FAR EXAM QUIZZES | EXAMCOLLECTION FAR VCE

FAR Exam Quizzes | Examcollection FAR Vce

FAR Exam Quizzes | Examcollection FAR Vce

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Tags: FAR Exam Quizzes, Examcollection FAR Vce, FAR Interactive Course, FAR Valid Test Braindumps, FAR Valid Exam Syllabus

In order to pass the AICPA FAR Exam, selecting the appropriate training tools is very necessary. And the study materials of AICPA FAR exam is a very important part. DumpStillValid can provide valid materials to pass the AICPA FAR exam. The IT experts in DumpStillValid are all have strength aned experience. Their research materials are very similar with the real exam questions. DumpStillValid is a site that provide the exam materials to the people who want to take the exam. and we can help the candidates to pass the exam effectively.

Topics of Financial Accounting and Reporting (FAR) Exam

The syllabus for the Financial Accounting and Reporting (FAR) part of the Certified Public Accountant (CPA) Exam can be found in the FAR exam dumps and is also listed below with detail of each area of concern and their topics:

Area 1 - Conceptual Framework, Standard-Setting and Financial Reporting (25-35%)

Objectives covered by this section:

  • General-purpose financial statements: nongovernmental, not-for-profit entities
  • Public company reporting topics (U.S. SEC reporting requirements, earnings per share, and segment reporting)
  • Discontinued operations
  • Statement of activities
  • Statement of comprehensive income
  • Statement of changes in equity
  • Balance sheet/ statement of financial position
  • Income statement/ statement of profit or loss
  • Going concerned
  • Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
  • Conceptual framework and standard-setting for business and non-business entities
  • Notes to financial statements
  • Special purpose frameworks
  • General-purpose financial statements: for-profit business entities
  • Statement of cash flows
  • Financial statements of employee benefit plans

Area 2 - Select Financial Statement Accounts (30-40%)

Objectives covered by this section:

  • Financial assets at amortized cost
  • Property, plant, and equipment
  • Financial assets at fair value
  • Notes and bonds payable
  • Compensated absences
  • Intangible assets - goodwill and other
  • Retirement benefits
  • Income taxes
  • Long-term debt (financial liabilities)
  • Cash and cash equivalents

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

  • Differences between IFRS and U.S. GAAP
  • Foreign currency transactions and translation
  • Contingencies and commitments
  • Accounting changes and error corrections
  • Software costs
  • Derivatives and hedge accounting (e.g. swaps, options, forwards)
  • Nonreciprocal transfers
  • Research and development costs
  • Business combinations
  • Fair value measurements
  • Leases

Area IV - State and Local Governments (5-15%)

Objectives covered by this section:

  • Governmental funds financial statements
  • Proprietary funds financial statement
  • State and local government concepts
  • Budgetary accounting and encumbrances
  • Other financing sources and uses
  • Government-wide financial statements
  • Interfund activity, including transfers
  • Management's discussion and analysis
  • Required supplementary information (RSI) other than management's discussion and analysis
  • Notes to financial statements
  • Fund balances and components thereof
  • Net position and components thereof
  • Nonexchange revenue transactions
  • Special items
  • Fiduciary funds financial statements
  • Budgetary comparison reporting
  • Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
  • Deriving government-wide financial statements and reconciliation requirements
  • Capital assets and infrastructure assets
  • General and proprietary long-term liabilities

How much Financial Accounting and Reporting (FAR) Exam Cost

The total cost of the CPA exam is around USD 800 that includes four sections. For this particular Financial Accounting and Reporting (FAR) Exam, the cost is estimated to be USD 200. Hover on to the official website of AICPA and choose your state for more pricing information. Candidates will face other costs like buying the FAR exam dumps pdf and then practicing for the exam via the FAR practice exams.

>> FAR Exam Quizzes <<

Pass Guaranteed Efficient FAR - CPA Financial Accounting and Reporting Exam Quizzes

Our company is famous for its high-quality in this field especially for FAR certification exams. It has been accepted by thousands of candidates who practice our study materials for their FAR exam. In this major environment, people are facing more job pressure. So they want to get a certification rise above the common herd. How to choose valid and efficient FAR Guide Torrent should be the key topic most candidates may concern.

How to study the Financial Accounting and Reporting (FAR) Exam

There are several ways to prepare for the Financial Accounting and Reporting (FAR) Exam. AICPA's official website provides tutorials on the exam content and also the sample FAR practice exams. These can be accessed via the “help” button against the sample tests provided on the website. Use the material on the internet to learn all the exam contents in detail and then take the practice sample tests through the AICPA website. To study for the Financial Accounting and Reporting (FAR) Exam, use the exam blueprints and study resources by accessing the links at the bottom of this document. Students are highly encouraged to join AICPA's Certification community where they can join students from all over the world and learn together. FAR exam dumps have ensured a 100% pass rate over the years so students are highly recommended to find these exam dumps on the DumpStillValid website and then test their knowledge on FAR practice exams. These are the best study materials one can get. For further exam self-study materials, refer to the links down below.

Hover on to AICPA's Website and take a look at study materials provided for the exam. Check for the topics mentioned in the Exam Outline section of this guide to review the online documentation, tip sheets, and user guides and study the details relevant to those topics. Refer to the links at the end of this document for more study material. As always, We recommend a combination of hands-on experience, completion of the training course, and self-study in the areas described in the Exam Outline section of this exam guide as preparation for this exam. After all sorts of study, test your understanding by taking the FAR practice test.

