Adn the APP online version can be applied to all electronic devices. We have three different versions of our FAR Latest Test Camp Sheet exam questions which can cater to different needs of our customers. They are the versions: PDF, Software and APP online. Our FAR Latest Test Camp Sheet exam torrent carries no viruses. We provide free update and online customer service which works on the line whole day. And we have three different versions Of our FAR Latest Test Camp Sheet study guide: the PDF, the Software and the APP online.
AICPA Certification FAR But they do not know which to believe.
Having a AICPA FAR - CPA Financial Accounting and Reporting Latest Test Camp Sheet certification can enhance your employment prospects,and then you can have a lot of good jobs. This is indeed true, no doubt, do not consider, act now. In this era, everything is on the rise.
With Omgzlook's help, you do not need to spend a lot of money to participate in related cram or spend a lot of time and effort to review the relevant knowledge, but can easily pass the exam. Simulation test software of AICPA FAR Latest Test Camp Sheet exam is developed by Omgzlook's research of previous real exams. Omgzlook's AICPA FAR Latest Test Camp Sheet exam practice questions have a lot of similarities with the real exam practice questions.
AICPA FAR Latest Test Camp Sheet - In this, you can check its quality for yourself.
In order to meet the request of current real test, the technology team of research on Omgzlook AICPA FAR Latest Test Camp Sheet 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 Latest Test Camp Sheet exam materials. This allows Omgzlook to always have the materials of highest quality.
Once you have checked our demo, you will find the study materials we provide are what you want most. Our target is to reduce your pressure and improve your learning efficiency from preparing for FAR Latest Test Camp Sheet exam.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 3
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.
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 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: 5
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:
Qlik QREP - In this competitive world, it is more important than ever. Have you ever tried our IT exam certification software provided by our Omgzlook? If you have, you will use our Linux Foundation FOCP exam software with no doubt. Snowflake DEA-C01 - Our strength will make you incredible. Huawei H19-301_V3.0 - We try our best to ensure 100% pass rate for you. Fortinet NSE7_LED-7.0 - The opportunity always belongs to a person who has the preparation.
Updated: May 26, 2022