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

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

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AICPA CPA Financial Accounting and Reporting Sample Questions (Q110-Q115):

NEW QUESTION # 110
A development stage enterprise should use the same generally accepted accounting principles that apply
to established operating enterprises for:

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

Answer: D

Explanation:
Choice "a" is correct. Development stage enterprises must use all the same principles as established
enterprises including those of revenue recognition and deferral of expenses. The primary difference is
that development stage enterprises must provide additional disclosures not required of established
operating enterprises. SFAS #7, para. 10

NEW QUESTION # 111
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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the
accounting change or error correction in the 1993 financial statements, and do not restate the 1992
financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production
breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List B (Select one)

A. Cumulative effect approach.
B. Retroactive or retrospective restatement approach.
C. Prospective approach.

Answer: C

Explanation:
Choice "C" is correct. This affects only the prospective (current and subsequent) periods - not prior
periods, not retained earnings.

NEW QUESTION # 112
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
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production
breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List A (Select one)

A. Neither an accounting change nor an accounting error.
B. Change in accounting principal.
C. Correction of an error in previously presented financial statements.
D. Change in accounting estimate.

Answer: D

Explanation:
Choice "b" is correct. Change in the computation of warranty costs from 3% of sales to 1% of sales is a
change in accounting estimate.

NEW QUESTION # 113
An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co.
appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What
amount of inventory loss should be reported in Cox's quarterly income statement for the three months
ended June 30, 1989?

A. $180,000
B. $360,000
C. $90,000
D. $0

Answer: B

Explanation:
Choice "d" is correct. $360,000 inventory loss reported for the quarter ended 6-30-89.
Rule: Inventory losses from "permanent market declines" are recognized in the interim period, incurred
and later, if they "turn-around," are recognized as gains in a subsequent interim period only to the extent
of previously reported losses.
Rule: "Temporary" market declines need not be recognized at interim when a "turn-around" can
reasonably be expected to occur before the end of the fiscal year.
Facts: This $360,000 inventory decline is permanent and the entire loss would be recognized in the
quarter interim period incurred (6-30-89).

NEW QUESTION # 114
On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to
discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would
be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its
carrying amount in 20X3. Maxy's effective tax rate is 30%.
In its 20X2 income statement, what amount should Maxy report as loss from discontinued operations?

A. $980,000
B. $1,400,000
C. $1,700,000
D. $1,190,000

Answer: D

Explanation:
Choice "b" is correct. Since the fair value of Alpha's facilities was $300,000 less than its carrying value,
there has been an impairment loss, and that loss should be recognized in 20X2. That $300,000
impairment loss plus the $1,400,000 20X2 operating loss would be recognized in 20X2 net of tax. The
total loss would be $1,700,000 * 70% (100% - 30%) or $1,190,000. Choice "a" is incorrect. It includes the
2 0X2 operating loss of $1,400,000 but not the $300,000 impairment loss but does report the 20X2
operating loss net of tax. Choice "c" is incorrect. It includes the 20X2 operating loss of $1,400,000, but not
the $300,000 impairment loss, and reports the 20X2 operating loss gross of tax and not net of tax. Choice
"d" is incorrect. It reports the 20X2 loss from discontinued operations gross of tax and not net of tax.

NEW QUESTION # 115
......

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Top Features of Pass4sureCert AICPA FAR Exam Questions

Difficulty in Writing Financial Accounting and Reporting (FAR) Exam

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

Financial Accounting and Reporting (FAR) Exam Certification Path

Free PDF 2025 FAR: CPA Financial Accounting and Reporting –High-quality Vce Free

AICPA CPA Financial Accounting and Reporting Sample Questions (Q110-Q115):

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