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 Free Download practice quiz. Don't you think it is quite amazing? Just come and have a try! You can think about whether these advantages are what you need! First, we have high pass rate as 98% to 100% which is unique in the market. And if you don't know which one to buy, you can free download the demos of the Financial-Accounting-Reporting Free Download study materials to check it out.
CPA Certification Financial-Accounting-Reporting We will never neglect any user.
Although our Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting) Free Download practice materials are reasonably available, their value is in-estimate. As long as you click on the link, you can use Financial-Accounting-Reporting New Study Questions Book learning materials to learn. If you decide to buy a Financial-Accounting-Reporting New Study Questions Book exam braindumps, you definitely want to use it right away!
They are unsuspecting experts who you can count on. Without unintelligible content within our Financial-Accounting-Reporting Free Download study tool, all questions of the exam are based on their professional experience in this industry. Besides, they made three versions for your reference, the PDF, APP and Online software version.
Admission Test Financial-Accounting-Reporting Free Download - Don't hesitate!
Among global market, Financial-Accounting-Reporting Free Download guide question is not taking up such a large share with high reputation for nothing. And we are the leading practice materials in this dynamic market. To facilitate your review process, all questions and answers of our Financial-Accounting-Reporting Free Download test question is closely related with the real exam by our experts who constantly keep the updating of products to ensure the accuracy of questions, so all Financial-Accounting-Reporting Free Download guide question is 100 percent assured. We make Financial-Accounting-Reporting Free Download exam prep from exam candidate perspective, and offer high quality practice materials with reasonable prices but various benefits.
The efficiency of our Financial-Accounting-Reporting Free Download exam braindumps has far beyond your expectation. On one hand, our Financial-Accounting-Reporting Free Download study materials are all the latest and valid exam questions and answers that will bring you the pass guarantee.
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
Scrum PAL-I - 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. One thing we are sure, that is our ISQI CTFL_Syll_4.0 certification material is reliable. Being the most competitive and advantageous company in the market, our SAP C-S4EWM-2023 practice quiz have help tens of millions of exam candidates realize their dreams all these years. Our Cisco 300-740 study questions not only have three different versions for our customers to choose and enjoy the convenience and preasure in the varied displays. Their enrichment is dependable and reliable on the Microsoft AZ-900 training braindumps.
Updated: May 28, 2022