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Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA / NASBA |
|---|---|
| Exam Name: | Financial Accounting and Reporting (FAR) |
| Exam Number: | FAR |
| Exam Format: | Multiple Choice Questions (MCQs), Task-Based Simulations (TBS) |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Available Languages: | English |
| Related Certifications: | REG BAR / ISC / TCP (CPA Evolution disciplines) AUD |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Passing Score: | 75 (scaled score) |
| Exam Duration: | 240 minutes |
| Recommended Training: | Becker CPA Review Gleim CPA Review Wiley CPA Exam Review |
| Exam Registration: | AICPA CPA Exam Information Prometric CPA Exam Scheduling NASBA CPA Candidate Portal |
| Sample Questions: |  |
| Exam Way: | Computer-based testing at authorized Prometric test centers |
| Pre Condition: | No formal prerequisite for exam entry, but candidates must meet state-specific CPA licensure education requirements (typically 120–150 semester hours). |
| Official Syllabus URL: | https://www.aicpa-cima.com/cpa-exam |
Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Specialized Accounting Topics | - Foreign currency transactions - Pensions and post-employment benefits - Accounting changes and error corrections |
| Topic 2: Assets and Liabilities Accounting | - Leases (ASC 842) - Liabilities and contingencies - Fixed assets and intangible assets - Cash, receivables, and inventory |
| Topic 3: Governmental and Not-for-Profit Accounting | - Not-for-profit financial reporting - Governmental fund accounting |
| Topic 4: Financial Statements and Transactions | - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows - Income statement and comprehensive income |
| Topic 5: Equity, Investments, and Business Combinations | - Bonds and debt instruments - Business combinations and consolidations - Stockholders' equity |
| Topic 6: Conceptual Framework and Financial Reporting | - FASB conceptual framework - Financial statement presentation - Disclosure requirements |
The Financial-Accounting-Reporting Exam, Our Materials, Your Questions
At present, the Financial-Accounting-Reporting exam requires a passing score of 75 (scaled score) and costs $238.15 USD (varies by jurisdiction) to register. Admission Test controls both figures, so confirm them on the official site before you book.
The latest exam information lists 57 (50 MCQs + 7 Task-Based Simulations) questions for the Financial-Accounting-Reporting exam, to be completed in 240 minutes minutes. Rehearsing under these conditions in the online engine is the closest thing to sitting the real test.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) blueprint is organized into these principal domains:
- Governmental and Not-for-Profit Accounting
- Financial Statements and Transactions
- Equity, Investments, and Business Combinations
Additional domains follow in the full official outline, and our bank spans them all.
Admission Test recommends these official training options:
If formal classes fit your budget and calendar they add structure; otherwise, disciplined self-practice with a current bank covers the same ground.
A team of professional IT experts and certified trainers who focus on this exam field — and who keep the Financial-Accounting-Reporting bank under constant updating so every candidate prepares smoothly. Every answer is expert-verified, and you can check the accuracy yourself with a free demo before buying. The online test engine deserves special mention: it simulates the actual test environment, supports Windows, Mac, Android, and iOS, carries no installation limits, and lets you practice without limits of time or location — a smooth preparation process for office workers who cannot attend classes.
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Admission Test specifies the following prerequisites for the Admission Test Certified Public Accountant (Financial Accounting & Reporting): No formal prerequisite for exam entry, but candidates must meet state-specific CPA licensure education requirements (typically 120–150 semester hours)..
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Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
In its 1991 financial statements, Grum should disclose major customer data if sales to any single customer amount to at least:
- A. $4,000,000
- B. $300,000
- C. $1,500,000
- D. $5,000,000
Correct Answer: D 🗳️
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. $1,190,000
- B. $980,000
- C. $1,700,000
- D. $1,400,000
Correct Answer: A 🗳️
In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as follows:
"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave $140,000 to health and human-service organizations, of which $80,000 was contributed by employees through payroll deductions. In addition, consistent with the Company's commitment to the environment, the Company spent $100,000 to redesign product packaging."
What amount of the above should be included in Yew's income statement as charitable contributions expense?
- A. $490,000
- B. $390,000
- C. $410,000
- D. $310,000
Correct Answer: D 🗳️
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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)
- A. Change in accounting estimate.
- B. Change in accounting principal.
- C. Correction of an error in previously presented financial statements.
- D. Neither an accounting change nor an accounting error.
Correct Answer: A 🗳️
During the first quarter of 1993, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech's 1992 effective annual income tax rate was 30%, but Tech expects its 1993 effective annual income tax rate to be 25%. In its first quarter interim income statement, what amount of income tax expense should Tech report?
- A. $30,000
- B. $0
- C. $50,000
- D. $60,000
Correct Answer: C 🗳️
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