BUNDLE - FAR EXAMS

FAR Exam F1 MCQ Questions & Answers 2023/2024 Replacement cost - ANSWER-Amount of cash or its equivalent that would be paid to acquire or replace an asset currently. It is also an acquisition cost Current Market Value - ANSWER-cost to sell (not acquire) an asset. AKA fair value On Decembe...

FAR Exam Questions & Answers 2023/2024 Operational - ANSWER-Governmental wide financial statements focus on what type of accountability Prospective application - ANSWER-No adjusting journal entry to Beginning retained earnings. Report in current year and going forward Purchasing the right...

FAR Mock Exam 1 & 2 Questions & Answers 2023/2024 Disclosure of vulerability due to Identified concentrations - ANSWER-Only needs to be disclosed when: C's exist at BS date C's make entity vulnerable in near-term Reasonably possible severe impact CFO reporting - ANSWER-required of segme...

FAR Exam Questions & Answers 2023/2024 SU 1 - The Financial Reporting Environment - ANSWER- 1.1 - Standards Setting for Financial Accounting - ANSWER- Nature of financial reporting - ANSWER-Financial accounting produces information about an entity's assets, liabilities, revenues, expense...

FAR exam 2 questions & answers 2023/2024 Conditional right to receive consideration - ANSWER-Completed some of the performace obligation but must complete more to actually recieve revenue Conditional right to receive consideration - ANSWER-Contract asset Unconditional right to receive con...