On one hand, all content can radically give you the best backup to make progress. On the other hand, our Financial-Accounting-Reporting Questions exam questions are classy and can broaden your preview potentially. Their efficiency has far beyond your expectation! We can provide you with a free trial version. If you try another version and feel that our Financial-Accounting-Reporting Questions practice quiz are not bad, you can apply for another version of the learning materials again and choose the version that suits you best! It is fast and convenient out of your imagination.
CPA Certification Financial-Accounting-Reporting No company in the field can surpass us.
With high-quality Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting) Questions guide materials and flexible choices of learning mode, they would bring about the convenience and easiness for you. Because, after all, Latest Financial-Accounting-Reporting Practice Questions is a very important certified exam of Admission Test. But Latest Financial-Accounting-Reporting Practice Questions exam is not so simple.
With passing rate up to 98 percent and above, our Financial-Accounting-Reporting Questions practice materials are highly recommended among exam candidates. So their validity and authority are unquestionable. Our Financial-Accounting-Reporting Questions learning materials are just staring points for exam candidates, and you may meet several challenging tasks or exams in the future about computer knowledge, we can still offer help.
Admission Test Financial-Accounting-Reporting Questions - This is a practice test website.
If you require any further information about either our Financial-Accounting-Reporting Questions preparation exam or our corporation, please do not hesitate to let us know. High quality Financial-Accounting-Reporting Questions practice materials leave a good impression on the exam candidates and bring more business opportunities in the future. And many of our cutomers use our Financial-Accounting-Reporting Questions exam questions as their exam assistant and establish a long cooperation with us.
Omgzlook site has a long history of providing Admission Test Financial-Accounting-Reporting Questions exam certification training materials. It has been a long time in certified IT industry with well-known position and visibility.
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
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: 3
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: 4
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
QUESTION NO: 5
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
We assume all the responsibilities our Microsoft SC-200 simulating practice may bring you foreseeable outcomes and you will not regret for believing in us assuredly. Microsoft MB-260 - Omgzlook is a professional IT certification sites, the certification success rate is 100%. Our Huawei H12-711_V4.0 study guide may not be as famous as other brands for the time being, but we can assure you that we won't lose out on quality. SAP C_IEE2E_2404 - So that the pass rate of Omgzlook is very high. To address this issue, our SAP C-S4CFI-2402 actual exam offers three different versions for users to choose from.
Updated: May 28, 2022