According to different audience groups, our products for the examination of the teaching content of a careful division, so that every user can find a suitable degree of learning materials. More and more candidates choose our FAR New Practice Questions Book quiz guide, they are constantly improving, so what are you hesitating about? As long as users buy our products online, our CPA Financial Accounting and Reporting practice materials will be shared in five minutes, so hold now, but review it! This may be the best chance to climb the top of your life. Or, you can consult someone who has participated in the FAR New Practice Questions Book exam. They must know or use our products. Because our FAR New Practice Questions Book learning quiz is prepared to meet your diverse needs.
AICPA Certification FAR You really don't have time to hesitate.
AICPA Certification FAR New Practice Questions Book - CPA Financial Accounting and Reporting Omgzlook is a wonderful study platform that can transform your effective diligence in to your best rewards. I believe this will also be one of the reasons why you choose our Relevant FAR Exam Dumps study materials. After you use Relevant FAR Exam Dumps real exam，you will not encounter any problems with system .
With all this reputation, our company still take customers first, the reason we become successful lies on the professional expert team we possess , who engage themselves in the research and development of our FAR New Practice Questions Book learning guide for many years. So we can guarantee that our FAR New Practice Questions Book exam materials are the best reviewing material. Concentrated all our energies on the study FAR New Practice Questions Book learning guide we never change the goal of helping candidates pass the exam.
AICPA FAR New Practice Questions Book - It is all about efficiency and accuracy.
With the improvement of people’s living standards, there are more and more highly educated people. To defeat other people in the more and more fierce competition, one must demonstrate his extraordinary strength. Today, getting FAR New Practice Questions Book certification has become a trend, and FAR New Practice Questions Book exam dump is the best weapon to help you pass certification. We all know that obtaining the FAR New Practice Questions Book certification is very difficult, and students who want to pass the exam often have to spend a lot of time and energy. After years of hard work, the experts finally developed a set of perfect learning materials FAR New Practice Questions Book practice materials that would allow the students to pass the exam easily. With our study materials, you only need 20-30 hours of study to successfully pass the exam and reach the peak of your career. What are you waiting for? Come and buy it now.
And our website has already became a famous brand in the market because of our reliable FAR New Practice Questions Book exam questions. Different from all other bad quality practice materials that cheat you into spending much money on them, our FAR New Practice Questions Book exam materials are the accumulation of professional knowledge worthy practicing and remembering.
FAR PDF DEMO:
QUESTION NO: 1
Which of the following should be disclosed for each reportable operating segment of an enterprise?
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. In disclosure questions, if you are not sure, disclose the most rather than the least.
Choice "b" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. Choice "c" is incorrect. For each reportable segment of an enterprise, both profit or
loss and total assets should be disclosed. Choice "d" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets should be disclosed.
QUESTION NO: 2
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
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
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."
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
QUESTION NO: 5
How should the effect of a change in accounting estimate be accounted for?
A. By restating amounts reported in financial statements of prior periods.
B. By reporting pro forma amounts for prior periods.
C. As a prior period adjustment to beginning retained earnings.
D. In the period of change and future periods if the change affects both.
Answer: D
Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent
(future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice
"a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.
Are you still feeling distressed for expensive learning materials? Are you still struggling with complicated and difficult explanations in textbooks? Do you still hesitate in numerous tutorial materials? HashiCorp TA-003-P study guide can help you to solve all these questions. SAP C-S4CPR-2402 - For more textual content about practicing exam questions, you can download our products with reasonable prices and get your practice begin within 5 minutes. Snowflake COF-C02 - Just make your own decisions. Tableau TCA-C01 - And you can free donwload the demos to have a look. A good choice can make one work twice the result with half the effort, and our Lpi 306-300 study materials will be your right choice.
Updated: May 26, 2022