Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Certification Provider: Admission Test
Corresponding Certification: CPA Certification
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Instant Download Admission Test : Financial-Accounting-Reporting Questions & Answers as PDF & Test Engine
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- Total Questions: 161
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The Financial-Accounting-Reporting exam has a reputation for tripping up even experienced professionals, and the Admission Test Certified Public Accountant (Financial Accounting & Reporting) blueprint keeps getting broader. Rather than guessing what matters, work through the 161 practice questions 2Pass4sure has built around the current exam and walk in knowing the format cold.
Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA / NASBA |
|---|---|
| Exam Name: | Financial Accounting and Reporting (FAR) |
| Exam Number: | FAR |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQs) |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Passing Score: | 75 (scaled score) |
| Available Languages: | English |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Related Certifications: | REG AUD BAR / ISC / TCP (CPA Evolution disciplines) |
| Exam Duration: | 240 minutes |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Recommended Training: | Becker CPA Review Wiley CPA Exam Review Gleim CPA Review |
| Exam Registration: | NASBA CPA Candidate Portal AICPA CPA Exam Information Prometric CPA Exam Scheduling |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Computer-based testing at authorized Prometric test centers |
| Pre Condition: | No formal prerequisite for exam entry, but candidates must meet state-specific CPA licensure education requirements (typically 120–150 semester hours). |
| Official Syllabus URL: | https://www.aicpa-cima.com/cpa-exam |
Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Statements and Transactions | - Revenue recognition (ASC 606) - Income statement and comprehensive income - Balance sheet and statement of cash flows |
| Topic 2: Equity, Investments, and Business Combinations | - Bonds and debt instruments - Business combinations and consolidations - Stockholders' equity |
| Topic 3: Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Topic 4: Assets and Liabilities Accounting | - Cash, receivables, and inventory - Leases (ASC 842) - Liabilities and contingencies - Fixed assets and intangible assets |
| Topic 5: Conceptual Framework and Financial Reporting | - Financial statement presentation - Disclosure requirements - FASB conceptual framework |
| Topic 6: Specialized Accounting Topics | - Accounting changes and error corrections - Pensions and post-employment benefits - Foreign currency transactions |
Admission Test Financial-Accounting-Reporting Exam FAQ — What Candidates Ask Most
The Financial-Accounting-Reporting exam is the official Admission Test exam for Admission Test Certified Public Accountant (Financial Accounting & Reporting). Passing it earns you the Certified Public Accountant (CPA) credential, which sits at the Professional level. It is also connected to AUD, REG, BAR / ISC / TCP (CPA Evolution disciplines), so what you learn carries over if you plan to pursue those paths as well. Employers treat the certification as verified proof of skill, which is why structured preparation with 2Pass4sure's practice questions pays off.
The Financial-Accounting-Reporting exam contains 57 (50 MCQs + 7 Task-Based Simulations) questions, and the time limit is 240 minutes. Translate that into a pacing plan before exam day: know roughly how long you can afford per item, flag anything that stalls you, and circle back at the end instead of burning minutes. Two or three full timed sessions in 2Pass4sure's test engine will teach you that rhythm far better than untimed reading ever will.
The passing score for the Financial-Accounting-Reporting exam is 75 (scaled score), and the official registration fee is $238.15 USD (varies by jurisdiction). Remember that a failed attempt means paying that fee again in full for a retake, so treat self-assessment as part of the budget: run 2Pass4sure's practice questions under timed conditions and only book your seat once your scores sit comfortably above the passing bar.
No formal prerequisite for exam entry, but candidates must meet state-specific CPA licensure education requirements (typically 120–150 semester hours). Eligibility details can change, so before you register, confirm the current requirements on the official exam page: https://www.aicpa-cima.com/cpa-exam.
You can book the Financial-Accounting-Reporting exam through the official registration channels below:
Exam delivery method: Computer-based testing at authorized Prometric test centers.
Admission Test points candidates to the following official training options:
Once the coursework has built your foundation, the fastest way to turn theory into exam readiness is drilling with 2Pass4sure's 161 practice questions for the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam.
Yes. 2Pass4sure offers a free PDF demo of the Admission Test Certified Public Accountant (Financial Accounting & Reporting) practice questions on the samples page, so you can judge the format and quality yourself before paying anything. Every purchase also includes 365 days of free updates, and after the product expires you can extend the update service at a 50% discount from within your member zone.
If you take the corresponding exam within 60 days of purchase and do not pass, 2Pass4sure backs you with a 100% money-back guarantee. To claim it, submit a scanned copy of your exam enrollment slip together with your official Score Report PDF within 2 days of the exam, and the refund is processed within 7 days. The guarantee does not apply to attempts made within the first 3 days after purchase, to products downloaded without actually sitting the exam, or to free materials and expired orders, and the candidate name must match the payer's name. If you would rather have study material than money, you can instead exchange for two additional exam products of equal value, free of charge, while keeping the update service on your original purchase. Delivery itself is instant: your download is available right after payment and a copy reaches your mailbox within one minute — if nothing arrives within 2 hours, contact customer service. You may install the product on as many computers as you need.
The official Admission Test Certified Public Accountant (Financial Accounting & Reporting) blueprint is organized into 6 domains. The leading areas are:
- Assets and Liabilities Accounting
- Specialized Accounting Topics
- Equity, Investments, and Business Combinations
For the complete domain-by-domain breakdown with every subtopic, see the Exam Topics outline above.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
An inventory loss from a market price decline occurred in the first quarter, and the decline was not expected to reverse during the fiscal year. However, in the third quarter the inventory's market price recovery exceeded the market decline that occurred in the first quarter. For interim financial reporting, the dollar amount of net inventory should:
- A. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the decrease in the first quarter.
- B. Decrease in the first quarter by the amount of the market price decline and not be affected in the third quarter.
- C. Not be affected in either the first quarter or the third quarter.
- D. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery.
Correct Answer: B 🗳️
A transaction that is unusual in nature and infrequent in occurrence should be reported separately as a component of income:
- A. Before cumulative effect of accounting changes and before discontinued operations of a segment of a business.
- B. After cumulative effect of accounting changes and after discontinued operations of a segment of a business.
- C. After discontinued operations of a segment of a business.
- D. After cumulative effect of accounting changes and before discontinued operations of a segment of a business.
Correct Answer: C 🗳️
A material loss should be presented separately as a component of income from continuing operations when it is:
- A. An extraordinary item.
- B. A cumulative effect type change in accounting principle.
- C. Unusual in nature and infrequent in occurrence.
- D. Not unusual in nature but infrequent in occurrence.
Correct Answer: D 🗳️
There are multiple active markets for a financial asset with different observable market prices:
There is no principal market for the financial asset. What is the fair value of the asset?
- A. $74
- B. $71
- C. $76
- D. $72
Correct Answer: A 🗳️
According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:
- A. Recognition.
- B. Allocation.
- C. Realization.
- D. Matching.
Correct Answer: A 🗳️
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