As you may know that we have three different FAR Reliable Practice Questions Files exam questions which have different advantages for you to choose. FAR Reliable Practice Questions Files practice prep broke the limitations of devices and networks. You can learn anytime, anywhere. In modern society, we are busy every day. So the individual time is limited. When we choose job, job are also choosing us.
AICPA Certification FAR We will never neglect any user.
Although our FAR - CPA Financial Accounting and Reporting Reliable Practice Questions Files practice materials are reasonably available, their value is in-estimate. As long as you click on the link, you can use New FAR Test Questions Answers learning materials to learn. If you decide to buy a New FAR Test Questions Answers exam braindumps, you definitely want to use it right away!
They are unsuspecting experts who you can count on. Without unintelligible content within our FAR Reliable Practice Questions Files study tool, all questions of the exam are based on their professional experience in this industry. Besides, they made three versions for your reference, the PDF, APP and Online software version.
AICPA FAR Reliable Practice Questions Files - Don't hesitate!
Among global market, FAR Reliable Practice Questions Files guide question is not taking up such a large share with high reputation for nothing. And we are the leading practice materials in this dynamic market. To facilitate your review process, all questions and answers of our FAR Reliable Practice Questions Files 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 Practice Questions Files guide question is 100 percent assured. We make FAR Reliable Practice Questions Files exam prep from exam candidate perspective, and offer high quality practice materials with reasonable prices but various benefits.
The efficiency of our FAR Reliable Practice Questions Files exam braindumps has far beyond your expectation. On one hand, our FAR Reliable Practice Questions Files study materials are all the latest and valid exam questions and answers that will bring you the pass guarantee.
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
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: 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:
EMC D-PSC-MN-01 - Once you decide to buy, you will have many benefits like free update lasting one-year and convenient payment mode. One thing we are sure, that is our VMware 5V0-31.23 certification material is reliable. Being the most competitive and advantageous company in the market, our SAP C_WZADM_2404 practice quiz have help tens of millions of exam candidates realize their dreams all these years. Our VMware 3V0-42.23 study questions not only have three different versions for our customers to choose and enjoy the convenience and preasure in the varied displays. Their enrichment is dependable and reliable on the Huawei H28-155_V1.0 training braindumps.
Updated: May 26, 2022