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- Total Questions: 161
- Updated on: Sep 06, 2026
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- Total Questions: 161
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Different candidates prepare for Admission Test Certified Public Accountant (Financial Accounting & Reporting) in different ways, and Actual4dump supports PDF study, a desktop test engine, and an online test engine. The Financial-Accounting-Reporting package gives you 161 practice questions in a format that can match your routine in 2026.
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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) |
| Exam Duration: | 240 minutes |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQ) |
| Certificate Validity Period: | 30 months from first passed section |
| Available Languages: | English |
| Passing Score: | 75 (scaled 0-99) |
| Related Certifications: | Business Analysis and Reporting (BAR) Information Systems and Controls (ISC) Regulation (REG) Auditing and Attestation (AUD) Tax Compliance and Planning (TCP) |
| 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 |
|---|---|---|
| Financial Reporting | 30-40% | - State and Local Government Reporting - Conceptual Framework and Standard-Setting - General Purpose Financial Statements - Special Purpose Frameworks - Financial Reporting for Nonprofits |
| Select Transactions | 25-35% | - Fair Value Measurements - Subsequent Events and Fair Value Disclosures - Business Combinations and Consolidations - Leases - Derivatives and Hedge Accounting |
| Select Financial Statement Accounts | 30-40% | - Equity - Liabilities - Assets - Revenue Recognition - Expenses and Other Items |
FAQs for Admission Test Certified Public Accountant (Financial Accounting & Reporting) Candidates
The Financial-Accounting-Reporting exam leads to the Certified Public Accountant (CPA) certification from AICPA. It is positioned at the Professional level. The exam validates the knowledge and skills expected of candidates preparing for Admission Test Certified Public Accountant (Financial Accounting & Reporting).
Related certifications include:
- Auditing and Attestation (AUD)
- Regulation (REG)
- Business Analysis and Reporting (BAR)
- Information Systems and Controls (ISC)
- Tax Compliance and Planning (TCP)
The Financial-Accounting-Reporting exam includes 50 Multiple Choice + 7 Task-Based Simulations questions and allows 240 minutes. Before test day, divide the available time by the number of questions in a timed practice set to establish a steady per-question pace. If a difficult item starts consuming too much time, mark it for review and move forward instead of losing momentum. A full timed practice session can help you decide when to move on, when to return, and how much buffer to reserve for a final check.
The passing score for Financial-Accounting-Reporting is 75 (scaled 0-99), and the official exam fee is $262.64 - $359 USD per section (varies by jurisdiction). Because a retake requires paying the exam fee again, use timed practice results as a readiness check before scheduling your next attempt. If your performance remains inconsistent, continue reviewing weak domains and repeat a timed session before booking the exam.
Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board
Eligibility rules can change, so confirm the current requirements on the official exam page before registering.
You can register through the official channels listed below:
The available exam delivery method is Computer-based testing at Prometric authorized centers, continuous testing year-round.
The official training options include:
After reviewing the recommended training, reinforce what you learned with Actual4dump's 161 practice questions for Financial-Accounting-Reporting.
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The current Financial-Accounting-Reporting outline is organized into 3 top-level domains. The first listed areas include:
- Select Transactions (25-35%)
- Financial Reporting (30-40%)
- Select Financial Statement Accounts (30-40%)
Review the Exam Topics section above for the complete outline and any nested subtopics.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
In 1990, Teller Co. incurred losses arising from its guilty plea in its first antitrust action, and from a substantial increase in production costs caused when a major supplier's workers went on strike. Which of these losses should be reported as an extraordinary item?
- A. Option B
- B. Option C
- C. Option A
- D. Option D
A material loss should be presented separately as a component of income from continuing operations when it is:
- A. A cumulative effect type change in accounting principle.
- B. Unusual in nature and infrequent in occurrence.
- C. An extraordinary item.
- D. Not unusual in nature but infrequent in occurrence.
According to the FASB conceptual framework, which of the following statements conforms to the realization concept?
- A. Depreciated equipment was sold in exchange for a note receivable.
- B. Cash was collected on accounts receivable.
- C. Equipment depreciation was assigned to a production department and then to product unit costs.
- D. Product unit costs were assigned to cost of goods sold when the units were sold.
Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10 years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of $1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense for the current year?
- A. $3,200
- B. $4,500
- C. $3,750
- D. $5,000
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. By restating amounts reported in financial statements of prior periods.
- C. By reporting pro forma amounts for prior periods.
- D. As a prior period adjustment to beginning retained earnings.
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