If you have any questions after you buy our FAR Test Simulator Online study guide, you can always get thoughtful support and help by email or online inquiry. If you neeed any support, and we are aways here to help you. Our considerate service is not only reflected in the purchase process, but also reflected in the considerate after-sales assistance on our FAR Test Simulator Online exam questions. The PDF version of our FAR Test Simulator Online test braindumps provide demo for customers; you will have the right to download the demo for free if you choose to use the PDF version. At the same time, if you use the PDF version, you can print our FAR Test Simulator Online exam torrent by the PDF version; it will be very easy for you to take notes. We only use the certificated experts and published authors to compile our study materials and our products boost the practice test software to test the clients’ ability to answer the questions.
AICPA Certification FAR So customer orientation is the beliefs we honor.
AICPA Certification FAR Test Simulator Online - CPA Financial Accounting and Reporting Our CPA Financial Accounting and Reporting study question is compiled and verified by the first-rate experts in the industry domestically and they are linked closely with the real exam. Besides, the pass rate of our Test FAR Lab Questions exam questions are unparalled high as 98% to 100%, you will get success easily with our help. There are so many features to show that our Test FAR Lab Questions study guide surpasses others.
Especially if you do not choose the correct study materials and find a suitable way, it will be more difficult for you to pass the exam and get the AICPA related certification. If you want to get the related certification in an efficient method, please choose the FAR Test Simulator Online learning dumps from our company. We can guarantee that the study materials from our company will help you pass the exam and get the certification in a relaxed and efficient method.
AICPA FAR Test Simulator Online - Your life will be even more exciting.
Once the user has used our FAR Test Simulator Online test prep for a mock exercise, the product's system automatically remembers and analyzes all the user's actual operations. The user must complete the test within the time specified by the simulation system, and there is a timer on the right side of the screen, as long as the user begins the practice of FAR Test Simulator Online quiz guide, the timer will run automatic and start counting. If the user does not complete the mock test question in a specified time, the practice of all FAR Test Simulator Online valid practice questions previously done by the user will automatically uploaded to our database. The system will then generate a report based on the user's completion results, and a report can clearly understand what the user is good at. Finally, the transfer can be based on the FAR Test Simulator Online valid practice questions report to develop a learning plan that meets your requirements. With constant practice, users will find that feedback reports are getting better, because users spend enough time on our FAR Test Simulator Online test prep.
The price of our FAR Test Simulator Online learning guide is among the range which you can afford and after you use our FAR Test Simulator Online study materials you will certainly feel that the value of the FAR Test Simulator Online exam questions far exceed the amount of the money you pay for the pass rate of our practice quiz is 98% to 100% which is unmarched in the market. Choosing our FAR Test Simulator Online study guide equals choosing the success and the perfect service.
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.
Our online service staff is professionally trained, and users' needs about The Open Group OGEA-101 test guide can be clearly understood by them. We can promise that we will provide you with quality products, reasonable price and professional after sale service on our Salesforce Marketing-Cloud-Developer learning guide. IAPP CIPT - What is the measure of competence? Of course, most companies will judge your level according to the number of qualifications you have obtained. Microsoft DP-420 - The most advantage of the online version is that this version can support all electronica equipment. Now getting an international CompTIA N10-008 certificate has become a trend.
Updated: May 26, 2022