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Prep4sureGuide has designed CPA Financial Accounting and Reporting (FAR) pdf dumps format that is easy to use. Anyone can download the AICPA FAR pdf questions file and use it from any location or at any time. AICPA PDF Questions files can be used on laptops, tablets, and smartphones. Moreover, you will get actual CPA Financial Accounting and Reporting (FAR) exam questions in this AICPA FAR pdf dumps file. These AICPA FAR exam questions have a high chance of coming in the actual FAR test. You have to memorize these FAR questions and you will pass the CPA Financial Accounting and Reporting (FAR) test with brilliant results.

Topics of Financial Accounting and Reporting (FAR) Exam

The syllabus for the Financial Accounting and Reporting (FAR) part of the Certified Public Accountant (CPA) Exam can be found in the FAR exam dumps and is also listed below with detail of each area of concern and their topics:

Area 1 - Conceptual Framework, Standard-Setting and Financial Reporting (25-35%)

Objectives covered by this section:

Income statement/ statement of profit or loss
Consolidated financial statements (including wholly-owned subsidiaries and noncontrolling interests)
Conceptual framework and standard-setting for business and non-business entities
Statement of comprehensive income
Balance sheet/ statement of financial position
Statement of changes in equity
General-purpose financial statements: for-profit business entities
Discontinued operations

Area 2 - Select Financial Statement Accounts (30-40%)

Objectives covered by this section:

Equity
Long-term debt (financial liabilities)
Compensated absences
Inventory
Income taxes
Property, plant, and equipment
Notes and bonds payable
Revenue recognition
Investments
Cash and cash equivalents
Financial assets at fair value
Retirement benefits
Intangible assets - goodwill and other
Financial assets at amortized cost
Trade receivables
Stock compensation (share-based payments)
Equity method investments
Debt covenant compliance

Area 3 - Select Transactions (20-30%)

Objectives covered by this section:

Nonreciprocal transfers
Business combinations
Leases
Software costs
Research and development costs
Contingencies and commitments
Accounting changes and error corrections
Differences between IFRS and U.S. GAAP
Subsequent events
Fair value measurements
Foreign currency transactions and translation

Area IV - State and Local Governments (5-15%)

Objectives covered by this section:

Management's discussion and analysis
Required supplementary information (RSI) other than management's discussion and analysis
Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements
Notes to financial statements
Deriving government-wide financial statements and reconciliation requirements
Capital assets and infrastructure assets
Proprietary funds financial statement
Fiduciary funds financial statements
Fund balances and components thereof
Budgetary accounting and encumbrances
Governmental funds financial statements

AICPA CPA Financial Accounting and Reporting Sample Questions (Q95-Q100):

NEW QUESTION # 95
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
. Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain.
Fuqua has frequently retired bonds early when interest rates declined significantly.
. A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth
similar loss sustained in a 5-year period at that location.
. A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount of gain (loss) should be reported separately as a component of
income from continuing operations in 1990?

A. $260,000
B. $5,000
C. $(255,000)
D. $(350,000)

Answer: B

Explanation:
Choice "b" is correct. $5,000.
The steel forming segment's hurricane damage (4th in 5 years) of $255,000 is only "unusual in nature"
and does not occur infrequently, therefore, it is not an "extraordinary item," and should be reported
separately as a component of "income from continuing operations."
The retirement of debt, although unusual, is not infrequent for the company; therefore, the gain does not
qualify for classification as an extraordinary item per APBO No. 30 (and SFAS No. 145).

NEW QUESTION # 96
In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as
AICPA:

A. Issues Papers.
B. Industry Audit and Accounting Guides.
C. Accounting Research Bulletins.
D. Statements of Position.

Answer: C

Explanation:
Choice "d" is correct. AICPA Accounting Research Bulletins, FASB Standards, FASB Interpretations,
FASB Staff Positions, FASB Statement 133 Implementation Issues, and APB Opinions and
Interpretations are the most authoritative sources of generally accepted accounting principles. Choice "a"
is incorrect. AICPA Statements of Position, AICPA Accounting and Auditing Guides, and FASB Technical
Bulletins are secondary sources of generally accepted accounting principles. Choice "b" is incorrect.
AICPA Statements of Position, AICPA Accounting and Auditing Guides, and FASB Technical Bulletins
are secondary sources of generally accepted accounting principles. Choice "c" is incorrect. AICPA Issues
Papers and Practice Bulletins, FASB Concepts Statements, and other authoritative pronouncements are
tertiary sources for generally accepted accounting principles.

NEW QUESTION # 97
What is the underlying concept that supports the immediate recognition of a contingent loss?

A. Substance over form.
B. Consistency.
C. Matching.
D. Conservatism.

Answer: D

Explanation:
Choice "d" is correct. Conservatism is a prudent reaction to uncertainty to try to ensure that uncertainty
and risks inherent in business situations are adequately considereD. Recognition of a contingent loss is
the recording of an amount representing uncertainty and risk in a business situation. SFAC 2, SFAS 5
para. 82 Choice "a" is incorrect. The substance over form concept presumes that the transaction form
may not dictate the accounting treatment. Choice "b" is incorrect. Consistency is conformity from period to
period with unchanging policies and procedures. SFAC 2 Choice "c" is incorrect. The matching principle
dictates that expenses be matched with the related revenues generated or the time period in which the
expense is incurred and known. SFAS #5 cites matching as the one concept supporting the immediate
recognition of a contingent loss, but it is not the primary underlying concept. SFAS 5 para. 76

NEW QUESTION # 98
Terra Co.'s total revenues from its three operating segments were as follows:

Which operating segment(s) is (are) deemed to be reportable segments?

A. None.
B. Lion and Monk only.
C. Lion only.
D. Lion, Monk, and Nevi.

Answer: D

Explanation:
Choice "d" is correct. A reportable operating segment is one having 10% of all revenue, including revenue
from unaffiliated sales and from intersegment sales:
Lion's revenue percentage is 66.7% [$100,000/150,000].
Monk's revenue percentage is 17.3% [$26,000/150,000].
Nevi's revenue percentage is 16% [$24,000/150,000].
Thus, all three segments meet the 10% of total revenues test and are reportable as operating segments.
SFAS 14 para. 10 and 15 as amended by SFAS 131
Choice "a" is incorrect. All segments with revenue percentages exceeding 10% of total revenues are
reportable operating segments.
Choice "b" is incorrect. Lion is not the only segment with revenue percentages exceeding 10% of total
revenues.
Choice "c" is incorrect. Nevi has a revenue percentage exceeding 10% of total revenues.

NEW QUESTION # 99
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 changed from FIFO to average cost to account for its raw materials and work in process inventories.
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 principal.
D. Change in accounting estimate.

Answer: C

Explanation:
Choice "a" is correct. Change in inventory pricing method from FIFO to average cost is a change in
accounting principle.

NEW QUESTION # 100
......

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