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From a free demo to downloadable practice files, browser-based testing, and checkout supported by McAfee security services, Actual4dump brings the key FAR preparation tools together in one place. Candidates for AICPA CPA Financial Accounting and Reporting can use the 165 practice questions to plan, test, and revisit their knowledge in 2026.

AICPA FAR Exam Overview:

Certification Vendor:AICPA
Exam Name:Financial Accounting and Reporting
Exam Number:FAR
Exam Format:Task-Based Simulations (TBS), Multiple-Choice Questions (MCQ), Computer-Based Test
Exam Duration:240 minutes
Passing Score:75 (scaled 0-99)
Exam Price:~$359 USD per section (varies by jurisdiction)
Related Certifications:REG
TCP
BAR
AUD
ISC
Certificate Validity Period:30 months from passing
Real Exam Qty:50 MCQs + 7 TBSs
Available Languages:English
Recommended Training:AICPA Official FAR Blueprint & Resources
Exam Registration:Prometric Scheduling
NASBA CPA Central
AICPA CPA Exam
Sample Questions: DOWNLOAD DEMO
Exam Way:Computer-based testing at Prometric test centers or remote proctored (where allowed)
Pre Condition:Bachelor's degree + 120–150 credit hours (jurisdiction-dependent), 24–30 hours in accounting/business courses; no prior exam required
Official Syllabus URL:https://us.aicpa.org/becomeacpa/cpaexam/exam-content/far

AICPA FAR Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: State and Local Governments5–15%- Fund accounting and modified accrual basis
- Governmental financial statements and reporting models
- GASB standards and disclosure requirements
Topic 2: Select Financial Statement Accounts30–40%- Cash, receivables, inventory, investments
- Compensation, benefits and income taxes
- Payables, debt, equity, revenue recognition
- Property, plant and equipment, intangibles
Topic 3: Conceptual Framework, Standard-Setting and Financial Reporting25–35%- Employee benefit plan financial statements
- Not-for-profit and public company reporting
- General-purpose financial statements for for-profit entities
- Conceptual framework and standard-setting process
Topic 4: Select Transactions20–30%- Derivatives, hedging and fair value measurements
- Leases, business combinations and consolidations
- Contingencies, R&D and subsequent events
- Foreign currency, accounting changes and errors

AICPA FAR Certification Exam FAQ

The FAR exam, CPA Financial Accounting and Reporting, assesses whether a candidate can apply AICPA knowledge to the skills measured by this credential. It is associated with the US Uniform CPA Certification certification. The certification is positioned at the Core / Professional level. Related credentials include AUD, REG, BAR, ISC, TCP.

The FAR exam includes 50 MCQs + 7 TBSs questions and allows 240 minutes. Plan your pacing before exam day rather than calculating it under pressure. Timed sessions with Actual4dump practice tests can help you decide when to flag a difficult item, keep moving, and reserve enough time for a final review.

The published passing score for AICPA CPA Financial Accounting and Reporting is 75 (scaled 0-99), and the official exam fee is ~$359 USD per section (varies by jurisdiction). A retake requires budgeting for the full official fee again, so it is sensible to complete several timed practice tests before scheduling. Consistent results across the 165 practice questions can give you a clearer picture of your readiness.

The stated prerequisite information for AICPA CPA Financial Accounting and Reporting is: Bachelor's degree + 120–150 credit hours (jurisdiction-dependent), 24–30 hours in accounting/business courses; no prior exam required Before registering, review the eligibility details on the official exam page to confirm the requirements.

You can register for AICPA CPA Financial Accounting and Reporting through the following channels:

The available exam delivery format is Computer-based testing at Prometric test centers or remote proctored (where allowed).

The following official training resources are recommended for AICPA CPA Financial Accounting and Reporting:

After reviewing these training options, you can reinforce each topic with 165 practice questions from Actual4dump.

Yes. Actual4dump provides a free PDF demo so you can review the format and quality of the AICPA CPA Financial Accounting and Reporting practice questions before placing an order. Your purchase includes 365 days of free updates, and you can extend the update service after expiration at a 50% discount.

If you take the corresponding FAR exam within 60 days of purchase and do not pass, you may apply for a full refund under the 100% Money Back Guarantee. Claims based on an exam taken within 3 days of purchase are not eligible; free materials, expired orders, and downloaded products that were not used before sitting for the exam are also excluded. The candidate name must match the payer name.

To apply, submit a scanned enrollment slip and the official Score Report PDF within 2 days after the exam. Eligible requests are processed within 7 days. If you prefer an alternative, you may receive two free products of equal value and keep the update service for your original purchase.

Delivery is instant after payment. Your download is also sent to your email within one minute; if it has not arrived within 2 hours, contact customer service. There is no limit on the number of computers on which the material can be installed.

The published AICPA CPA Financial Accounting and Reporting outline contains 4 major domains. The opening domains include:

  • Conceptual Framework, Standard-Setting and Financial Reporting (25–35%)
  • Select Transactions (20–30%)
  • State and Local Governments (5–15%)

Review the complete Exam Topics section above for every domain and subtopic before planning your study time.

AICPA CPA Financial Accounting and Reporting Sample Questions:

Question 1

Taft Corp. discloses supplemental industry segment information. The following information is available for
1 992:

Additional 1992 expenses, not included above, are as follows:
Indirect operating expenses $7,200
General corporate expenses 4,800
Segment C's 1992 operating profit was:

A. $2,600
B. $3,200
C. $5,000
D. $2,000


Question 2

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 B represents the general accounting treatment
required for these transactions. These treatments are:
. Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the
accounting change or error correction in the 1993 financial statements, and do not restate the 1992
financial statements.
. Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust
1 992 beginning retained earnings if the error or change affects a period prior to 1992.
. Prospective approach - Report 1993 and future financial statements on the new basis but do not restate
1 992 financial statements.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are performed over
several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income
from these service contracts.
List B (Select one)

A. Prospective approach.
B. Retroactive or retrospective restatement approach.
C. Cumulative effect approach.


Question 3

An extraordinary item should be reported separately on the income statement as a component of income:

A. Option B
B. Option C
C. Option A
D. Option D


Question 4

During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its
effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was
3 0%. Worth expects that its effective annual income tax rate for the current year will be 25%. The
statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of
income tax expense should Worth report?

A. $35,000
B. $30,000
C. $15,000
D. $25,000


Question 5

An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co.
appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What
amount of inventory loss should be reported in Cox's quarterly income statement for the three months
ended June 30, 1989?

A. $90,000
B. $360,000
C. $180,000
D. $0


Solutions:

Question 1
Answer: C
Question 2
Answer: B
Question 3
Answer: A
Question 4
Answer: D
Question 5
Answer: B

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