As long as you buy our FAR Reliable Free Study Questions practice materials and take it seriously consideration, we can promise that you will pass your FAR Reliable Free Study Questions exam and get your certification in a short time. We can claim that if you study with our FAR Reliable Free Study Questions guide quiz for 20 to 30 hours, you will be confident to pass the exam for sure. So choose our exam braindumps to help you review, you will benefit a lot from our FAR Reliable Free Study Questions study guide. You can apply for many types of FAR Reliable Free Study Questions exam simulation at the same time. Once our system receives your application, it will soon send you what you need. We suggest you choose our FAR Reliable Free Study Questions test prep ----an exam braindump leader in the field.
AICPA Certification FAR Try it now!
AICPA Certification FAR Reliable Free Study Questions - CPA Financial Accounting and Reporting Many people always are stopped by the difficult questions. If you want to get a comprehensive idea about our real FAR Reliable Study Guide Ebook study materials. It is convenient for you to download the free demo, all you need to do is just to find the “Download for free” item, and you will find there are three kinds of versions of FAR Reliable Study Guide Ebook learning guide for you to choose from namely, PDF Version Demo, PC Test Engine and Online Test Engine, you can choose to download any one version of our FAR Reliable Study Guide Ebook exam questions as you like.
The the probability of passing AICPA certification FAR Reliable Free Study Questions exam is very small, but the reliability of Omgzlook can guarantee you to pass the examination of this probability. Our Omgzlook have a huge IT elite team. They will accurately and quickly provide you with AICPA certification FAR Reliable Free Study Questions exam materials and timely update AICPA FAR Reliable Free Study Questions exam certification exam practice questions and answers and binding.
AICPA FAR Reliable Free Study Questions - It can help you to pass the exam successfully.
With FAR Reliable Free Study Questions study engine, you will get rid of the dilemma that you work hard but cannot improve. With our FAR Reliable Free Study Questions learning materials, you can spend less time but learn more knowledge than others. FAR Reliable Free Study Questions exam questions will help you reach the peak of your career. Just think of that after you get the FAR Reliable Free Study Questions certification, you will have a lot of opportunities of going to biger and better company and getting higher incomes! what a brighter future!
Omgzlook allows you to have a bright future. And allows you to work in the field of information technology with high efficiency.
FAR PDF DEMO:
QUESTION NO: 1
Conceptually, interim financial statements can be described as emphasizing:
A. Timeliness over reliability.
B. Reliability over relevance.
C. Relevance over comparability.
D. Comparability over neutrality.
Answer: A
Explanation:
Choice "a" is correct. Interim financial statements emphasize timeliness (an element of relevance) by providing financial information based on actual performance to date and estimates prior to year end.
Information must be available when it is needed to be useful. Reliability is impeded by the extensive use
of estimates; however, the lag until verifiability is obtained detracts from usefulness. SFAC 2 para. 56
Choice "b" is incorrect. Relevance (particularly timeliness) of information in interim financial statements is
emphasized more than reliability. Reliability is impeded by the extensive use of estimates in interim data.
Choice "c" is incorrect. Since comparability is a secondary quality of information, there should be no need
to trade off comparability for relevance (a primary quality). Choice "d" is incorrect. Neutrality is an element
of reliability (a primary quality of information. There should be NO need for a trade-off for comparability
over neutrality.
QUESTION NO: 2
According to the FASB conceptual framework, the process of reporting an item in the financial statements
of an entity is:
A. Allocation.
B. Matching.
C. Realization.
D. Recognition.
Answer: D
Explanation:
Choice "d" is correct. Recognition is the process of recording an item in the financial statements of an entity. SFAC 5 para. 6 Choice "a" is incorrect. Allocation is the accounting process of assigning or distributing an amount according to a plan or a formulA. SFAC 6 para. 142 Choice "b" is incorrect.
Matching of costs and revenues is simultaneous or combined recognition of the revenues and expenses
that result directly and jointly from the same transactions or other events. SFAC 6 para. 146 Choice
"c" is
incorrect. Realization is the process of converting noncash resources and rights into money. SFAC 6 para.
1 43
QUESTION NO: 3
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
. Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain.
Fuqua has frequently retired bonds early when interest rates declined significantly.
. A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
. A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in
1 990?
A. $0
B. $5,000
C. $(90,000)
D. $(350,000)
Answer: A
Explanation:
Choice "a" is correct. $0. Note: The sale of the steel transportation component resulted in a loss from discontinued operations and is reported after "income from continuing operations." The steel forming
segment's hurricane damage (4th in 5 years) of $255,000 is only "unusual in nature" and does not occur
infrequently, therefore, it is not an "extraordinary item," and should be reported separately as a component of "income from continuing operations." The retirement of debt, although unusual, is not infrequent for the company; therefore, the gain does not qualify for classification as an extraordinary item
per APBO No. 30 (and SFAS No. 145).
QUESTION NO: 4
In general, an enterprise preparing interim financial statements should:
A. Defer recognition of seasonal revenue.
B. Disregard permanent decreases in the market value of its inventory.
C. Allocate revenues and expenses evenly over the quarters, regardless of when they actually occurred.
D. Use the same accounting principles followed in preparing its latest annual financial statements.
Answer: D
Explanation:
Choice "d" is correct. Generally accepted accounting principles that were used in the most recent annual
report of an enterprise should be applied to interim financial statements of the current year, unless a change in accounting principle is adopted in the current year.
Choices "a", "b", and "c" are incorrect, per above.
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
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."
In order to facilitate the user's offline reading, the Linux Foundation FOCP study braindumps can better use the time of debris to learn, especially to develop PDF mode for users. To pass the AICPA Nutanix NCP-CI-AWS exam is a dream who are engaged in IT industry. We can proudly claim that you can successfully pass the exam just on the condition that you study with our ISTQB CT-AI preparation materials for 20 to 30 hours. It has the best training materials, which is Omgzlook;s AICPA CompTIA N10-009 exam training materials. ISTQB CT-AI - If you do not own one or two kinds of skills, it is difficult for you to make ends meet in the modern society.
Updated: May 26, 2022