On the other hand, Software version of our FAR Latest Test Questions Vce practice questions is also welcomed by customers, especially for windows users. As for PPT online version, as long as you download the app into your computer. You can enjoy the nice service from us. How to improve your IT ability and increase professional IT knowledge of FAR Latest Test Questions Vce real exam in a short time? Obtaining valid training materials will accelerate the way of passing FAR Latest Test Questions Vce actual test in your first attempt. It will just need to take one or two days to practice AICPA FAR Latest Test Questions Vce test questions and remember answers. In the course of your study, the test engine of FAR Latest Test Questions Vce actual exam will be convenient to strengthen the weaknesses in the learning process.
AICPA Certification FAR Just add it to your cart.
As a key to the success of your life, the benefits that our FAR - CPA Financial Accounting and Reporting Latest Test Questions Vce study braindumps can bring you are not measured by money. Our Latest FAR Real Test test engine allows you to study anytime and anywhere. In addition, you can set the time for each test practice of Latest FAR Real Test simulate test.
We can assure you the proficiency of our FAR Latest Test Questions Vce exam prep. So this is a definitive choice, it means our FAR Latest Test Questions Vce practice quiz will help you reap the fruit of success. To lead a respectable life, our specialists made a rigorously study of professional knowledge about this FAR Latest Test Questions Vce exam.
So the AICPA FAR Latest Test Questions Vce exam is a great beginning.
We have applied the latest technologies to the design of our FAR Latest Test Questions Vce exam prep not only on the content but also on the displays. As a consequence you are able to keep pace with the changeable world and remain your advantages with our FAR Latest Test Questions Vce training braindumps. Besides, you can consolidate important knowledge for you personally and design customized study schedule or to-do list on a daily basis. As long as you follow with our FAR Latest Test Questions Vce study guide, you are doomed to achieve your success.
We would like to provide our customers with different kinds of FAR Latest Test Questions Vce practice guide to learn, and help them accumulate knowledge and enhance their ability. Besides, we guarantee that the FAR Latest Test Questions Vce exam questions of all our users can be answered by professional personal in the shortest time with our FAR Latest Test Questions Vce study dumps.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 3
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: 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.
Every addition or subtraction of Snowflake DEA-C01 exam questions in the exam syllabus is updated in our braindumps instantly. SAP C-THR70-2404 - This means with our products you can prepare for exams efficiently and at the same time you will get 100% success for sure. We are very confident in the quality of VMware 2V0-33.22PSE} guide dumps. With CPA Financial Accounting and Reporting torrent prep, you no longer have to put down the important tasks at hand in order to get to class; with Amazon ANS-C01-KR exam questions, you don’t have to give up an appointment for study. No more cramming from books and note, just prepare our interactive questions and answers and learn everything necessary to easily pass the actual EMC D-VXB-DY-A-24 exam.
Updated: May 26, 2022