The hiogh quality and high pass rate can ensure you get high scores in the FAR Reliable Test Questions Vce actual test. Get the AICPA certification to validate your IT expertise and broaden your network to get more improvement in your career. Omgzlook will help you with its valid and high quality FAR Reliable Test Questions Vce prep torrent. To make your review more comfortable and effective, we made three versions as well as a series of favorable benefits for you. We are concerted company offering tailored services which include not only the newest and various versions of FAR Reliable Test Questions Vce practice materials, but offer one-year free updates services with patient staff offering help 24/7. Comparing to other dumps vendors, the price of our FAR Reliable Test Questions Vce questions and answers is reasonable for every candidate.
AICPA Certification FAR Perhaps you do not understand.
Why the clients speak highly of our FAR - CPA Financial Accounting and Reporting Reliable Test Questions Vce exam dump? Our dedicated service, high quality and passing rate and diversified functions contribute greatly to the high prestige of our products. As long as you are convenient, you can choose to use a computer to learn, you can also choose to use mobile phone learning. No matter where you are, you can choose your favorite equipment to study our Reliable FAR Braindumps Ppt learning materials.
Our FAR Reliable Test Questions Vce study guide can help you improve in the shortest time. Even you do not know anything about the FAR Reliable Test Questions Vce exam. It absolutely has no problem.
AICPA FAR Reliable Test Questions Vce - Our users are willing to volunteer for us.
In order to meet a wide range of tastes, our company has developed the three versions of the FAR Reliable Test Questions Vce preparation questions, which includes PDF version, online test engine and windows software. According to your own budget and choice, you can choose the most suitable one for you. And if you don't know which one to buy, you can free download the demos of the FAR Reliable Test Questions Vce study materials to check it out. The demos of the FAR Reliable Test Questions Vce exam questions are a small part of the real exam questions.
We will inform you that the FAR Reliable Test Questions Vce study materials should be updated and send you the latest version in a year after your payment. We will also provide some discount for your updating after a year if you are satisfied with our FAR Reliable Test Questions Vce exam prepare.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 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.
In order to provide a convenient study method for all people, our company has designed the online engine of the IIA IIA-CIA-Part2-KR study practice dump. And our IBM C1000-162 study materials always contain the latest exam Q&A. Also, from an economic point of view, our CPA Financial Accounting and Reporting exam dumps is priced reasonable, so the ACFCS CFCS test material is very responsive to users, user satisfaction is also leading the same products. The version of APP and PC of our HP HPE7-A01 exam torrent is also popular. After we use our ISTQB CT-AI study materials, we can get the ISTQB CT-AI certification faster.
Updated: May 26, 2022