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Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Passing Score: | 75 (scaled 0-99) |
| Exam Duration: | 240 minutes |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Exam Format: | Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) |
| Related Certifications: | Regulation (REG) Tax Compliance and Planning (TCP) Information Systems and Controls (ISC) Business Analysis and Reporting (BAR) Auditing and Attestation (AUD) |
| Certificate Validity Period: | 30 months from first passed section |
| Available Languages: | English |
| Exam Price: | $262.64 - $359 USD per section (varies by jurisdiction) |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | Prometric Scheduling NASBA CPA Exam Registration |
| 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 |
|---|---|---|
| Financial Reporting | 30-40% | - Conceptual Framework and Standard-Setting - Special Purpose Frameworks - Financial Reporting for Nonprofits - State and Local Government Reporting - General Purpose Financial Statements |
| Select Transactions | 25-35% | - Subsequent Events and Fair Value Disclosures - Fair Value Measurements - Derivatives and Hedge Accounting - Business Combinations and Consolidations - Leases |
| Select Financial Statement Accounts | 30-40% | - Equity - Assets - Liabilities - Expenses and Other Items - Revenue Recognition |
Financial-Accounting-Reporting Exam Questions Answered
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240 minutes for 50 Multiple Choice + 7 Task-Based Simulations questions. Fit the atmosphere in advance: timed sessions in the ValidExam online engine make the formal pace feel practiced, not pressured.
Use the vendor's official registration channels:
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) is delivered Computer-based testing at Prometric authorized centers, continuous testing year-round — select whichever arrangement suits you when booking.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) blueprint spans 3 domains — including Select Financial Statement Accounts (30-40%), Select Transactions (25-35%), Financial Reporting (30-40%). Let the weightings direct your spare-time review; the full outline above lists every subtopic.
Yes — download the free Admission Test Certified Public Accountant (Financial Accounting & Reporting) demo and evaluate the material before paying. Purchases include 365 days of free updates, each new version emailed immediately upon release; renew afterward at 50% off.
Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board Eligibility rules change periodically, so confirm the current requirements on the official page (official Financial-Accounting-Reporting exam page) before registering.
Yes:
Courses give you the theory; the 161 practice questions for the Admission Test Certified Public Accountant (Financial Accounting & Reporting) give you the rehearsal — every answer expert-verified.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) is Admission Test's certification exam for Certified Public Accountant (CPA), at the Professional level. It validates job-ready skills, and passing it marks you as a verified professional. Related credentials include Auditing and Attestation (AUD), Regulation (REG), Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), Tax Compliance and Planning (TCP).
$262.64 - $359 USD per section (varies by jurisdiction) per attempt, 75 (scaled 0-99) to pass. A retake costs the full fee again — effective preparation with the 161 practice questions for the Financial-Accounting-Reporting exam is the economical path.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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. $(350,000)
- D. $(255,000)
Correct Answer: B 🗳️
Ocean Corp.'s comprehensive insurance policy allows its assets to be replaced at current value. The policy has a $50,000 deductible clause. One of Ocean's waterfront warehouses was destroyed in a winter storm. Such storms occur approximately every four years. Ocean incurred $20,000 of costs in dismantling the warehouse and plans to replace it. The tax rate is 30%. The following data relate to the warehouse:
Current carrying amount $ 300,000
Replacement cost 1,100,000
What amount of gain should Ocean report as a separate component of income before extraordinary items?
- A. $0
- B. $780,000
- C. $730,000
- D. $1,030,000
Correct Answer: C 🗳️
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?
- A. Option B
- B. Option D
- C. Option C
- D. Option A
Correct Answer: C 🗳️
Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December 31, 1988. The following information was taken from Chester's accounting records for the above period:
For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net loss?
- A. $450,000
- B. $350,000
- C. $ 50,000
- D. $150,000
Correct Answer: A 🗳️
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 should be disclosed as the gain (loss) from extraordinary items in 1990?
- A. $0
- B. $5,000
- C. $(90,000)
- D. $(350,000)
Correct Answer: A 🗳️
