If you are unfamiliar with our FAR New Exam Cram Materials practice materials, please download the free demos for your reference, and to some unlearned exam candidates, you can master necessities by our FAR New Exam Cram Materials training prep quickly. Our passing rate of the FAR New Exam Cram Materials study guide has reached up to 98 to 100 percent up to now, so you cannot miss this opportunity. And you will feel grateful if you choose our FAR New Exam Cram Materials exam questions. We use the 99% pass rate to prove that our FAR New Exam Cram Materials practice materials have the power to help you go through the exam and achieve your dream. You may doubt about such an amazing data of our pass rate on our FAR New Exam Cram Materials learning prep, which is unimaginable in this industry. By browsing this website, all there versions of FAR New Exam Cram Materials training materials can be chosen according to your taste or preference.
AICPA Certification FAR Our company is rated as outstanding enterprise.
Therefore, with our FAR - CPA Financial Accounting and Reporting New Exam Cram Materials study materials, you can easily find the key content of the exam and review it in a targeted manner so that you can successfully pass the FAR - CPA Financial Accounting and Reporting New Exam Cram Materials exam. We have taken all your worries into consideration. Also, we adopt the useful suggestions about our FAR Exam Learning study materials from our customers.
Our service staff will help you solve the problem about the FAR New Exam Cram Materials training materials with the most professional knowledge and enthusiasm. We believe that can completely dispel your worries on FAR New Exam Cram Materials exam braindumps. So please feel free to contact us if you have any trouble on our FAR New Exam Cram Materials practice questions.
AICPA FAR New Exam 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 New Exam Cram Materials exams. Our AICPA certification FAR New Exam 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 New Exam Cram Materials exams, please choose Omgzlook's latest AICPA certification FAR New Exam Cram Materials exam question bank, and it will brings you a lot of help.
In order to meet the demands of all people, these excellent experts and professors from our company have been working day and night. They tried their best to design the best FAR New Exam Cram Materials certification training dumps from our company for all people.
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
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: 4
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: 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:
Amazon ANS-C01-KR - 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 ASQ CQE study materials, please contact our online workers. Omgzlook has more than 10 years experience in IT certification Salesforce CRT-251 exam training, including questions and answers. Huawei H31-311_V2.5 - So you can have wide choices. Docker DCA - With high quality training materials by Omgzlook provided, you will certainly pass the exam.
Updated: May 26, 2022