Try Admission Test : Financial-Accounting-Reporting practice torrent pass for sure
Updated: Jul 27, 2026
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Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA |
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Exam Price: | $262.64 - $359 USD per section (varies by jurisdiction) |
| Available Languages: | English |
| Passing Score: | 75 (scaled 0-99) |
| Exam Duration: | 240 minutes |
| Certificate Validity Period: | 30 months from first passed section |
| Related Certifications: | Auditing and Attestation (AUD) Regulation (REG) Business Analysis and Reporting (BAR) Information Systems and Controls (ISC) Tax Compliance and Planning (TCP) |
| Exam Format: | Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | Prometric Scheduling NASBA CPA Exam Registration |
| Sample Questions: | Admission Test Financial-Accounting-Reporting Sample Questions |
| Exam Way: | Computer-based testing at Prometric authorized centers, continuous testing year-round |
| Pre Condition: | Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board |
| Official Syllabus URL: | https://www.aicpa-cima.com/resources/article/learn-what-is-tested-on-the-cpa-exam |
Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Transactions | 25-35% | - Derivatives and Hedge Accounting - Business Combinations and Consolidations - Fair Value Measurements - Subsequent Events and Fair Value Disclosures - Leases |
| Topic 2: Select Financial Statement Accounts | 30-40% | - Revenue Recognition - Assets - Liabilities - Equity - Expenses and Other Items |
| Topic 3: Financial Reporting | 30-40% | - State and Local Government Reporting - General Purpose Financial Statements - Financial Reporting for Nonprofits - Special Purpose Frameworks - Conceptual Framework and Standard-Setting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. What information should a public company present about revenues from its reporting segments?
A) Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.
B) Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.
C) No disclosure of revenues from foreign operations need be reported.
D) Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.
2. Rock Co.'s financial statements had the following balances at December 31:
What amount should Rock report as comprehensive income for the year ended December 31?
A) $400,000
B) $570,000
C) $520,000
D) $420,000
3. Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?
A) Option A
B) Option B
C) Option C
D) Option D
4. How should the effect of a change in accounting estimate be accounted for?
A) In the period of change and future periods if the change affects both.
B) As a prior period adjustment to beginning retained earnings.
C) By restating amounts reported in financial statements of prior periods.
D) By reporting pro forma amounts for prior periods.
5. What is the underlying concept that supports the immediate recognition of a contingent loss?
A) Consistency.
B) Matching.
C) Substance over form.
D) Conservatism.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: D |
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