Pass Financial-Accounting-Reporting exam so to get closer to your dream

It is common knowledge that we can live in a day without a meal, but we cannot live a moment without network. Getting a professional Admission Test certification with Financial-Accounting-Reporting test dumps is the first step beyond all questions. Although an examination cannot prove your overall ability with Financial-Accounting-Reporting test online, it's still an important way to help you lay the foundation of improving yourself and achieving success in the future. Your efforts in exams with high Financial-Accounting-Reporting pass-rate materials will bring you wealth of life, such as learning experience and competence, rather than a moment satisfaction.

Immediately download Financial-Accounting-Reporting exam materials

As long as you pay at our platform, we will deliver the relevant Financial-Accounting-Reporting test dumps within 5-10 minutes. Then you can instantly download it, study and practice in high Financial-Accounting-Reporting pass-rate materials. Immediate downloading saves your time and makes you enter into the Financial-Accounting-Reporting test-king materials right away. It is really a convenient way helps you study with high efficiency and pass easily.

20-30 hours' practices equal to Admission Test Financial-Accounting-Reporting certification

Considering current situation, we know time is limited for every person. So how to deal with your inadequate time is our urgent priority (Financial-Accounting-Reporting test dumps). We have made endless efforts to research how to help users pass exam within less time. Finally, our experts have developed the high Financial-Accounting-Reporting pass-rate materials, which helps you to get through exam after 20-30 hours' practices. You can not only save time to do other business but also easily get the certification at the same time with Financial-Accounting-Reporting test dumps.

In cyber age, it's essential to pass the Financial-Accounting-Reporting test king to prove ability especially for lots of this workers. Our company, with a history of ten years, has been committed to making efforts in this field (Financial-Accounting-Reporting test dumps). Since the establishment, we have won wonderful feedbacks from customers and ceaseless business and continuously worked on developing our Financial-Accounting-Reporting test online to make it more received by the public.
We feel honored that you spare some time paying attention to Financial-Accounting-Reporting test questions, which we have carefully made as detailed as possible to ensure you to get desired Financial-Accounting-Reporting pass-king information. It's the whole-hearted cooperation between you and I that helps us doing better. We have been engaged in specializing Financial-Accounting-Reporting test dumps for almost a decade and still have a long way to go. And we do hope that our Financial-Accounting-Reporting test online becomes your life stepping-stone. You can refer to the following advantages about our Financial-Accounting-Reporting test dumps to decide whether our product will help you pass exam.

Highly efficient after-sales service

We assure you that if you have any question about the Financial-Accounting-Reporting test dumps, you will receive the fastest and precise reply from our staff. All you need to do is to click your mouse and email us. You can visit our website about Financial-Accounting-Reporting test-king materials and contact our customer service staff at any time. We stand by your side with 24 hours online. We promise you to take measures to deal with your problem about high Financial-Accounting-Reporting pass-rate materials in any case, for our chasing high-pass-rate and for creating a comfortable using environment.

After purchase, Instant Download: Upon successful payment, Our systems will automatically send the product you have purchased to your mailbox by email. (If not received within 12 hours, please contact us. Note: don't forget to check your spam.)

Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:

1. During 1994, Orca Corp. decided to change from the FIFO method of inventory valuation to the weightedaverage method. Inventory balances under each method were as follows:

Orca's income tax rate is 30%.
Orca should report the cumulative effect of this accounting change as a(n):

A) Component of income after extraordinary items.
B) Component of income from continuing operations.
C) Extraordinary item.
D) Adjustment to beginning retained earnings.

2. 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.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?

A) $600,000
B) $500,000
C) $420,000
D) $350,000

3. An extraordinary item should be reported separately on the income statement as a component of income:

A) Option B
B) Option D
C) Option C
D) Option A

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

5. 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) $1,400,000
B) $980,000
C) $1,700,000
D) $1,190,000

Solutions: