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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) |
| Related Certifications: | Information Systems and Controls (ISC) Auditing and Attestation (AUD) Regulation (REG) Business Analysis and Reporting (BAR) Tax Compliance and Planning (TCP) |
| 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) |
| Exam Duration: | 240 minutes |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | NASBA CPA Exam Registration Prometric Scheduling |
| 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 |
|---|---|---|
| Topic 1: Financial Reporting | 30-40% | - State and Local Government Reporting - General Purpose Financial Statements - Special Purpose Frameworks - Conceptual Framework and Standard-Setting - Financial Reporting for Nonprofits |
| Topic 2: Select Transactions | 25-35% | - Derivatives and Hedge Accounting - Fair Value Measurements - Leases - Business Combinations and Consolidations - Subsequent Events and Fair Value Disclosures |
| Topic 3: Select Financial Statement Accounts | 30-40% | - Assets - Equity - Revenue Recognition - Liabilities - Expenses and Other Items |
Financial-Accounting-Reporting Exam: The FAQ Candidates Actually Need
Admission Test Certified Public Accountant (Financial Accounting & Reporting) is an official AICPA certification exam, listed under the code Financial-Accounting-Reporting. Passing it earns you the Certified Public Accountant (CPA) certification, positioned 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). For anyone aiming at a leadership track in IT, this credential is one of the clearest markers of verified skill.
Passing Admission Test Certified Public Accountant (Financial Accounting & Reporting) takes 75 (scaled 0-99), and the official registration fee is $262.64 - $359 USD per section (varies by jurisdiction). Retakes charge the full $262.64 - $359 USD per section (varies by jurisdiction) again, which is why accuracy in preparation matters more than volume. Validate your readiness with repeated TestPassed practice scores above the requirement before committing to a date.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam contains 50 Multiple Choice + 7 Task-Based Simulations questions to answer within 240 minutes. The SOFT engine from TestPassed imitates the real test scene on your computer and uses special methods to help you master questions and answers, so the official time limit becomes a practiced routine rather than a surprise.
Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board
Vendor requirements are revised periodically, so confirm the current conditions before registering via the official exam page.
Sign-up for Admission Test Certified Public Accountant (Financial Accounting & Reporting) goes through the official channels below.
One planning note: the exam is delivered Computer-based testing at Prometric authorized centers, continuous testing year-round.
AICPA recommends the following training for Admission Test Certified Public Accountant (Financial Accounting & Reporting) candidates.
Reinforce whichever training you pick with the 161 practice questions in the TestPassed Financial-Accounting-Reporting package, edited by experts who follow real test changes firsthand.
Three versions share the same verified content: the PDF prints unlimited copies for paper study, the SOFT engine imitates the real test scene on Windows PCs, and the APP version runs on all electronic products, which is why the majority of examinees choose it. A free demo lets you try before deciding, and after purchase updates are free for 365 days, extendable afterward at a 50% discount.
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Admission Test Certified Public Accountant (Financial Accounting & Reporting) is structured into 3 official domains. The leading ones are Select Transactions (25-35%), Select Financial Statement Accounts (30-40%), and Financial Reporting (30-40%). The full topic breakdown appears above; accurate preparation starts with an accurate map.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?
- A. In the fourth quarter only.
- B. In the second quarter only.
- C. Ratably over the third and fourth quarters.
- D. Ratably over the second, third, and forth [sic] quarters.
Correct Answer: A 🗳️
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 1992 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 1992 financial statements.
Item to Be Answered
During 1993, Quo determined that an insurance premium paid and entirely expensed in 1992 was for the period January 1, 1992, through January 1, 1994.
List B (Select one)
- A. Prospective approach.
- B. Cumulative effect approach.
- C. Retroactive or retrospective restatement approach.
Correct Answer: C 🗳️
An extraordinary gain should be reported as a direct increase to which of the following?
- A. Net income.
- B. Comprehensive income.
- C. Income from discontinued operations, net of tax.
- D. Income from continuing operations, net of tax.
Correct Answer: A 🗳️
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.
Correct Answer: A 🗳️
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. $200,000
- C. $161,000
- D. $140,000
Correct Answer: D 🗳️
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