Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Certification Provider: Admission Test
Corresponding Certification: CPA Certification
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Financial-Accounting-Reporting PDF Practice Q&A's
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- Total Questions: 161
- Updated on: Oct 31, 2026
- Price: $69.00
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- Total Questions: 161
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- Total Questions: 161
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When you open the Admission Test Certified Public Accountant (Financial Accounting & Reporting) material on PremiumVCEDump, you are not just getting 161 questions. Each set is shaped into a study strategy by trainers who know how candidates learn, which is what makes Financial-Accounting-Reporting preparation at PremiumVCEDump feel guided rather than random.
Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Passing Score: | 75 (scaled 0-99) |
| Exam Format: | Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) |
| Certificate Validity Period: | 30 months from first passed section |
| Exam Price: | $262.64 - $359 USD per section (varies by jurisdiction) |
| Available Languages: | English |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Exam Duration: | 240 minutes |
| Related Certifications: | Information Systems and Controls (ISC) Regulation (REG) Tax Compliance and Planning (TCP) Auditing and Attestation (AUD) Business Analysis and Reporting (BAR) |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | NASBA CPA Exam Registration Prometric Scheduling |
| Sample Questions: | DOWNLOAD DEMO |
| 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 |
|---|---|---|
| Select Financial Statement Accounts | 30-40% | - Liabilities - Assets - Expenses and Other Items - Equity - Revenue Recognition |
| Financial Reporting | 30-40% | - Financial Reporting for Nonprofits - Special Purpose Frameworks - State and Local Government Reporting - General Purpose Financial Statements - Conceptual Framework and Standard-Setting |
| Select Transactions | 25-35% | - Business Combinations and Consolidations - Leases - Subsequent Events and Fair Value Disclosures - Derivatives and Hedge Accounting - Fair Value Measurements |
What Candidates Usually Ask Before Buying Admission Test Certified Public Accountant (Financial Accounting & Reporting)
AICPA Official CPA Exam Blueprints: Visit official page
Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board
The Financial-Accounting-Reporting exam contains 50 Multiple Choice + 7 Task-Based Simulations questions and lasts 240 minutes minutes, so pacing matters as much as knowledge. Practicing under a real timer on PremiumVCEDump helps you learn how long to spend on each item.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) material is written by a group of IT experts and certified trainers. Beyond assembling verified questions, they organize the bank into a study strategy for candidates, so you always know which section to tackle next instead of paging through questions at random.
The online engine recreates the atmosphere of the formal test, so the real Financial-Accounting-Reporting exam feels familiar rather than intimidating. It runs on Windows, Mac, Android, and iOS, places no limit on the number of installations, and lets you review at any time and from any location, which fits naturally around an IT worker's schedule.
The passing score of Financial-Accounting-Reporting is 75 (scaled 0-99), and the official exam fee is $262.64 - $359 USD per section (varies by jurisdiction). Knowing both numbers early helps you set a concrete target before you book the test.
This package includes 161 practice questions for the Financial-Accounting-Reporting exam. Every answer has been verified by our IT experts and certified trainers before release.
- Select Transactions (25-35%)
- Select Financial Statement Accounts (30-40%)
- Financial Reporting (30-40%)
Study the sections in the order that matches your weakest areas first.
NASBA CPA Exam Registration: register for Financial-Accounting-Reporting
Prometric Scheduling: register for Financial-Accounting-Reporting
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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 A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
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 A (Select one)
- A. Neither an accounting change nor an accounting error.
- B. Correction of an error in previously presented financial statements.
- C. Change in accounting principal.
- D. Change in accounting estimate.
Correct Answer: B 🗳️
Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:
- A. Option C
- B. Option A
- C. Option D
- D. Option B
Correct Answer: D 🗳️
At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?
- A. $0
- B. $500,000
- C. $350,000
- D. $200,000
Correct Answer: A 🗳️
Which of the following is correct concerning financial statement disclosure of accounting policies?
- A. The format and location of accounting policy disclosures are fixed by generally accepted accounting principles.
- B. Disclosures should be limited to principles and methods peculiar to the industry in which the company operates.
- C. Disclosure of accounting policies is an integral part of the financial statements.
- D. Disclosures should duplicate details disclosed elsewhere in the financial statements.
Correct Answer: C 🗳️
Which of the following accounting pronouncements is the most authoritative?
- A. FASB Technical Bulletin.
- B. FASB Statement of Financial Accounting Concepts.
- C. AICPA Statement of Position.
- D. AICPA Accounting Principles Board Opinion.
Correct Answer: D 🗳️
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