Our FAR Latest Practice Questions Sheet real exam can be downloaded for free trial before purchase, which allows you to understand our FAR Latest Practice Questions Sheet sample questions and software usage. It will also enable you to make a decision based on your own needs and will not regret. If you encounter any problems in the process of purchasing or using FAR Latest Practice Questions Sheet study guide you can contact our customer service by e-mail or online at any time, we will provide you with professional help. There are so many specialists who join together and contribute to the success of our FAR Latest Practice Questions Sheet guide quiz just for your needs. As well as responsible and patient staff who has being trained strictly before get down to business and interact with customers on our FAR Latest Practice Questions Sheet exam questions. Your ability will be enhanced quickly.
Our FAR Latest Practice Questions Sheet exam torrent carries no viruses.
Of course, FAR - CPA Financial Accounting and Reporting Latest Practice Questions Sheet learning materials produced several versions of the product to meet the requirements of different users. As long as you study our FAR Pdf Format training engine and followe it step by step, we believe you will achieve your dream easily. Every question from our FAR Pdf Format study materials is carefully elaborated and the content of our FAR Pdf Format exam questions involves the professional qualification certificate examination.
FAR Latest Practice Questions Sheet training materials are not only the domestic market, but also the international high-end market. We are studying some learning models suitable for high-end users. Our research materials have many advantages.
AICPA FAR Latest Practice Questions Sheet - More useful certifications mean more ways out.
We attract customers by our fabulous FAR Latest Practice Questions Sheet certification material and high pass rate, which are the most powerful evidence to show our strength. We are so proud to tell you that according to the statistics from our customers’ feedback, the pass rate among our customers who prepared for the exam with our FAR Latest Practice Questions Sheet test guide have reached as high as 99%, which definitely ranks the top among our peers. Hence one can see that the CPA Financial Accounting and Reporting learn tool compiled by our company are definitely the best choice for you.
A good learning platform should not only have abundant learning resources, but the most intrinsic things are very important, and the most intuitive things to users are also indispensable. The FAR Latest Practice Questions Sheet test material is professional editorial team, each test product layout and content of proofreading are conducted by experienced professionals who have many years of rich teaching experiences, so by the editor of fine typesetting and strict check, the latest FAR Latest Practice Questions Sheet exam torrent is presented to each user's page is refreshing, but also ensures the accuracy of all kinds of learning materials is extremely high.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 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.
So we take this factor into consideration, develop the most efficient way for you to prepare for the IBM C1000-169 exam, that is the real questions and answers practice mode, firstly, it simulates the real CPA Financial Accounting and Reporting test environment perfectly, which offers greatly help to our customers. Microsoft DP-100 - Each question and answer are researched and verified by the industry experts. SAP C-S43-2023 - And on your way to success, they can offer titanic help to make your review more relaxing and effective. We strongly advise you to buy our online engine and windows software of the Microsoft DP-300-KR study materials, which can simulate the real test environment. The successful outcomes are appreciable after you getting our Linux Foundation FOCP exam prep.
Updated: May 26, 2022