Reliable FAR Test Book - New FAR Exam Review

They provide you the best learning prospects, by employing minimum exertions through the results are satisfyingly surprising, beyond your expectations. Despite the intricate nominal concepts, FAR FAR exam dumps questions have been streamlined to the level of average candidates, pretense no obstacles in accepting the various ideas. For the additional alliance of your erudition, Our Pass4training offer an interactive FAR Exam testing software. This startling exam software is far more operational than real-life exam simulators.

Difficulty in Writing Financial Accounting and Reporting (FAR) Exam

One of the key problems faced by most candidates is to choose the right research materials for their exam preparation since they use the internet to find too much data that makes it difficult for them to trust, which would be helpful for them. FAR practice exam dumps are designed in such a way to make better preparatory material. Financial Accounting and Reporting (FAR) Exam is not an easier one and can turn out to be a very difficult certification if not well prepared. We always recommend studying the FAR exam dumps and then take the practice exams before actually appearing for the exam.

Refer to the links down below to access the study materials. In the accounting industry, any aspiring accountant who wants to sit for the FAR Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough. Applicants may, however, clear the exam with the right concentration and the right preparation material. Pass4training have the most up-to-date FAR exam dumps.

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:

Discontinued operations
Conceptual framework and standard-setting for business and non-business entities
Statement of activities
Financial statements of employee benefit plans
General-purpose financial statements: nongovernmental, not-for-profit entities
Income statement/ statement of profit or loss
Statement of comprehensive income
Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)

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

Objectives covered by this section:

Financial assets at fair value
Debt covenant compliance
Stock compensation (share-based payments)
Inventory
Property, plant, and equipment
Cash and cash equivalents
Financial assets at amortized cost
Investments
Payables and accrued liabilities
Trade receivables
Notes and bonds payable
Intangible assets - goodwill and other
Revenue recognition

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

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

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

Objectives covered by this section:

Expenditures and expenses
Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
Budgetary comparison reporting
Other financing sources and uses
Required supplementary information (RSI) other than management's discussion and analysis
Government-wide financial statements
Deriving government-wide financial statements and reconciliation requirements
Format and content of the financial section of the comprehensive annual financial report (CAFR)
Notes to financial statements
Budgetary accounting and encumbrances
Governmental funds financial statements
Capital assets and infrastructure assets
Fund balances and components thereof
Fiduciary funds financial statements
Financial reporting entity, including blended and discrete component units

What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

Duration of Exam: 4 hours
Language of Exam: English
Passing score: 75
Format: Multiple choice, Task-based simulations, research prompts

>> Reliable FAR Test Book <<

Try AICPA FAR Dumps to achieve wonderful results

The clients can use the shortest time to prepare the exam and the learning only costs 20-30 hours. The questions and answers of our FAR Exam Questions are refined and have simplified the most important information so as to let the clients use little time to learn. The client only need to spare 1-2 hours to learn our CPA Financial Accounting and Reporting study question each day or learn them in the weekends. Commonly speaking, people like the in-service staff or the students are busy and don’t have enough time to prepare the exam. Learning our CPA Financial Accounting and Reporting test practice dump can help them save the time and focus their attentions on their major things.

AICPA CPA Financial Accounting and Reporting Sample Questions (Q163-Q168):

NEW QUESTION # 163
On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the
weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of
the change is determined:

A. As of August 31, 1992.
B. During 1992 by a weighted average of the purchases.
C. During the eight months ending August 31, 1992, by a weighted average of the purchases.
D. As of January 1, 1992.

Answer: D

Explanation:
Choice "a" is correct, as of January 1, 1992, the beginning of the year. Rule: The cumulative effect of a
change in accounting principle equals the difference between retained earnings at the beginning of period
of the change and what retained earnings would have been if the change was applied to all affected prior
periods, assuming comparative financial statements are not presented. If comparative statements are
presented, then beginning retained earnings of the earliest year presented is adjusted for the cumulative
effect of the change. We are assuming, based on the answer options given, that Harvey is not presenting
comparative financial statements. Choice "b" is incorrect. The cumulative effect of the change is not
determined as of the date the decision is made. Choices "c" and "d" are incorrect. The cumulative effect of
the change is not determined by a weighted average.

NEW QUESTION # 164
Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax
items:
. A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and
fourth quarters of 1990.
. A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized
on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount,
$ 12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:

A. $91,000
B. $115,000
C. $103,000
D. $111,000

Answer: A

Explanation:
Choice "a" is correct. $91,000 net income for the third quarter ended 9-30-90.
Rules: The entire amount of an "extraordinary" item should be reported during the period incurred.
A "cumulative effect" type accounting change is not included in the net income of the period of change;
instead, the beginning of the year retained earnings is restated.
Expenses, which benefit more than one interim period, such as property taxes, are allocated among the
periods benefited.

NEW QUESTION # 165
According to the FASB conceptual framework, the objectives of financial reporting for business
enterprises are based on:

A. The needs of the users of the information.
B. The need for conservatism.
C. Generally accepted accounting principles.
D. Reporting on management's stewardship.

Answer: A

Explanation:
Choice "d" is correct. The FASB conceptual framework states that the objectives of financial reporting
stem from the informational needs of the external users of the information. SFAC 1 para.
Choice "a" is incorrect. Conservatism is an underlying concept for financial accounting but is not the basis
for the objectives. SFAC 2 para. 91-97 Choice "b" is incorrect. Information concerning management's
stewardship is only one aspect of the information financial statements are intended to provide. SFAC 1
para. 50 Choice "c" is incorrect. Generally accepted accounting principles (GAAP) are derived from and
based on the objectives of financial reporting, not the other way around.

NEW QUESTION # 166
The following costs were incurred by Griff Co., a manufacturer, during 1992:

What amount of these costs should be reported as general and administrative expenses for 1992?

A. $810,000
B. $635,000
C. $550,000
D. $260,000

Answer: D

Explanation:
Choice "a" is correct. General and administrative expenses include:

Freight-in is part of cost of sales; freight-out is a selling expense; and sales salaries are selling expenses.
Choice "b" is incorrect. Freight-in is part of cost of inventory; freight-out is a selling expense; and sales
salaries are selling expenses.
Choice "c" is incorrect. Freight-in is part of cost of inventory; freight-out is a selling expense; and sales
salaries are selling expenses.
Choice "d" is incorrect. Freight-in is part of cost of inventory; freight-out is a selling expense; and sales
salaries are selling expenses.

NEW QUESTION # 167
A transaction that is unusual, but not infrequent, should be reported separately as a(an):

A. Component of income from continuing operations, net of applicable income taxes.
B. Component of income from continuing operations, but not net of applicable income taxes.
C. Extraordinary item, but not net of applicable income taxes.
D. Extraordinary item, net of applicable income taxes.

Answer: B

Explanation:
Choice "d" is correct. A transaction that is unusual, but not "infrequent" should be reported separately as a
component of continuing operations, (gross) but not net of applicable income taxes.
Choices "a" and "b" are incorrect. An extraordinary item has to be both "unusual" and "infrequent."
Choice "c" is incorrect, per "d" above.

NEW QUESTION # 168
......

AICPA FAR practice test Pass4training is another great way to reduce your stress level when preparing for the AICPA Exam Questions. With our Pass4training, you can practice your excellence and improve your competence on the FAR exam dumps. Each FAR practice exam, composed of numerous skills, can be measured by the same model used by real examiners. AICPA FAR has real FAR exam questions. You can change the difficulty of these questions, which will help you determine what areas appertain to more study before taking your FAR exam dumps.

New FAR Exam Review: https://www.pass4training.com/FAR-pass-exam-training.html