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Updated: Sep 10, 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 |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQs) |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Passing Score: | 75 (scaled score) |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Exam Duration: | 240 minutes |
| Available Languages: | English |
| Related Certifications: | REG BAR / ISC / TCP (CPA Evolution disciplines) AUD |
| Recommended Training: | Wiley CPA Exam Review Becker CPA Review Gleim CPA 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 |
|---|---|
| Equity, Investments, and Business Combinations | - Stockholders' equity - Business combinations and consolidations - Bonds and debt instruments |
| Conceptual Framework and Financial Reporting | - Financial statement presentation - Disclosure requirements - FASB conceptual framework |
| Financial Statements and Transactions | - Revenue recognition (ASC 606) - Income statement and comprehensive income - Balance sheet and statement of cash flows |
| Specialized Accounting Topics | - Pensions and post-employment benefits - Accounting changes and error corrections - Foreign currency transactions |
| Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Assets and Liabilities Accounting | - Liabilities and contingencies - Fixed assets and intangible assets - Cash, receivables, and inventory - Leases (ASC 842) |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
Cott Co.'s four business segments have revenues and identifiable assets expressed as percentages of Cott's total revenues and total assets as follows:
Which of these business segments are deemed to be reportable segments?
- A. Ebon and Fair only.
- B. Ebon, Fair, Gel, and Hak.
- C. Ebon, Fair, and Gel only.
- D. Ebon only.
Correct Answer: B 🗳️
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?
- A. Option C
- B. Option B
- C. Option D
- D. Option A
Correct Answer: A 🗳️
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 estimate.
- B. Neither an accounting change nor an accounting error.
- C. Correction of an error in previously presented financial statements.
- D. Change in accounting principal.
Correct Answer: C 🗳️
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
Correct Answer: C 🗳️
Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:
Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:
- A. $168,000
- B. $140,000
- C. $200,000
- D. $161,000
Correct Answer: B 🗳️
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