Learn with Admission Test : Financial-Accounting-Reporting training material for 100% pass
Updated: Jul 20, 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 Duration: | 240 minutes |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Available Languages: | English |
| Certificate Validity Period: | 30 months from first passed section |
| Related Certifications: | Auditing and Attestation (AUD) Regulation (REG) Business Analysis and Reporting (BAR) Information Systems and Controls (ISC) Tax Compliance and Planning (TCP) |
| Exam Format: | Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) |
| Passing Score: | 75 (scaled 0-99) |
| Exam Price: | $262.64 - $359 USD per section (varies by jurisdiction) |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | NASBA CPA Exam Registration Prometric Scheduling |
| Sample Questions: | Admission Test Financial-Accounting-Reporting 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 |
|---|---|---|
| Financial Reporting | 30-40% | - Financial Reporting for Nonprofits - Special Purpose Frameworks - Conceptual Framework and Standard-Setting - State and Local Government Reporting - General Purpose Financial Statements |
| Select Financial Statement Accounts | 30-40% | - Expenses and Other Items - Revenue Recognition - Liabilities - Assets - Equity |
| Select Transactions | 25-35% | - Fair Value Measurements - Business Combinations and Consolidations - Leases - Subsequent Events and Fair Value Disclosures - Derivatives and Hedge Accounting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. On March 15, 1992, Krol Co. paid property taxes of $90,000 on its office building for the calendar year 1992. On April 1, 1992, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs will benefit operations for the remainder of 1992. What is the total amount of these expenses that Krol should include in its quarterly income statement for the three months ended June 30, 1992?
A) $97,500
B) $72,500
C) $172,500
D) $37,500
2. According to the FASB conceptual framework, what does the concept of reliability in financial reporting include?
A) Neutrality.
B) Effectiveness.
C) Precision.
D) Certainty.
3. A transaction that is unusual, but not infrequent, should be reported separately as a(an):
A) Extraordinary item, but not net of applicable income taxes.
B) Component of income from continuing operations, net of applicable income taxes.
C) Extraordinary item, net of applicable income taxes.
D) Component of income from continuing operations, but not net of applicable income taxes.
4. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?
A) $122,000
B) $178,000
C) $190,000
D) $150,000
5. 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) $72
B) $76
C) $74
D) $71
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: C |
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