In any case, many people have passed the exam after using FAR Reliable Exam Sample Online training materials. This is a fact that you must see. As long as you are still a sensible person, you will definitely choose FAR Reliable Exam Sample Online practice quiz. And we are the leading practice materials in this dynamic market. To facilitate your review process, all questions and answers of our FAR Reliable Exam Sample Online test question is closely related with the real exam by our experts who constantly keep the updating of products to ensure the accuracy of questions, so all FAR Reliable Exam Sample Online guide question is 100 percent assured. The efficiency of our FAR Reliable Exam Sample Online exam braindumps has far beyond your expectation.
AICPA Certification FAR They have always been in a trend of advancement.
So our FAR - CPA Financial Accounting and Reporting Reliable Exam Sample Online test prep will not occupy too much time. By focusing on how to help you effectively, we encourage exam candidates to buy our FAR Valid Study Questions Ebook practice test with high passing rate up to 98 to 100 percent all these years. Our AICPA exam dumps almost cover everything you need to know about the exam.
We hope that our new design can make study more interesting and colorful. You also can send us good suggestions about developing the study material. Our online test engine and windows software of the FAR Reliable Exam Sample Online test answers will let your experience the flexible learning style.
AICPA FAR Reliable Exam Sample Online - I wish you good luck.
Omgzlook website is fully equipped with resources and the questions of AICPA FAR Reliable Exam Sample Online exam, it also includes the AICPA FAR Reliable Exam Sample Online exam practice test. Which can help candidates prepare for the exam and pass the exam. You can download the part of the trial exam questions and answers as a try. Omgzlook provide true and comprehensive exam questions and answers. With our exclusive online AICPA FAR Reliable Exam Sample Online exam training materials, you'll easily through AICPA FAR Reliable Exam Sample Online exam. Our site ensure 100% pass rate.
If you use Omgzlook'straining program, you can 100% pass the exam. If you fail the exam, we will give a full refund to you.
FAR PDF DEMO:
QUESTION NO: 1
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: 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
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: 3
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: 4
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: 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.
There are many dumps and training materials providers that would guarantee you pass the AICPA SAP C_THR70_2404 exam. So IT professionals to enhance their knowledge through AICPA SAP C_CPI_2404 exam certification. Before you decide to buy, you can try a free trial version, so that you will know the quality of the Omgzlook's AICPA Network Appliance NS0-521 exam training materials. Huawei H13-334_V1.0 - The training materials can help you pass the certification. Amazon SAA-C03 - Select it will be your best choice.
Updated: May 26, 2022