Our payment system will automatically delete your payment information once you finish paying money for our FAR Latest Exam Questions And Answers exam questions. Our company has built the culture of integrity from our establishment. You just need to pay the relevant money for the FAR Latest Exam Questions And Answers practice materials. It can be that the process is not delayed, so users can start their happy choice journey in time. Once the user finds the learning material that best suits them, only one click to add the FAR Latest Exam Questions And Answers study tool to their shopping cart, and then go to the payment page to complete the payment, our staff will quickly process user orders online. Therefore, the effect of the user using the latest FAR Latest Exam Questions And Answers exam dump is the only standard for proving the effectiveness and usefulness of our products.
AICPA Certification FAR But even the best people fail sometimes.
And our FAR - CPA Financial Accounting and Reporting Latest Exam Questions And Answers study braindumps deliver the value of our services. You really need our Valid FAR Test Cram Sheet practice materials which can work as the pass guarantee. Nowadays, the certification has been one of the criteria for many companies to recruit employees.
Instead of focusing on profits, we determined to help every customer harvest desirable outcomes by our FAR Latest Exam Questions And Answers training materials. So our staff and after-sales sections are regularly interacting with customers for their further requirements and to know satisfaction levels of them. We want to finish long term objectives through customer satisfaction and we have achieved it already by our excellent FAR Latest Exam Questions And Answers exam questions.
AICPA FAR Latest Exam Questions And Answers - Just have a try and you will love them!
After the user has purchased our FAR Latest Exam Questions And Answers learning materials, we will discover in the course of use that our product design is extremely scientific and reasonable. Details determine success or failure, so our every detail is strictly controlled. For example, our learning material's Windows Software page is clearly, our FAR Latest Exam Questions And Answers Learning material interface is simple and beautiful. There are no additional ads to disturb the user to use the FAR Latest Exam Questions And Answers learning material. Once you have submitted your practice time, FAR Latest Exam Questions And Answers learning Material system will automatically complete your operation.
If you believe in our products this time, you will enjoy the happiness of success all your life Our FAR Latest Exam Questions And Answers learning quiz is the accumulation of professional knowledge worthy practicing and remembering, so you will not regret choosing our FAR Latest Exam Questions And Answers study guide.
FAR PDF DEMO:
QUESTION NO: 1
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: 2
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: 3
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: 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 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: 5
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.
Adobe AD0-E121 - As we all know, the world does not have two identical leaves. SAP C-ARSOR-2404 - Your demands and thought can be clearly understood by them. UiPath UiPath-ABAv1 - The strength of our the IT elite team will make you feel incredible. Our SAP C_THR95_2405 learning guide allows you to study anytime, anywhere. Senior IT experts in the Omgzlook constantly developed a variety of successful programs of passing AICPA certification EMC D-UN-OE-23 exam, so the results of their research can 100% guarantee you AICPA certification EMC D-UN-OE-23 exam for one time.
Updated: May 26, 2022