Download Admission Test : Financial-Accounting-Reporting Questions & Answers as PDF & Test Software
Updated: Jul 24, 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 |
| Passing Score: | 75 (scaled score) |
| Exam Format: | Multiple Choice Questions (MCQs), Task-Based Simulations (TBS) |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Related Certifications: | AUD REG BAR / ISC / TCP (CPA Evolution disciplines) |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Exam Duration: | 240 minutes |
| Available Languages: | English |
| Recommended Training: | Gleim CPA Review Becker CPA Review Wiley CPA Exam Review |
| Exam Registration: | Prometric CPA Exam Scheduling NASBA CPA Candidate Portal 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 |
|---|---|
| Topic 1: Conceptual Framework and Financial Reporting | - Disclosure requirements - Financial statement presentation - FASB conceptual framework |
| Topic 2: Equity, Investments, and Business Combinations | - Stockholders' equity - Bonds and debt instruments - Business combinations and consolidations |
| Topic 3: Financial Statements and Transactions | - Income statement and comprehensive income - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows |
| Topic 4: Assets and Liabilities Accounting | - Liabilities and contingencies - Cash, receivables, and inventory - Fixed assets and intangible assets - Leases (ASC 842) |
| Topic 5: Governmental and Not-for-Profit Accounting | - Not-for-profit financial reporting - Governmental fund accounting |
| Topic 6: Specialized Accounting Topics | - Accounting changes and error corrections - Foreign currency transactions - Pensions and post-employment benefits |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. 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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)
A) Change in accounting principal.
B) Correction of an error in previously presented financial statements.
C) Neither an accounting change nor an accounting error.
D) Change in accounting estimate.
2. Thorpe Co.'s income statement for the year ended December 31, 1990, reported net income of $74,100. The auditor raised questions about the following amounts that had been included in net income:
The loss from the fire was an infrequent but not unusual occurrence in Thorpe's line of business.
Thorpe's December 31, 1990, income statement should report net income of:
A) $81,600
B) $87,000
C) $65,000
D) $66,100
3. Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?
A) Option D
B) Option C
C) Option A
D) Option B
4. Which of the following is true regarding the presentation of "comprehensive income."
A) Option D
B) Option C
C) Option A
D) Option B
5. Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10 years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of $1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense for the current year?
A) $4,500
B) $5,000
C) $3,200
D) $3,750
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: B |
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