- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
- Updated: Sep 13, 2026
- Q & A: 161 Questions and Answers
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| Certification Vendor: | AICPA |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Real Exam Qty: | 50 Multiple Choice + 7 Task-Based Simulations |
| Related Certifications: | Business Analysis and Reporting (BAR) Tax Compliance and Planning (TCP) Regulation (REG) Auditing and Attestation (AUD) Information Systems and Controls (ISC) |
| Exam Price: | $262.64 - $359 USD per section (varies by jurisdiction) |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQ) |
| Exam Duration: | 240 minutes |
| Certificate Validity Period: | 30 months from first passed section |
| Passing Score: | 75 (scaled 0-99) |
| Available Languages: | English |
| Recommended Training: | AICPA Official CPA Exam Blueprints |
| Exam Registration: | NASBA CPA Exam Registration Prometric Scheduling |
| 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 |
| Section | Weight | Objectives |
|---|---|---|
| Financial Reporting | 30-40% | - Financial Reporting for Nonprofits - Conceptual Framework and Standard-Setting - General Purpose Financial Statements - State and Local Government Reporting - Special Purpose Frameworks |
| Select Financial Statement Accounts | 30-40% | - Liabilities - Equity - Expenses and Other Items - Revenue Recognition - Assets |
| Select Transactions | 25-35% | - Subsequent Events and Fair Value Disclosures - Leases - Fair Value Measurements - Business Combinations and Consolidations - Derivatives and Hedge Accounting |
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) is the official Admission Test exam that leads to the Certified Public Accountant (CPA) certification at the Professional level. Passing it validates your skills against Admission Test standards and proves your qualification to current and future employers. The credential is also connected with related certifications such as Auditing and Attestation (AUD), Regulation (REG), Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), Tax Compliance and Planning (TCP), so it can serve as a solid step in a broader certification path.
The Financial-Accounting-Reporting exam has 50 Multiple Choice + 7 Task-Based Simulations questions in total and must be completed within 240 minutes. That leaves only a narrow time budget per item, so train yourself to flag a difficult question, move on, and circle back later instead of getting stuck. A week or two before your test date, run at least one full timed mock exam in the Actual4Dumps desktop or online test engine under the same 240 minutes limit, and repeat until you can finish with a few minutes left for review.
The passing score for the Financial-Accounting-Reporting exam is 75 (scaled 0-99), and the official registration fee is $262.64 - $359 USD per section (varies by jurisdiction). Keep in mind that a failed attempt is not discounted — retaking the exam means paying the full fee again — so it is wise not to book your seat until your practice scores sit comfortably above the passing mark. Working through the 161 questions at Actual4Dumps in timed mode is a reliable way to judge when you are truly ready.
Admission Test sets the following requirement for the Financial-Accounting-Reporting exam: Bachelor's degree + 150 credit hours (varies by US state board), eligibility approved by NASBA/state accountancy board. Eligibility rules can change from time to time, so always confirm the current prerequisites on the official exam page at https://www.aicpa-cima.com/resources/article/learn-what-is-tested-on-the-cpa-exam before you register.
You can register for the Admission Test Certified Public Accountant (Financial Accounting & Reporting) through the following official channels:
The Financial-Accounting-Reporting exam is delivered as Computer-based testing at Prometric authorized centers, continuous testing year-round, so review the technical and check-in requirements for that format when you schedule your appointment.
Admission Test recommends the following official training options for the Admission Test Certified Public Accountant (Financial Accounting & Reporting):
Official courses build the theory, and pairing them with the 161 practice questions from Actual4Dumps turns that knowledge into exam-ready answers.
Yes. Actual4Dumps offers a free PDF demo for the Admission Test Certified Public Accountant (Financial Accounting & Reporting), so you can review real sample questions and judge the quality before paying anything. After your purchase, you receive 365 days of free updates — whenever the question pool changes, you get the latest version at no cost. Once that period expires, you can extend your update service at a 50% discount from your member zone.
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The Admission Test Certified Public Accountant (Financial Accounting & Reporting) is organized into 3 domains. Among the first ones are Select Financial Statement Accounts (30-40%), Select Transactions (25-35%), Financial Reporting (30-40%), and the remaining domains cover the rest of the official objectives. For the complete topic breakdown with every subtopic, see the full Financial-Accounting-Reporting exam outline above on this page.
If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:
Correct Answer: A 🗳️
A material loss should be presented separately as a component of income from continuing operations when it is:
Correct Answer: D 🗳️
Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?
Correct Answer: D 🗳️
Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis?
Correct Answer: D 🗳️
Which of the following statements best describes an operating procedure for issuing a new Financial Accounting Standards Board (FASB) statement?
Correct Answer: D 🗳️
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