We will solve your problem as quickly as we can and provide the best service. Our after-sales service is great as we can solve your problem quickly and won’t let your money be wasted. If you aren’t satisfied with our FAR Test Study Guide exam torrent you can return back the product and refund you in full. As you can see, we never stop innovating new version of the FAR Test Study Guide study materials. We really need your strong support. In your every stage of review, our FAR Test Study Guide practice prep will make you satisfied.
AICPA Certification FAR As long as the road is right, success is near.
We can make sure that all employees in our company have wide experience and advanced technologies in designing the FAR - CPA Financial Accounting and Reporting Test Study Guide study dump. Using Reliable FAR Exam Dumps File real questions will not only help you clear exam with less time and money but also bring you a bright future. We are looking forward to your join.
Our FAR Test Study Guide study materials can have such a high pass rate, and it is the result of step by step that all members uphold the concept of customer first. If you use a trial version of FAR Test Study Guide training prep, you can find that our study materials have such a high passing rate and so many users support it. After using the trial version, we believe that you will be willing to choose FAR Test Study Guide exam questions.
AICPA FAR Test Study Guide - So you can take a best preparation for the exam.
Every detail of our FAR Test Study Guide exam guide is going through professional evaluation and test. Other workers are also dedicated to their jobs. Even the proofreading works of the FAR Test Study Guide study materials are complex and difficult. They still attentively accomplish their tasks. Please have a try and give us an opportunity. Our FAR Test Study Guide preparation quide will totally amaze you and bring you good luck. And it deserves you to have a try!
Omgzlook's training tool has strong pertinence, which can help you save a lot of valuable time and energy to pass IT certification exam. Our exercises and answers and are very close true examination questions.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 4
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:
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.
Our EMC D-PE-FN-23 study materials absolutely can add more pleasure to your life. Cisco 350-201 - If these training products do not help you pass the exam, we guarantee to refund the full purchase cost. If you attach great importance to the protection of personal information and want to choose a very high security product, IBM C1000-174 real exam is definitely your first choice. Some of the test data on the site is free, but more importantly is that it provides a realistic simulation exercises that can help you to pass the AICPA Juniper JN0-452 exam. EMC D-PEXE-IN-A-00 - Each of us is dreaming of being the best, but only a few people take that crucial step.
Updated: May 26, 2022