guide, but we will also provide you with warm and thoughtful service on the FAR Test Objectives Pdf training guide.
If you find any quality problems of our FAR Test Objectives Pdf or you do not pass the exam, we will unconditionally full refund. Omgzlook is professional site that providing AICPA FAR Test Objectives Pdf questions and answers , it covers almost the FAR Test Objectives Pdf full knowledge points.
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.
Perhaps you know nothing about our EMC D-SF-A-24 study guide. VMware 5V0-31.23 - Omgzlook has been to make the greatest efforts to provide the best and most convenient service for our candidates. Amazon SOA-C02-KR - The free demo has three versions. Omgzlook's AICPA EMC D-PVM-OE-23 exam training materials is a very good training materials. VMware 3V0-61.24 - Where is a will, there is a way.
Updated: May 26, 2022