PDF Version DemoPassing Admission Test Certified Public Accountant (Financial Accounting & Reporting) is genuinely difficult, and that difficulty is exactly what makes the credential valuable. ActualPDF helps Financial-Accounting-Reporting candidates meet the challenge with 161 verified practice questions and service that stays with you until you pass.
Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Exam Price: | $262.64 - $359 USD per section (varies by jurisdiction) |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Passing Score: | 75 (scaled 0-99) |
| Available Languages: | English |
| Certificate Validity Period: | 30 months from first passed section |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQ) |
| Exam Duration: | 240 minutes |
| Related Certifications: | Tax Compliance and Planning (TCP) Business Analysis and Reporting (BAR) Auditing and Attestation (AUD) Information Systems and Controls (ISC) Regulation (REG) |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | NASBA CPA Exam Registration Prometric Scheduling |
| Sample Questions: | DOWNLOAD DEMO |
| 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 Financial Statement Accounts | 30-40% | - Equity - Assets - Liabilities - Revenue Recognition - Expenses and Other Items |
| Topic 2: Financial Reporting | 30-40% | - General Purpose Financial Statements - State and Local Government Reporting - Special Purpose Frameworks - Conceptual Framework and Standard-Setting - Financial Reporting for Nonprofits |
| Topic 3: Select Transactions | 25-35% | - Subsequent Events and Fair Value Disclosures - Business Combinations and Consolidations - Leases - Fair Value Measurements - Derivatives and Hedge Accounting |
Admission Test Financial-Accounting-Reporting Exam: What Candidates Want to Know
Admission Test Certified Public Accountant (Financial Accounting & Reporting) is an official AICPA certification exam, registered under the code Financial-Accounting-Reporting. Passing it awards the Certified Public Accountant (CPA) certification, a credential at the Professional level. It also connects to Auditing and Attestation (AUD), Regulation (REG), Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), Tax Compliance and Planning (TCP). The exam is demanding by design, and that difficulty is precisely what makes the credential meaningful for career development.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam presents 50 Multiple Choice + 7 Task-Based Simulations questions within 240 minutes. That is a brisk pace, and the candidates who handle it best are the ones who rehearsed it. Use the ActualPDF engine for full timed simulations, practice flagging and returning, and arrive on exam day with a pacing strategy already proven.
Passing Admission Test Certified Public Accountant (Financial Accounting & Reporting) takes 75 (scaled 0-99), and official registration costs $262.64 - $359 USD per section (varies by jurisdiction). Retakes bill the full $262.64 - $359 USD per section (varies by jurisdiction) again, so preparation is the least expensive insurance available. Let your ActualPDF practice scores guide the timing: book when you clear the requirement consistently, not occasionally.
Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board
Policies get revised, so confirm the current requirements before you register on the official exam page.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) registration is handled through the official channels below.
For scheduling purposes: the exam is delivered Computer-based testing at Prometric authorized centers, continuous testing year-round.
Yes, AICPA recommends the following training for Admission Test Certified Public Accountant (Financial Accounting & Reporting) candidates.
Complement any training with the 161 practice questions in the ActualPDF Financial-Accounting-Reporting package, because repeated application is what turns course knowledge into a passing score.
Yes. ActualPDF offers a free demo of the Admission Test Certified Public Accountant (Financial Accounting & Reporting) questions, so you can verify the quality personally before purchasing. Your purchase then includes a one-year service warranty: updates are free for 365 days, and after expiry you can extend the update service at a 50% discount.
Your money is protected by a 100% money-back guarantee with defined conditions. Take the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam within 60 days of purchase; if you fail, you may claim a full refund, provided the exam matches your product. Attempts within 3 days of purchase are ineligible, as are downloaded-but-unused products, free materials, and expired orders; the candidate name must match the payer name. Submit a scanned enrollment slip and the official Score Report PDF within 2 days of the exam, and claims are processed within 7 days. You may instead wait for the update version or change to other exam material: exchange for two other exam products of equal value, free, with your original purchase keeping its update service.
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Admission Test Certified Public Accountant (Financial Accounting & Reporting) is organized into 3 official domains. The most heavily weighted are Financial Reporting (30-40%), Select Transactions (25-35%), and Select Financial Statement Accounts (30-40%). The full breakdown appears above on this page; study the weightings and your preparation priorities set themselves.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)
- A. Change in accounting estimate.
- B. Correction of an error in previously presented financial statements.
- C. Neither an accounting change nor an accounting error.
- D. Change in accounting principal.
Correct Answer: D 🗳️
Which of the following describes how comprehensive income should be reported?
- A. Must be reported in a separate statement, as part of a complete set of financial statements.
- B. May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
- C. May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
- D. Should not be reported in the financial statements but should only be disclosed in the footnotes.
Correct Answer: C 🗳️
Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:
Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:
- A. $168,000
- B. $161,000
- C. $200,000
- D. $140,000
Correct Answer: D 🗳️
At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?
- A. $350,000
- B. $0
- C. $500,000
- D. $200,000
Correct Answer: B 🗳️
APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?
- A. As useful only if activity is spread evenly throughout the year.
- B. As reporting for an integral part of an annual period.
- C. As reporting under a comprehensive basis of accounting other than GAAP.
- D. As if the interim period were an annual accounting period.
Correct Answer: B 🗳️
