So what we can do is to help you not waste your efforts on the exam preparation. The Reliability and authority of FAR Valid Exam Experience exam software on our Omgzlook has been recognized by majority of our customers, which will be found when you download our free demo. We will try our best to help you pass FAR Valid Exam Experience exam successfully. If you would like to get the mock test before the real FAR Valid Exam Experience exam you can choose the software version, and if you want to study in anywhere at any time then our online APP version is your best choice since you can download it in any electronic devices. And the price of our FAR Valid Exam Experience learning guide is favorable. It is possible for you to easily pass FAR Valid Exam Experience exam.
AICPA Certification FAR You can copy to your mobile, Ipad or others.
The CPA Financial Accounting and Reporting prepare torrent is absorbed in the advantages of the traditional learning platform and realize their shortcomings, so as to develop the FAR - CPA Financial Accounting and Reporting Valid Exam Experience test material more suitable for users of various cultural levels. Our FAR Training Solutions dumps torrent contains everything you want to solve the challenge of real exam. Our FAR Training Solutions free dumps demo will provide you some basic information for the accuracy of our exam materials.
What we attach importance to in the transaction of latest FAR Valid Exam Experience quiz prep is for your consideration about high quality and efficient products and time-saving service. We treasure time as all customers do. Therefore, fast delivery is another highlight of our latest FAR Valid Exam Experience quiz prep.
AICPA FAR Valid Exam Experience - You can totally rely on us!
FAR Valid Exam Experience study engine is very attentive to provide a demo for all customers who concerned about our products, whose purpose is to allow customers to understand our product content before purchase. Many students suspect that if FAR Valid Exam Experience learning material is really so magical? Does it really take only 20-30 hours to pass such a difficult certification exam successfully? It is no exaggeration to say that you will be able to successfully pass the exam with our FAR Valid Exam Experience exam questions.
The download and install set no limits for the amount of the computers and the persons who use FAR Valid Exam Experience test prep. So we provide the best service for you as you can choose the most suitable learning methods to master the FAR Valid Exam Experience exam torrent.
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.
If you have any questions after you buy our SAP C-BW4H-2404 study guide, you can always get thoughtful support and help by email or online inquiry. I believe our SAP C-S4CFI-2402 test braindumps will bring you great convenience. Amazon SAP-C02 - Therefore choosing a certificate exam which boosts great values to attend is extremely important for them and the test AICPA certification is one of them. CompTIA SY0-601 - And we are consigned as the most responsible company in this area. Salesforce PDX-101 - You can use the practice test software to test whether you have mastered the CPA Financial Accounting and Reporting test practice dump and the function of stimulating the exam to be familiar with the real exam’s pace, atmosphere and environment.
Updated: May 26, 2022