FAR PASS TEST GUIDE - FAR TEST REVIEW

FAR Pass Test Guide - FAR Test Review

FAR Pass Test Guide - FAR Test Review

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Tags: FAR Pass Test Guide, FAR Test Review, New FAR Dumps Ppt, FAR Training For Exam, Minimum FAR Pass Score

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AICPA CPA Financial Accounting and Reporting Sample Questions (Q11-Q16):

NEW QUESTION # 11
Which of the following is not a valuation technique that can be used to measure the fair value of an asset
or liability?

  • A. The market approach.
  • B. The impairment approach.
  • C. The cost approach.
  • D. The income approach.

Answer: B

Explanation:
Choice "b" is correct. The impairment approach is not used to measure the fair value of an asset or liability.
Instead, when an entity is determining whether an asset has been impaired, the entity will use the market
approach, the income approach or the cost approach to determine the fair value of the asset. Choice "a" is
incorrect. The market approach is an accepted method of fair value measurement in which price and
other market information from identical or comparable assets or liabilities is used to measure fair value.
Choice "c" is incorrect. The income approach is an accepted method of fair value measurement in which
future cash flows or earnings are discounted to determine fair value. Choice "d" is incorrect. The cost
approach is an accepted method of fair value measurement in which current replacement cost is used to
determine the fair value of an asset.


NEW QUESTION # 12
The following information pertains to Aria Corp. and its divisions for the year ended December 31, 1988:

Aria and all of its divisions are engaged solely in manufacturing operations. Aria has a reportable segment
if that segment's revenue exceeds:

  • A. $204,000
  • B. $260,000
  • C. $264,000
  • D. $200,000

Answer: B

Explanation:
Choice "b" is correct. $260,000 represents a reportable segment (10% of total sales):

Rule: To be significant enough to report on, a segment must be at least 10% of:
1 . Combined revenues (whether intersegment or unaffiliated customers), or
2 . Operating income, or
3 . Identifiable assets.


NEW QUESTION # 13
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which
capital maintenance concept is applied to currently reported net income, and which is applied to
comprehensive income?

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

Answer: A

Explanation:
Choice "c" is correct. Financial capital - Financial capital.
Financial capital maintenance is considered to be an element of both "currently reported net income" and
"comprehensive income." This was a rare instance in which this type of information was asked on the
exam.


NEW QUESTION # 14
How should the effect of a change in accounting estimate be accounted for?

  • A. By restating amounts reported in financial statements of prior periods.
  • B. In the period of change and future periods if the change affects both.
  • C. By reporting pro forma amounts for prior periods.
  • D. As a prior period adjustment to beginning retained earnings.

Answer: B

Explanation:
Choice "d" is correct, a "change in accounting estimate" affects only the current and subsequent (future)
periods, if the change affects both. It does not affect "prior periods," nor "retained earnings." Choice "a" is
incorrect. Restating prior years' financial statements is required when comparative financial statements
are shown for prior period adjustments of "corrections of errors," "changes in entities," and changes in
accounting principle. Choices "b" and "c" are incorrect. A "change in accounting estimate" does not affect
prior periods.


NEW QUESTION # 15
Earnings per share data should be reported on the income statement for:

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

Answer: C

Explanation:
Choice "b" is correct. Yes - Yes.
Both the "extraordinary items" and "income before extraordinary items" should be shown with an earnings
per share number on the income statement.


NEW QUESTION # 16
......

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