Study with Financial-Accounting-Reporting Actual Test Questions
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Updated: Jul 23, 2026
No. of Questions: 161 Questions & Answers with Testing Engine
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Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA / NASBA |
| Exam Name: | Financial Accounting and Reporting (FAR) |
| Exam Number: | FAR |
| Available Languages: | English |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Passing Score: | 75 (scaled score) |
| Exam Format: | Multiple Choice Questions (MCQs), Task-Based Simulations (TBS) |
| Related Certifications: | AUD REG BAR / ISC / TCP (CPA Evolution disciplines) |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Exam Duration: | 240 minutes |
| Recommended Training: | Gleim CPA Review Becker CPA Review Wiley CPA Exam Review |
| Exam Registration: | NASBA CPA Candidate Portal Prometric CPA Exam Scheduling AICPA CPA Exam Information |
| Sample Questions: | Admission Test Financial-Accounting-Reporting Sample Questions |
| 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 |
|---|---|
| Conceptual Framework and Financial Reporting | - Disclosure requirements - Financial statement presentation - FASB conceptual framework |
| Equity, Investments, and Business Combinations | - Bonds and debt instruments - Business combinations and consolidations - Stockholders' equity |
| Assets and Liabilities Accounting | - Liabilities and contingencies - Fixed assets and intangible assets - Cash, receivables, and inventory - Leases (ASC 842) |
| Specialized Accounting Topics | - Accounting changes and error corrections - Pensions and post-employment benefits - Foreign currency transactions |
| Governmental and Not-for-Profit Accounting | - Not-for-profit financial reporting - Governmental fund accounting |
| Financial Statements and Transactions | - Revenue recognition (ASC 606) - Income statement and comprehensive income - Balance sheet and statement of cash flows |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?
A) $4,000
B) $0
C) $12,000
D) $6,000
2. 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) $15,000
B) $35,000
C) $25,000
D) $30,000
3. The cumulative effect of a change in accounting estimate should be shown separately:
A) On the income statement above income from continuing operations.
B) On the retained earnings statement as an adjustment to the beginning balance.
C) It should not be recorded separately on any financial statement.
D) On the income statement after income from continuing operations and before extraordinary items.
4. 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
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List A (Select one)
A) Change in accounting principal.
B) Change in accounting estimate.
C) Correction of an error in previously presented financial statements.
D) Neither an accounting change nor an accounting error.
5. Earnings per share data should be reported on the income statement for:
A) Option D
B) Option B
C) Option A
D) Option C
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: B |
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