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Financial-Accounting-Reporting PDF DEMO:
QUESTION NO: 1 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: 2 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: 3 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: 4 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: 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
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Updated: May 28, 2022
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Financial-Accounting-Reporting Ebook exam is not easy to pass, but our Goldmile-Infobiz have confidence with their team. Many candidates can’t successfully pass their real exams for the reason that they are too nervous to performance rightly as they do the practices.
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The Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting) Ebook training pdf provided by Goldmile-Infobiz is really the best reference material you can get from anywhere. Besides, the pollster conducted surveys of public opinions of our Financial-Accounting-Reporting Test Questions Pdf study engine and get desirable outcomes that more than 98 percent of exam candidates feel rewarding after using our Financial-Accounting-Reporting Test Questions Pdf actual exam. And we enjoy their warm feedbacks to show and prove that we really did a good job in this career.
The Financial-Accounting-Reporting Ebook practice exam we offered is designed with the real questions that will help you in enhancing your knowledge about the Financial-Accounting-Reporting Ebook certification exam. Our online test engine will improve your ability to solve the difficulty of Financial-Accounting-Reporting Ebook real questions and get used to the atmosphere of the formal test. Our experts created the valid Financial-Accounting-Reporting Ebook study guide for most of candidates to help them get good result with less time and money.
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Financial-Accounting-Reporting PDF DEMO:
QUESTION NO: 1 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: 2 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: 3 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: 4 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: 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
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I dare to make a bet that you will not be exceptional. Your test pass rate is going to reach more than 99% if you are willing to use our Financial-Accounting-Reporting Ebook study materials with a high quality. So it is worthy for you to buy our Financial-Accounting-Reporting Ebook practice prep. Not every company can make such a promise of "no help, full refund" as our Goldmile-Infobiz. However, the Financial-Accounting-Reporting Ebook exam is not easy to pass, but our Goldmile-Infobiz have confidence with their team. Many candidates can’t successfully pass their real exams for the reason that they are too nervous to performance rightly as they do the practices.
CPA Certification Financial-Accounting-Reporting It costs both time and money.
The Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting) Ebook training pdf provided by Goldmile-Infobiz is really the best reference material you can get from anywhere. Besides, the pollster conducted surveys of public opinions of our Financial-Accounting-Reporting Test Questions Pdf study engine and get desirable outcomes that more than 98 percent of exam candidates feel rewarding after using our Financial-Accounting-Reporting Test Questions Pdf actual exam. And we enjoy their warm feedbacks to show and prove that we really did a good job in this career.
The Financial-Accounting-Reporting Ebook practice exam we offered is designed with the real questions that will help you in enhancing your knowledge about the Financial-Accounting-Reporting Ebook certification exam. Our online test engine will improve your ability to solve the difficulty of Financial-Accounting-Reporting Ebook real questions and get used to the atmosphere of the formal test. Our experts created the valid Financial-Accounting-Reporting Ebook study guide for most of candidates to help them get good result with less time and money.
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Our Financial-Accounting-Reporting Ebook practice dumps are so popular that all our customers are giving high praise on its high-quality to help them pass the exams. Numerous of warming feedbacks from our worthy customers give us data and confidence. We have clear data collected from customers who chose our Financial-Accounting-Reporting Ebook training engine, the passing rate is 98-100 percent. So your chance of getting success will be increased greatly by our Financial-Accounting-Reporting Ebook exam questions!
Every page is carefully arranged by our experts with clear layout and helpful knowledge to remember. Our Financial-Accounting-Reporting Ebook exam questions just focus on what is important and help you achieve your goal.
Financial-Accounting-Reporting PDF DEMO:
QUESTION NO: 1 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: 2 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: 3 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: 4 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: 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
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