AICPA CPA Financial Accounting and Reporting Sample Questions (Q19-Q24):

NEW QUESTION # 19
How should the effect of a change in accounting principle that is inseparable from the effect of a change in
accounting estimate be reported?

  • A. By restating the financial statements of all prior periods presented.
  • B. As a correction of an error.
  • C. By footnote disclosure only.
  • D. As a component of income from continuing operations.

Answer: D

Explanation:
Choice "a" is correct. When the effect of a change in accounting principle is inseparable from the effect of
a change in accounting estimate, the reporting treatment for the overall effect is as a change in estimate.
Thus, the effect is reported prospectively as a component of income from continuing operations. Under
SFAS No. 154, this type of change is now called a change in accounting estimate affected by a change in
accounting principle. Choice "b" is incorrect. Restatement of all prior periods is the retroactive accounting
treatment that is applied to the correction of an error and the retrospective accounting treatment given to
changes in accounting principle. However, a change in accounting principle that is inseparable from the
effect of a change in accounting estimate is now treated as a change in accounting estimate. Choice "c" is
incorrect. Correction of an error is given retroactive treatment as a prior period adjustment to retained
earnings with restatement of prior periods. This is not the treatment appropriate for the effect of a change
in accounting principle that is inseparable from the effect of a change in accounting estimate. Choice "d"
is incorrect. While footnote disclosure is always appropriate for an accounting change, such disclosure
alone is never the appropriate accounting treatment.


NEW QUESTION # 20
In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as
follows:
"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave
$ 140,000 to health and human-service organizations, of which $80,000 was contributed by employees
through payroll deductions. In addition, consistent with the Company's commitment to the environment,
the Company spent $100,000 to redesign product packaging."
What amount of the above should be included in Yew's income statement as charitable contributions
expense?

  • A. $310,000
  • B. $490,000
  • C. $390,000
  • D. $410,000

Answer: A

Explanation:
Choice "a" is correct. Charitable contributions include amounts the company gave to recognized charities.
This includes:

Note: Of the $140,000, employees gave $80,000, and the company $60,000. Redesigning packaging is
not a contribution to a charity.
Choice "b" is incorrect. The company gave only $60,000 of the $140,000. Employees gave $80,000.
Choice "c" is incorrect. Redesigning packaging is not a contribution to a charity.
Choice "d" is incorrect. The company gave only $60,000 of the $140,000. Employees gave $80,000.
Redesigning packaging is not a contribution to a charity.


NEW QUESTION # 21
A statement of cash flows for a development stage enterprise:

  • A. Is not presented.
  • B. Is the same as that of an established operating enterprise, but does not show cumulative amounts from
    the enterprise's inception.
  • C. Shows only cumulative amounts from the enterprise's inception.
  • D. Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts
    from the enterprise's inception.

Answer: D

Explanation:
Rule: Development stage enterprises should present financial statements in accordance with
GAAP and make additional disclosures such as cumulative amounts from inception for: net losses,
deficits, sales, expenses, and cash flows and supplementary data.
Choice "a" is correct, per the rule shown above.
Choice "b" is incorrect. Current amounts are shown as well as cumulative amounts.
Choice "c" is incorrect. Cumulative amounts from inception are shown.
Choice "d" is incorrect. A statement of cash flows is required.


NEW QUESTION # 22
On January 2, 20X5, to better reflect the variable use of its only machine, Holly, Inc. elected to change its
method of depreciation from the straight-line method to the units of production method. The original cost
of the machine on January 2, 20X3, was $50,000, and its estimated life was 10 years. Holly estimates that
the machine's total life is 50,000 machine hours. Machine hours usage was 8,500 during 20X4 and 3,500
during 20X3.
Holly's income tax rate is 30%. Holly should report the accounting change in its 20X5 financial statements
as a(n):

  • A. Cumulative effect of a change in accounting principle of $2,000 in its income statement.
  • B. None of the above.
  • C. Adjustment to beginning retained earnings of $2,000.
  • D. Cumulative effect of a change in accounting principle of $1,400 in its income statement.

Answer: B

Explanation:
Choice "d" is correct. A change in the method of depreciation is now considered to be both a change in
method and a change in estimate. These changes should be accounted for as changes in estimate and
handled prospectively. The new depreciation method should be used as of the beginning of the year of
change and should start with the current book value of the underlying asset. No retroactive or
retrospective calculations should be made, and no adjustment should be made to retained earnings. The
cumulative effect treatment on the income statement was the treatment of most changes in accounting
principle prior to SFAS No. 154. The adjustment to beginning retained earnings is the treatment now
given to changes in accounting principle by SFAS No. 154. However a change in depreciation method is
no longer accounted for as a change in accounting principle. Choices "a", "b", and "c" are incorrect, per
the above Explanation: .


NEW QUESTION # 23
Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its
fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter
recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other
declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in
its interim financial statements for the first and third quarters?

  • A. Option B
  • B. Option A
  • C. Option C
  • D. Option D

Answer: B

Explanation:
Choice "a" is correct. Temporary market declines in inventory need not be recognized at interim when a
turn-around can reasonably be expected to occur before the end of the fiscal year.


NEW QUESTION # 24
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