Our Financial-Accounting-Reporting Exams exam question can make you stand out in the competition. Why is that? The answer is that you get the certificate. What certificate? Certificates are certifying that you have passed various qualifying examinations. Some buttons are used for hide or display answers. What is more, there are extra place for you to make notes below every question of the Financial-Accounting-Reporting Exams practice quiz. First, we have high pass rate as 98% to 100% which is unique in the market.
CPA Certification Financial-Accounting-Reporting This is a fact that you must see.
We make Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting) Exams exam prep from exam candidate perspective, and offer high quality practice materials with reasonable prices but various benefits. On one hand, our Financial-Accounting-Reporting Latest Study Questions Free study materials are all the latest and valid exam questions and answers that will bring you the pass guarantee. on the other side, we offer this after-sales service to all our customers to ensure that they have plenty of opportunities to successfully pass their actual exam and finally get their desired certification of Financial-Accounting-Reporting Latest Study Questions Free learning materials.
Once you decide to buy, you will have many benefits like free update lasting one-year and convenient payment mode. We will inform you immediately once there are latest versions of Financial-Accounting-Reporting Exams test question released. And if you get any questions, please get contact with us, our staff will be online 24/7 to solve your problems all the way.
Admission Test Financial-Accounting-Reporting Exams - They have always been in a trend of advancement.
One of the significant advantages of our Financial-Accounting-Reporting Exams exam material is that you can spend less time to pass the exam. People are engaged in modern society. So our goal is to achieve the best learning effect in the shortest time. So our Financial-Accounting-Reporting Exams test prep will not occupy too much time. You might think that it is impossible to memorize well all knowledge. We can tell you that our Financial-Accounting-Reporting Exams test prep concentrate on systematic study, which means all your study is logic. Why not give us a chance to prove? Our Financial-Accounting-Reporting Exams guide question dumps will never let you down.
Market is a dynamic place because a number of variables keep changing, so is the practice materials field of the Financial-Accounting-Reporting Exams practice exam. Our Financial-Accounting-Reporting Exams exam dumps are indispensable tool to pass it with high quality and low price.
Financial-Accounting-Reporting 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
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. Neither an accounting change nor an accounting error.
B. Correction of an error in previously presented financial statements.
C. Change in accounting estimate.
D. Change in accounting principal.
Answer: D
QUESTION NO: 2
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
A. By restating the financial statements of all prior periods presented.
B. As a component of income from continuing operations, in the period of change and future periods if the change affects both.
C. As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
D. As a correction of an error.
Answer: B
QUESTION NO: 3
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. $520,000
C. $570,000
D. $420,000
Answer: B
QUESTION NO: 4
In open market transactions, Gold Corp. simultaneously sold its long-term investment in Iron
Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions.
Gold's gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the transaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently.
Gold should report the:
A. Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in income before extraordinary items.
B. Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond transaction as an extraordinary loss.
C. Net effect of the two transactions in income before extraordinary items.
D. Net effect of the two transactions as an extraordinary gain.
Answer: A
QUESTION NO: 5
Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31,
1988 as follows:
Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:
A. $200,000
B. $168,000
C. $161,000
D. $140,000
Answer: D
Splunk SPLK-1005 - One of the great advantages is that you will soon get a feedback after you finish the exercises. Amazon AIF-C01 - Even if you are a newcomer who has just entered the industry, you can learn all the knowledge points without any obstacles. Palo Alto Networks PCNSC test questions have very high quality services in addition to their high quality and efficiency. You will enjoy our newest version of the ISQI CTFL_Syll_4.0 study prep after you have purchased them. Using VMware 5V0-31.23 exam prep is an important step for you to improve your soft power.
Updated: May 28, 2022