Keeping pace with the times is easier when your materials move first. Test4Cram updates the Admission Test Certified Public Accountant (Financial Accounting & Reporting) bank as the exam evolves and sends the newest version free during your entire first year — 365 days of 161 practice questions staying current.
Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Exam Duration: | 240 minutes |
| Related Certifications: | Tax Compliance and Planning (TCP) Auditing and Attestation (AUD) Regulation (REG) Information Systems and Controls (ISC) Business Analysis and Reporting (BAR) |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Available Languages: | English |
| Passing Score: | 75 (scaled 0-99) |
| Exam Format: | Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) |
| Exam Price: | $262.64 - $359 USD per section (varies by jurisdiction) |
| Certificate Validity Period: | 30 months from first passed section |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | Prometric Scheduling NASBA CPA Exam Registration |
| 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: Select Financial Statement Accounts | 30-40% | - Revenue Recognition - Expenses and Other Items - Assets - Equity - Liabilities |
| Topic 2: Select Transactions | 25-35% | - Subsequent Events and Fair Value Disclosures - Leases - Derivatives and Hedge Accounting - Fair Value Measurements - Business Combinations and Consolidations |
| Topic 3: Financial Reporting | 30-40% | - State and Local Government Reporting - Conceptual Framework and Standard-Setting - General Purpose Financial Statements - Financial Reporting for Nonprofits - Special Purpose Frameworks |
Frequently Asked Questions: Admission Test Certified Public Accountant (Financial Accounting & Reporting) Exam
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam requires 75 (scaled 0-99) to pass, and registration costs $262.64 - $359 USD per section (varies by jurisdiction). A failed attempt means paying the same fee again — a readiness check with the Test4Cram engines before booking is the cheaper option.
Admission Test recommends these training resources for the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam:
Follow the training with steady self-testing — the 161 practice questions from Test4Cram help you apply theory and fill any gaps the training leaves.
The Financial-Accounting-Reporting exam is a Admission Test certification exam validating the Admission Test Certified Public Accountant (Financial Accounting & Reporting) syllabus shown above. It belongs to these credential paths: Auditing and Attestation (AUD), Regulation (REG), Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), Tax Compliance and Planning (TCP). Candidates in 2026 prepare for it with Test4Cram's 161 practice questions, available as a printable PDF, a Windows Desktop Test Engine, and an Online Test Engine — three versions of the same materials.
Test4Cram issues a full refund if you take the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam within 60 days of purchase and do not pass. The policy does not apply if the exam is taken within 3 days of purchase, if the exam was never actually taken, or to free materials or expired orders, and the candidate name must match the payer name. Submit a scan of your enrollment slip and the official Score Report PDF within 2 days of the exam; claims are processed within 7 days. Alternatively, exchange for two free exam products of equal value and keep your original update service. Orders arrive by email within 1 minute — contact support if nothing arrives within 2 hours.
Computer-based testing at Prometric authorized centers, continuous testing year-round Register for the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam through these official channels:
After booking, Test4Cram delivers your practice questions within 1 minute — preparation starts the same day.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam contains 50 Multiple Choice + 7 Task-Based Simulations to complete within 240 minutes. Timed simulation in the Test4Cram Desktop Test Engine teaches that rhythm before exam day does.
The official Admission Test Certified Public Accountant (Financial Accounting & Reporting) outline defines 3 domains. The leading three are Select Transactions (25-35%), Financial Reporting (30-40%), and Select Financial Statement Accounts (30-40%). The full list is in the topics section above, and Test4Cram's 161 practice questions cover each one.
Three versions of the same study materials: a printable, expert-prepared PDF with free demo download and instant access; a Desktop Test Engine for Windows that simulates the real exam with two practice modes and works offline; and an Online Test Engine for any browser on Windows, Mac, Android, and iOS with test history and performance review. All 161 practice questions are identical across versions. Every purchase includes 365 days of free updates — whenever a new version is compiled, it is sent to you automatically — plus a 50% renewal discount afterward and unlimited computer installations.
Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board Since requirements change over time, confirm the latest on the official Admission Test exam page before scheduling.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Ocean Corp.'s comprehensive insurance policy allows its assets to be replaced at current value. The policy has a $50,000 deductible clause. One of Ocean's waterfront warehouses was destroyed in a winter storm. Such storms occur approximately every four years. Ocean incurred $20,000 of costs in dismantling the warehouse and plans to replace it. The tax rate is 30%. The following data relate to the warehouse:
Current carrying amount $ 300,000
Replacement cost 1,100,000
What amount of gain should Ocean report as a separate component of income before extraordinary items?
- A. $0
- B. $1,030,000
- C. $730,000
- D. $780,000
Correct Answer: C 🗳️
Rock Co.'s financial statements had the following balances at December 31:
What amount should Rock report as comprehensive income for the year ended December 31?
- A. $520,000
- B. $400,000
- C. $420,000
- D. $570,000
Correct Answer: A 🗳️
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 30%. 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. $30,000
- B. $25,000
- C. $35,000
- D. $15,000
Correct Answer: B 🗳️
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
- A. As a component of income from continuing operations, in the period of change and future periods if the change affects both.
- B. By restating the financial statements of all prior periods presented.
- C. As a correction of an error.
- D. As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
Correct Answer: A 🗳️
Which of the following should be disclosed in a summary of significant accounting policies?
- A. Composition of sales by segment.
- B. Basis of profit recognition on long-term construction contracts.
- C. Depreciation expense.
- D. Future minimum lease payments in the aggregate and for each of the five succeeding fiscal years.
Correct Answer: B 🗳️
Viewing page 1 out of 33 pages.
Viewing questions 1-5 out of 161 questions.
