Download Admission Test : Financial-Accounting-Reporting Questions & Answers as PDF & Test Software
Last Updated: Sep 07, 2026
No. of Questions: 161 Questions & Answers with Testing Engine
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Our Online Test Engine & Self Test Software of TestSimulate Financial-Accounting-Reporting actual study materials can simulate the exam scene so that you will have a good command of writing speed and time. Then multiple practices make you perfect while in the real Admission Test Financial-Accounting-Reporting exam. The package practice version will not only provide you high-quality Financial-Accounting-Reporting exam preparation materials but also various studying ways.
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Admission Test Financial-Accounting-Reporting Practice Q&A's
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The Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam has a reputation for rewarding candidates who prepare with the right material. With 161 carefully compiled practice questions, TestSimulate helps you turn the Financial-Accounting-Reporting syllabus into something you can genuinely master.
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 |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Exam Duration: | 240 minutes |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQs) |
| Available Languages: | English |
| Passing Score: | 75 (scaled score) |
| Recommended Training: | Gleim CPA Review Wiley CPA Exam Review Becker CPA Review |
| Exam Registration: | AICPA CPA Exam Information Prometric CPA Exam Scheduling 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 |
|---|---|
| Topic 1: Assets and Liabilities Accounting | - Cash, receivables, and inventory - Fixed assets and intangible assets - Leases (ASC 842) - Liabilities and contingencies |
| Topic 2: Conceptual Framework and Financial Reporting | - FASB conceptual framework - Disclosure requirements - Financial statement presentation |
| Topic 3: Specialized Accounting Topics | - Accounting changes and error corrections - Pensions and post-employment benefits - Foreign currency transactions |
| Topic 4: Equity, Investments, and Business Combinations | - Stockholders' equity - Bonds and debt instruments - Business combinations and consolidations |
| Topic 5: Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Topic 6: Financial Statements and Transactions | - Income statement and comprehensive income - Balance sheet and statement of cash flows - Revenue recognition (ASC 606) |
Financial-Accounting-Reporting Exam FAQ: What to Know Before You Book
The Financial-Accounting-Reporting exam, officially titled Certified Public Accountant (Financial Accounting & Reporting), is the qualifying exam for the Certified Public Accountant (CPA) certification, which sits at the Professional level. Earning it shows employers that you have the skills the credential stands for, and it is a solid step forward on a Admission Test career path. It also connects to AUD, REG, BAR / ISC / TCP (CPA Evolution disciplines), so the effort you put in now keeps paying off as you advance.
The Financial-Accounting-Reporting exam gives you 57 (50 MCQs + 7 Task-Based Simulations) questions to complete within 240 minutes. Do the math before exam day: divide the total time by the question count to set a steady per-question pace, and flag any item that stalls you so you can return to it after securing the easier points. The most reliable way to build that rhythm is a full timed practice test under the same limit, which is exactly what TestSimulate's test engines are designed for.
The passing score for Admission Test Certified Public Accountant (Financial Accounting & Reporting) is 75 (scaled score), and the official registration fee is $238.15 USD (varies by jurisdiction). Keep in mind that a retake means paying that fee again in full, which makes an honest self-check worthwhile: before you book, sit a timed practice test and make sure you are consistently scoring above the passing line with some margin to spare.
According to the official requirements: No formal prerequisite for exam entry, but candidates must meet state-specific CPA licensure education requirements (typically 120–150 semester hours).. Eligibility rules do change from time to time, so confirm the current details on the official exam page before you register.
Registration for the Financial-Accounting-Reporting exam is handled through the official channels below:
The exam is delivered in the following format: Computer-based testing at authorized Prometric test centers. Pick a date that leaves room for at least one full timed practice test beforehand.
Admission Test recommends the following official training options for candidates preparing for Admission Test Certified Public Accountant (Financial Accounting & Reporting):
Courses build the foundation, but they work best alongside question practice. That is where TestSimulate comes in: the 161 practice questions in our Financial-Accounting-Reporting package let you rehearse the exam format at your own pace and see exactly where you stand.
Yes — TestSimulate offers a free PDF demo of the Admission Test Certified Public Accountant (Financial Accounting & Reporting) material, so you can review the question style and answer quality before you spend anything. After purchase, you also receive 365 days of free updates, and if your product expires you can extend the update service at a 50% discount from your member zone.
If you take the corresponding exam within 60 days of your purchase and do not pass, you are covered by the 100% Money Back Guarantee under clear conditions. To claim a full refund, submit a scan of your exam enrollment slip and your official Score Report PDF within two days of the exam; requests are processed within seven days. Note that sitting the exam within three days of purchase is not eligible, purchases that were never followed by an exam sitting do not qualify, free materials and expired orders are excluded, and the candidate name must match the payer name. Prefer an exchange instead? You can swap your product for two free exam packages of equal value and keep your update service. Delivery is immediate: your Financial-Accounting-Reporting material is ready for instant download and is also emailed to you within one minute of payment — contact customer service if nothing arrives within two hours. There is no limit on the number of computers you can install it on.
The current Admission Test Certified Public Accountant (Financial Accounting & Reporting) syllabus is organized into 6 exam domains. The first three are:
- Specialized Accounting Topics
- Financial Statements and Transactions
- Conceptual Framework and Financial Reporting
For the full domain and subtopic breakdown, see the Exam Topics section above — that is the outline your TestSimulate practice questions are mapped to.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
On January 2, 1989, Union Co. purchased a machine for $264,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 2, 1992, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $24,000. An accounting change was made in 1992 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 1992, of:
- A. $154,000
- B. $176,000
- C. $146,000
- D. $160,000
Which of the following types of entities are required to report on business segments?
- A. Nonpublic business enterprises.
- B. Joint ventures.
- C. Publicly-traded enterprises.
- D. Not-for-profit enterprises.
On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:
- A. During the eight months ending August 31, 1992, by a weighted average of the purchases.
- B. During 1992 by a weighted average of the purchases.
- C. As of August 31, 1992.
- D. As of January 1, 1992.
An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co. appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What amount of inventory loss should be reported in Cox's quarterly income statement for the three months ended June 30, 1989?
- A. $180,000
- B. $360,000
- C. $90,000
- D. $0
According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?
- A. An asset is tangible.
- B. An asset provides future benefits.
- C. The claims to an asset's benefits are legally enforceable.
- D. An asset is obtained at a cost.
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