So, our learning materials help users to be assured of the FAR Latest Study Guide Questions exam. Currently, my company has introduced a variety of learning materials, covering almost all the official certification of qualification exams, and each FAR Latest Study Guide Questions learning materials in our online store before the listing, are subject to stringent quality checks within the company. Our FAR Latest Study Guide Questions research materials are widely known throughout the education market. It is quite convenient. Once you browser our official websites, you are bound to love our FAR Latest Study Guide Questions practice questions. No extra reference books are needed.
AICPA Certification FAR This is a real news.
Every day they are on duty to check for updates of FAR - CPA Financial Accounting and Reporting Latest Study Guide Questions study materials for providing timely application. It includes questions and answers, and issimilar with the real exam questions. This really can be called the best training materials.
Besides, the price of our FAR Latest Study Guide Questions learning guide is very favourable even the students can afford it. By resorting to our FAR Latest Study Guide Questions exam materials, we can absolutely reap more than you have imagined before. We have clear data collected from customers who chose our FAR Latest Study Guide Questions practice braindumps, and the passing rate is 98-100 percent.
AICPA FAR Latest Study Guide Questions - Then join our preparation kit.
FAR Latest Study Guide Questions exam materials provide you the best learning prospects, by employing minimum exertions through the results are satisfyingly surprising, beyond your expectations. Despite the intricate nominal concepts, FAR Latest Study Guide Questions exam dumps questions have been streamlined to the level of average candidates, pretense no obstacles in accepting the various ideas. The combination of FAR Latest Study Guide Questions Exam practice software and PDF Questions and Answers make the preparation easier and increase the chances to get higher score in the FAR Latest Study Guide Questions exam.
What most useful is that PDF format of our FAR Latest Study Guide Questions exam materials can be printed easily, you can learn it everywhere and every time you like. It is really convenient for candidates who are busy to prepare the exam.
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
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: 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
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: 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.
Now you can become Amazon SAA-C03-KRcertified professional with Dumps preparation material. Amazon SAP-C02 - You can browser our websites to see other customers’ real comments. Salesforce Customer-Data-Platform - The use of test preparation exam questions helps them to practice thoroughly. CompTIA PT0-003 - Quickly, the scores will display on the screen. Moreover if you are not willing to continue our ISACA CISA-KR test braindumps service, we would delete all your information instantly without doubt.
Updated: May 26, 2022