In order to benefit more candidates, we often give some promotion about our FAR Valid Exam Study Guide pdf files. You will get the most valid and best useful FAR Valid Exam Study Guide study material with a reasonable price. Besides, you will enjoy the money refund policy in case of failure. We are on the same team, and it is our common wish to help your realize it. So you can relay on us to success and we won't let you down! We have money refund policy to ensure your interest in case the failure of FAR Valid Exam Study Guide actual test.
AICPA Certification FAR This version is software.
AICPA Certification FAR Valid Exam Study Guide - CPA Financial Accounting and Reporting So you don’t need to wait for a long time and worry about the delivery time or any delay. The most important is that our test engine enables you practice FAR Reliable Practice Questions Sheet exam pdf on the exact pattern of the actual exam. Our IT professionals have made their best efforts to offer you the latest FAR Reliable Practice Questions Sheet study guide in a smart way for the certification exam preparation.
Because our materials not only has better quality than any other same learn products, but also can guarantee that you can pass the FAR Valid Exam Study Guide exam with ease. With the rapid development of computer, network, and semiconductor techniques, the market for people is becoming more and more hotly contested. Passing a FAR Valid Exam Study Guide exam to get a certificate will help you to look for a better job and get a higher salary.
AICPA FAR Valid Exam Study Guide - Just buy it and you will love it!
At this time, you will stand out in the interview among other candidates with the FAR Valid Exam Study Guide certification. Constant improvement is significant to your career development. Your current achievements cannot represent your future success. Never stop advancing. Come to study our FAR Valid Exam Study Guide learning materials. Stick to the end, victory is at hand. Action always speaks louder than words. With the help of our FAR Valid Exam Study Guide study questions, you can reach your dream in the least time.
If you are satisfied with our FAR Valid Exam Study Guide training guide, come to choose and purchase. If you buy the Software or the APP online version of our FAR Valid Exam Study Guide study materials, you will find that the timer can aid you control the time.
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."
As you know, it is troublesome to get the ACAMS CAMS-KRcertificate. All experts and professors of our company have been trying their best to persist in innovate and developing the Microsoft DP-900-KR test training materials all the time in order to provide the best products for all people and keep competitive in the global market. We believe that you will pass your exam and get the related certification with PMI PMP-KR study dump. SAP C-IEE2E-2404 - Life is full of ups and downs. It is believed that no one is willing to buy defective products, so, the Cisco 300-445 study guide has established a strict quality control system.
Updated: May 26, 2022