So our study materials are helpful to your preparation of the FAR Valid Test Dumps.Zip exam. As a matter of fact, we receive thousands of the warm feedbacks to thank us for helping them pass the exam. Our FAR Valid Test Dumps.Zip training guide has been well known in the market. So we have advandages not only on the content but also on the displays. Omgzlook is famous for our company made these FAR Valid Test Dumps.Zip exam questions with accountability. But our FAR Valid Test Dumps.Zip study guide will offer you the most professional guidance.
AICPA Certification FAR All in all, learning never stops!
AICPA Certification FAR Valid Test Dumps.Zip - CPA Financial Accounting and Reporting Their vantages are incomparable and can spare you from strained condition. Few people can calm down and ask what they really want. You live so tired now.
To satisfy the goals of exam candidates, we created the high quality and high accuracy FAR Valid Test Dumps.Zip real materials for you. By experts who diligently work to improve our practice materials over ten years, all content are precise and useful and we make necessary alternations at intervals. We emphasize on customers satisfaction, which benefits both exam candidates and our company equally.
Our AICPA FAR Valid Test Dumps.Zip study materials deserve your purchasing.
The optimization of FAR Valid Test Dumps.Zip training questions is very much in need of your opinion. If you find any problems during use, you can give us feedback. We will give you some benefits as a thank you. You will get a chance to update the system of FAR Valid Test Dumps.Zip real exam for free. Of course, we really hope that you can make some good suggestions after using our FAR Valid Test Dumps.Zip study materials. We hope to grow with you and help you get more success in your life.
A free trial service is provided for all customers by our FAR Valid Test Dumps.Zip study quiz, whose purpose is to allow customers to understand our products in depth before purchase. Many students often complain that they cannot purchase counseling materials suitable for themselves.
FAR PDF DEMO:
QUESTION NO: 1
According to the FASB conceptual framework, the process of reporting an item in the financial statements
of an entity is:
A. Allocation.
B. Matching.
C. Realization.
D. Recognition.
Answer: D
Explanation:
Choice "d" is correct. Recognition is the process of recording an item in the financial statements of an entity. SFAC 5 para. 6 Choice "a" is incorrect. Allocation is the accounting process of assigning or distributing an amount according to a plan or a formulA. SFAC 6 para. 142 Choice "b" is incorrect.
Matching of costs and revenues is simultaneous or combined recognition of the revenues and expenses
that result directly and jointly from the same transactions or other events. SFAC 6 para. 146 Choice
"c" is
incorrect. Realization is the process of converting noncash resources and rights into money. SFAC 6 para.
1 43
QUESTION NO: 2
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
. Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain.
Fuqua has frequently retired bonds early when interest rates declined significantly.
. A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
. A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in
1 990?
A. $0
B. $5,000
C. $(90,000)
D. $(350,000)
Answer: A
Explanation:
Choice "a" is correct. $0. Note: The sale of the steel transportation component resulted in a loss from discontinued operations and is reported after "income from continuing operations." The steel forming
segment's hurricane damage (4th in 5 years) of $255,000 is only "unusual in nature" and does not occur
infrequently, therefore, it is not an "extraordinary item," and should be reported separately as a component of "income from continuing operations." The retirement of debt, although unusual, is not infrequent for the company; therefore, the gain does not qualify for classification as an extraordinary item
per APBO No. 30 (and SFAS No. 145).
QUESTION NO: 3
In general, an enterprise preparing interim financial statements should:
A. Defer recognition of seasonal revenue.
B. Disregard permanent decreases in the market value of its inventory.
C. Allocate revenues and expenses evenly over the quarters, regardless of when they actually occurred.
D. Use the same accounting principles followed in preparing its latest annual financial statements.
Answer: D
Explanation:
Choice "d" is correct. Generally accepted accounting principles that were used in the most recent annual
report of an enterprise should be applied to interim financial statements of the current year, unless a change in accounting principle is adopted in the current year.
Choices "a", "b", and "c" are incorrect, per above.
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
Quo manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is
preferable, accounting for these long-term contracts was switched from the completed-contract method to
the percentage-of-completion method.
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: A
Explanation:
Choice "a" is correct. Switching from the completed-contract method of accounting to the percentage-of
completion method is a "change in accounting principle."
QUESTION NO: 5
Which of the following should be disclosed for each reportable operating segment of an enterprise?
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. In disclosure questions, if you are not sure, disclose the most rather than the least.
Choice "b" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. Choice "c" is incorrect. For each reportable segment of an enterprise, both profit or
loss and total assets should be disclosed. Choice "d" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets should be disclosed.
Salesforce MuleSoft-Integration-Architect-I - And you will find that the coming exam is just a piece of cake in front of you. Microsoft MB-700 - I hope we have enough sincerity to impress you. Oracle 1z1-071 - Go against the water and retreat if you fail to enter. Symantec 250-586 - If you don't believe, you can give it a try. Combined with your specific situation and the characteristics of our Salesforce Salesforce-AI-Associate exam questions, our professional services will recommend the most suitable version of Salesforce Salesforce-AI-Associate study materials for you.
Updated: May 26, 2022