At present, artificial intelligence is developing so fast. So machines inevitably grow smarter and more agile. In the result, many simple jobs are substituted by machines. And our FAR Valid Exam Review training materials have the function to remember and correct your errors. If you commit any errors, Our FAR Valid Exam Review learning questions can correct your errors with accuracy rate more than 98 percent. So it is important to get familiar with the real test environment.
AICPA FAR Valid Exam Review exam is a Technical Specialist exam.
AICPA Certification FAR Valid Exam Review - CPA Financial Accounting and Reporting Besides, it can all the time provide what you want. So that you can know the Omgzlook's exam material is real and effective. As we all know, in the era of the popularity of the Internet, looking for information is a very simple thing.
Omgzlook can not only provide all the information related to the AICPA certification FAR Valid Exam Review exam for the candidates, but also provide a good learning opportunity for them. Omgzlook be able to help you pass AICPA certification FAR Valid Exam Review exam successfully. Having a AICPA FAR Valid Exam Review certification can enhance your employment prospects,and then you can have a lot of good jobs.
AICPA FAR Valid Exam Review - There are two versions of Omgzlook dumps.
In order to meet the request of current real test, the technology team of research on Omgzlook AICPA FAR Valid Exam Review exam materials is always update the questions and answers in time. We always accept feedbacks from users, and take many of the good recommendations, resulting in a perfect Omgzlook AICPA FAR Valid Exam Review exam materials. This allows Omgzlook to always have the materials of highest quality.
If you still worry about your FAR Valid Exam Review exam; if you still doubt whether it is worthy of purchasing our software, what you can do to clarify your doubts is to download our FAR Valid Exam Review free demo. Once you have checked our demo, you will find the study materials we provide are what you want most.
FAR PDF DEMO:
QUESTION NO: 1
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.
QUESTION NO: 2
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: 3
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
QUESTION NO: 4
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
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.
Then you can try the Omgzlook's AICPA Tableau TDS-C01 exam training materials. Our Microsoft PL-100 exam software is developed by our IT elite through analyzing real Microsoft PL-100 exam content for years, and there are three version including PDF version, online version and software version for you to choose. Do you want to pass the AICPA Microsoft AZ-104 exam better and faster? Then please select the Omgzlook. We constantly updated the Cisco 200-301 exam materials at the same time with the exam update. Will you seize Omgzlook to make you achievement? Omgzlook AICPA ACAMS CAMS-KR certification training materials will guarantee your success.
Updated: May 26, 2022