Now getting an international FAR Latest Test Cram Materials certificate has become a trend. If you do not hurry to seize the opportunity, you will be far behind others! Now the time cost is so high, choosing FAR Latest Test Cram Materials exam prep will be your most efficient choice. What’s more, we have achieved breakthroughs in FAR Latest Test Cram Materials study materials application as well as interactive sharing and after-sales service. As long as you need help, we will offer instant support to deal with any of your problems about our FAR Latest Test Cram Materials exam questions. You must be very surprised.
AICPA Certification FAR Now, our study materials are out of supply.
Our service staff will help you solve the problem about the FAR - CPA Financial Accounting and Reporting Latest Test Cram Materials training materials with the most professional knowledge and enthusiasm. Our FAR New Test Bootcamp Materials study materials are available for downloading without any other disturbing requirements as long as you have paid successfully, which is increasingly important to an examinee as he or she has limited time for personal study. Therefore, our FAR New Test Bootcamp Materials study materials are attributive to high-efficient learning.
Our FAR Latest Test Cram Materials exam quiz is so popular not only for the high quality, but also for the high efficiency services provided which owns to the efforts of all our staffs. First of all, if you are not sure about the FAR Latest Test Cram Materials exam, the online service will find the most accurate and all-sided information for you, so that you can know what is going on about all about the exam and make your decision to buy FAR Latest Test Cram Materials study guide or not.
AICPA FAR Latest Test Cram Materials - They compile each answer and question carefully.
Omgzlook is a website which is able to speed up your passing the AICPA certification FAR Latest Test Cram Materials exams. Our AICPA certification FAR Latest Test Cram Materials exam question bank is produced by Omgzlook's experts's continuously research of outline and previous exam. When you are still struggling to prepare for passing the AICPA certification FAR Latest Test Cram Materials exams, please choose Omgzlook's latest AICPA certification FAR Latest Test Cram Materials exam question bank, and it will brings you a lot of help.
By our study materials, all people can prepare for their FAR Latest Test Cram Materials exam in the more efficient method. We can guarantee that our study materials will be suitable for all people and meet the demands of all people, including students, workers and housewives and so on.
FAR PDF DEMO:
QUESTION NO: 1
Conceptually, interim financial statements can be described as emphasizing:
A. Timeliness over reliability.
B. Reliability over relevance.
C. Relevance over comparability.
D. Comparability over neutrality.
Answer: A
Explanation:
Choice "a" is correct. Interim financial statements emphasize timeliness (an element of relevance) by providing financial information based on actual performance to date and estimates prior to year end.
Information must be available when it is needed to be useful. Reliability is impeded by the extensive use
of estimates; however, the lag until verifiability is obtained detracts from usefulness. SFAC 2 para. 56
Choice "b" is incorrect. Relevance (particularly timeliness) of information in interim financial statements is
emphasized more than reliability. Reliability is impeded by the extensive use of estimates in interim data.
Choice "c" is incorrect. Since comparability is a secondary quality of information, there should be no need
to trade off comparability for relevance (a primary quality). Choice "d" is incorrect. Neutrality is an element
of reliability (a primary quality of information. There should be NO need for a trade-off for comparability
over neutrality.
QUESTION NO: 2
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: 3
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: 4
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: 5
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."
EMC D-VXR-OE-23 - We can let you spend a small amount of time and money and pass the IT certification exam at the same time. If you do not receive our SAP C-S4FTR-2023 study materials, please contact our online workers. Omgzlook has more than 10 years experience in IT certification OMG OMG-OCUP2-ADV300 exam training, including questions and answers. You will enjoy different learning interests under the guidance of the three versions of Microsoft SC-100 training guide. Omgzlook AICPA Salesforce Industries-CPQ-Developer exam training materials can help you to come true your dreams.
Updated: May 26, 2022