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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
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Updated: May 28, 2022
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A lot of people who participate in the IT professional certification exam was to use Goldmile-Infobiz's practice questions and answers to pass the exam, so Goldmile-Infobiz got a high reputation in the IT industry. Goldmile-Infobiz is a convenient website to provide training resources for IT professionals to participate in the certification exam. Goldmile-Infobiz have different training methods and training courses for different candidates.
Admission Test Financial-Accounting-Reporting Most Reliable Test Questions - It can help you to pass the exam successfully.
Do you have tried the Financial-Accounting-Reporting Most Reliable Test Questions online test engine? Here we will recommend the Financial-Accounting-Reporting Most Reliable Test Questions online test engine offered by Goldmile-Infobiz for all of you. Firstly, Financial-Accounting-Reporting Most Reliable Test Questions online training can simulate the actual test environment and bring you to the mirror scene, which let you have a good knowledge of the actual test situation. Secondly, the Financial-Accounting-Reporting Most Reliable Test Questions online practice allows self-assessment, which can bring you some different experience during the preparation. You can adjust your Financial-Accounting-Reporting Most Reliable Test Questions study plan according to the test result after each practice test.
And allows you to work in the field of information technology with high efficiency. You have seen Goldmile-Infobiz's Admission Test Financial-Accounting-Reporting Most Reliable Test Questions exam training materials, it is time to make a choice.
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
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Financial-Accounting-Reporting Most Reliable Test Questions - Financial-Accounting-Reporting Latest Practice Questions Pdf & Certified Public Accountant Financial-Accounting-Reporting - Goldmile-Infobiz
The Financial-Accounting-Reporting Most Reliable Test Questions questions on our Goldmile-Infobiz are one of the most trustworthy questions and provide valuable information for all candidates who need to pass the Financial-Accounting-Reporting Most Reliable Test Questions exam. The Financial-Accounting-Reporting Most Reliable Test Questions certification exam is essential for future development, and the right to a successful Financial-Accounting-Reporting Most Reliable Test Questions exam will be in your own hands. As long as you pass the exam, you will take a step closer to your goal. It can maximize the efficiency of your work. We are the best worldwide materials provider about this exam. As is known to us, there are best sale and after-sale service of the Financial-Accounting-Reporting Most Reliable Test Questions study materials all over the world in our company.
CPA Certification Financial-Accounting-Reporting The dumps are provided by Goldmile-Infobiz.
Goldmile-Infobiz will provide good training tools for your Admission Test certification Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting) Most Reliable Test Questions exam and help you pass Admission Test certification Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting) Most Reliable Test Questions exam. However, our promise of "No help, full refund" doesn't shows our no confidence to our products; oppositely, it expresses our most sincere and responsible attitude to reassure our customers. With our professional Test Financial-Accounting-Reporting Lab Questions exam software, you will be at ease about your Test Financial-Accounting-Reporting Lab Questions exam, and you will be satisfied with our after-sale service after you have purchased our Test Financial-Accounting-Reporting Lab Questions exam software.
A lot of people who participate in the IT professional certification exam was to use Goldmile-Infobiz's practice questions and answers to pass the exam, so Goldmile-Infobiz got a high reputation in the IT industry. Goldmile-Infobiz is a convenient website to provide training resources for IT professionals to participate in the certification exam. Goldmile-Infobiz have different training methods and training courses for different candidates.
Admission Test Financial-Accounting-Reporting Most Reliable Test Questions - It can help you to pass the exam successfully.
Do you have tried the Financial-Accounting-Reporting Most Reliable Test Questions online test engine? Here we will recommend the Financial-Accounting-Reporting Most Reliable Test Questions online test engine offered by Goldmile-Infobiz for all of you. Firstly, Financial-Accounting-Reporting Most Reliable Test Questions online training can simulate the actual test environment and bring you to the mirror scene, which let you have a good knowledge of the actual test situation. Secondly, the Financial-Accounting-Reporting Most Reliable Test Questions online practice allows self-assessment, which can bring you some different experience during the preparation. You can adjust your Financial-Accounting-Reporting Most Reliable Test Questions study plan according to the test result after each practice test.
And allows you to work in the field of information technology with high efficiency. You have seen Goldmile-Infobiz's Admission Test Financial-Accounting-Reporting Most Reliable Test Questions exam training materials, it is time to make a choice.
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
SAP C_BCWME_2504 - If you are determined to enter into Admission Test company or some companies who are the product agents of Admission Test, a good certification will help you obtain more jobs and high positions. Snowflake GES-C01 - If you want to change the dream into reality, you only need to choose the professional training. APICS CPIM-8.0 - We have statistics to tell you the truth. Cisco 300-535 - This training materials is what IT people are very wanted. Beyond knowing the answer, and actually understanding the Adobe AD0-E136 test questions puts you one step ahead of the test.
