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Financial-Accounting-Reporting PDF DEMO:
QUESTION NO: 1 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: 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 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: 4 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: 5 Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative? A. AICPA Industry and Audit Guides. B. AICA Statements of Position. C. FASB Statements of Financial Accounting Concepts. D. FASB Statements of Financial Accounting Standards. Answer: D
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Updated: May 28, 2022
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Financial-Accounting-Reporting PDF DEMO:
QUESTION NO: 1 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: 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 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: 4 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: 5 Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative? A. AICPA Industry and Audit Guides. B. AICA Statements of Position. C. FASB Statements of Financial Accounting Concepts. D. FASB Statements of Financial Accounting Standards. Answer: D
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Our Financial-Accounting-Reporting Free 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 Free training engine, the passing rate is 98-100 percent. So your chance of getting success will be increased greatly by our Financial-Accounting-Reporting Free exam questions!
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Financial-Accounting-Reporting PDF DEMO:
QUESTION NO: 1 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: 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 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: 4 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: 5 Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative? A. AICPA Industry and Audit Guides. B. AICA Statements of Position. C. FASB Statements of Financial Accounting Concepts. D. FASB Statements of Financial Accounting Standards. Answer: D
In the progress of practicing our HP HPE7-A11 study materials, our customers improve their abilities in passing the HP HPE7-A11 exam, we also upgrade the standard of the exam knowledge. So our Huawei H19-484_V1.0practice materials have great brand awareness in the market. Our company attaches great importance to overall services on our Fortinet NSE7_SOC_AR-7.6 study guide, if there is any problem about the delivery of Fortinet NSE7_SOC_AR-7.6 exam materials, please let us know, a message or an email will be available. Our Google Associate-Cloud-Engineer study questions have simplified the complicated notions and add the instances, the stimulation and the diagrams to explain any hard-to-explain contents. Our Amazon AIF-C01 exam practice is carefully compiled after many years of practical effort and is adaptable to the needs of the Amazon AIF-C01 exam.
