Our products have a cost-effective, and provide one year free update. Our certification training materials are all readily available. Our website is a leading supplier of the answers to dump. There is no doubt they are clear-cut and easy to understand to fulfill your any confusion about the exam. Our CPA Financial Accounting and Reporting exam question is applicable to all kinds of exam candidates who eager to pass the exam. Omgzlook AICPA FAR New Practice Questions Pdf exam comprehensively covers all syllabus and complex issues.
AICPA Certification FAR As well as our after-sales services.
AICPA Certification FAR New Practice Questions Pdf - CPA Financial Accounting and Reporting Not every training materials on the Internet have such high quality. Firstly, a huge amount of first hand materials are essential, which influences the quality of the compilation about the New Practice Questions FAR Pdf actual test guide. We have tried our best to find all reference books.
Do you feel headache looking at so many IT certification exams and so many exam materials? What should you do? Which materials do you choose? If you don't know how to choose, I choose your best exam materials for you. You can choose to attend AICPA FAR New Practice Questions Pdf exam which is the most popular in recent. Getting FAR New Practice Questions Pdf certificate, you will get great benefits.
AICPA FAR New Practice Questions Pdf - It will not cause you any trouble.
Our Omgzlook team always provide the best quality service in the perspective of customers. There are many reasons why we are be trusted: 24-hour online customer service, the free experienced demo for FAR New Practice Questions Pdf exam materials, diversity versions, one-year free update service after purchase, and the guarantee of no help full refund. If you can successfully pass the FAR New Practice Questions Pdf exam with the help of our Omgzlook, we hope you can remember our common efforts.
When the some candidates through how many years attempted to achieve a goal to get FAR New Practice Questions Pdf certification, had still not seen success hope, candidate thought always depth is having doubts unavoidably bog: can I get FAR New Practice Questions Pdf certification? When can I get FAR New Practice Questions Pdf certification? In this a succession of question behind, is following close on is the suspicion and lax. In fact, passing FAR New Practice Questions Pdf certification exam is just a piece of cake!
FAR PDF DEMO:
QUESTION NO: 1
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:
QUESTION NO: 2
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: 3
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.
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
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.
Omgzlook release the best high-quality EMC D-PSC-DS-23 exam original questions to help you most candidates pass exams and achieve their goal surely. SAP C-ARCIG-2404 - Nowadays, our learning methods become more and more convenient. We provide one year studying assist service and one year free updates downloading of AICPA EC-COUNCIL EC0-349 exam questions. Microsoft MB-500 - So you need to be brave enough to have a try. Most IT workers prefer to choose our online test engine for their EMC D-PDD-DY-23 exam prep because online version is more flexible and convenient.
Updated: May 26, 2022