It is very flexible for you to use the three versions of the FAR Valid Study Guide Ppt study materials to preparing for your coming exam. According to the needs of all people, the experts and professors in our company designed three different versions of the FAR Valid Study Guide Ppt study materials for all customers. The three versions are very flexible for all customers to operate. Especially for those time-sensitive and busy candidates, all three versions of FAR Valid Study Guide Ppt practice materials can be chosen based on your preference. Such as app version, you can learn it using your phone everywhere without the limitation of place or time. By abstracting most useful content into the FAR Valid Study Guide Ppt practice materials, they have help former customers gain success easily and smoothly.
AICPA Certification FAR You must seize the good chances when it comes.
It must be difficult for you to prepare the FAR - CPA Financial Accounting and Reporting Valid Study Guide Ppt exam. Every day thousands of people browser our websites to select our Relevant FAR Questions exam materials. As you can see, many people are inclined to enrich their knowledge reserve.
When you try our part of AICPA certification FAR Valid Study Guide Ppt exam practice questions and answers, you can make a choice to our Omgzlook. We will be 100% providing you convenience and guarantee. Remember that making you 100% pass AICPA certification FAR Valid Study Guide Ppt exam is Omgzlook.
AICPA FAR Valid Study Guide Ppt - I wish you good luck.
Omgzlook website is fully equipped with resources and the questions of AICPA FAR Valid Study Guide Ppt exam, it also includes the AICPA FAR Valid Study Guide Ppt 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 Valid Study Guide Ppt exam training materials, you'll easily through AICPA FAR Valid Study Guide Ppt 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
Which of the following should be disclosed for each reportable operating segment of an enterprise?
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. In disclosure questions, if you are not sure, disclose the most rather than the least.
Choice "b" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets
should be disclosed. Choice "c" is incorrect. For each reportable segment of an enterprise, both profit or
loss and total assets should be disclosed. Choice "d" is incorrect. For each reportable segment of an enterprise, both profit or loss and total assets should be disclosed.
QUESTION NO: 2
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be
presented separately as a component of income from continuing operations when the transaction results in a:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
Explanation:
Choice "a" is correct, Yes - Yes. A material transaction that is "infrequent in occurrence" but not
"unusual
in nature" should be presented separately as a component of "income from continuing operations" when
the transaction results in a gain or loss.
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 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."
QUESTION NO: 4
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.
Answer: B
Explanation:
Choice "B" is correct. A change in accounting principle should be shown in the retained earnings statement of the earliest year presented as an adjustment of the beginning balance. All prior year financial
statements are recast.
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.
The exam materiala of the Omgzlook AICPA SAP C_ARSCC_2404 is specifically designed for candicates. So Omgzlook AICPA SAP C_THR96_2405 exam certification issues is what they indispensable. Before you decide to buy, you can try a free trial version, so that you will know the quality of the Omgzlook's AICPA SAP C-TS462-2023 exam training materials. Salesforce Salesforce-MuleSoft-Developer-II - The training materials can help you pass the certification. SAP C_THR70_2404 - Come on, you will be the next best IT experts.
Updated: May 26, 2022