Prepare with Admission Test Financial-Accounting-Reporting exam practice material, pass for sure
Updated: Sep 07, 2026
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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 |
| Related Certifications: | REG BAR / ISC / TCP (CPA Evolution disciplines) AUD |
| Available Languages: | English |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQs) |
| Passing Score: | 75 (scaled score) |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Exam Duration: | 240 minutes |
| Recommended Training: | Becker CPA Review Gleim CPA Review Wiley CPA Exam Review |
| Exam Registration: | Prometric CPA Exam Scheduling AICPA CPA Exam Information NASBA CPA Candidate Portal |
| 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 |
|---|---|
| Specialized Accounting Topics | - Accounting changes and error corrections - Foreign currency transactions - Pensions and post-employment benefits |
| Conceptual Framework and Financial Reporting | - Disclosure requirements - FASB conceptual framework - Financial statement presentation |
| Assets and Liabilities Accounting | - Cash, receivables, and inventory - Fixed assets and intangible assets - Liabilities and contingencies - Leases (ASC 842) |
| Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Financial Statements and Transactions | - Revenue recognition (ASC 606) - Income statement and comprehensive income - Balance sheet and statement of cash flows |
| Equity, Investments, and Business Combinations | - Stockholders' equity - Business combinations and consolidations - Bonds and debt instruments |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:
- A. Reliability.
- B. Cost-benefit.
- C. Representational faithfulness.
- D. Consistency.
On June 30, 1991, Mill Corp. incurred a $100,000 net loss from disposal of a component of a business. Also, on June 30, 1991, Mill paid $40,000 for property taxes assessed for the calendar year 1991. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 1991?
- A. $120,000
- B. $140,000
- C. $90,000
- D. $70,000
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. Change in accounting principal.
- B. Neither an accounting change nor an accounting error.
- C. Change in accounting estimate.
- D. Correction of an error in previously presented financial statements.
Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:
- A. To show what portion of comprehensive income is from the realization of current assets.
- B. To avoid including transactions with shareholders in items of comprehensive income.
- C. To avoid double counting in comprehensive income items, which are currently displayed in net income.
- D. To show the tax effect of items of comprehensive income.
On January 2, 20X5, to better reflect the variable use of its only machine, Holly, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, 20X3, was $50,000, and its estimated life was 10 years. Holly estimates that the machine's total life is 50,000 machine hours. Machine hours usage was 8,500 during 20X4 and 3,500 during 20X3.
Holly's income tax rate is 30%. Holly should report the accounting change in its 20X5 financial statements as a(n):
- A. None of the above.
- B. Adjustment to beginning retained earnings of $2,000.
- C. Cumulative effect of a change in accounting principle of $2,000 in its income statement.
- D. Cumulative effect of a change in accounting principle of $1,400 in its income statement.
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