Try and practice the latest Admission Test : Financial-Accounting-Reporting real questions & answers
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 |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Related Certifications: | REG AUD BAR / ISC / TCP (CPA Evolution disciplines) |
| Passing Score: | 75 (scaled score) |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Exam Format: | Multiple Choice Questions (MCQs), Task-Based Simulations (TBS) |
| Exam Duration: | 240 minutes |
| Available Languages: | English |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Recommended Training: | Becker CPA Review Wiley CPA Exam Review Gleim CPA Review |
| Exam Registration: | NASBA CPA Candidate Portal AICPA CPA Exam Information Prometric CPA Exam Scheduling |
| 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 | - FASB conceptual framework - Financial statement presentation - Disclosure requirements |
| Topic 2: Financial Statements and Transactions | - Balance sheet and statement of cash flows - Income statement and comprehensive income - Revenue recognition (ASC 606) |
| Topic 3: Assets and Liabilities Accounting | - Liabilities and contingencies - Fixed assets and intangible assets - Leases (ASC 842) - Cash, receivables, and inventory |
| Topic 4: Equity, Investments, and Business Combinations | - Bonds and debt instruments - Stockholders' equity - Business combinations and consolidations |
| Topic 5: Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Topic 6: Specialized Accounting Topics | - Accounting changes and error corrections - Pensions and post-employment benefits - Foreign currency transactions |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
The following costs were incurred by Griff Co., a manufacturer, during 1992:
What amount of these costs should be reported as general and administrative expenses for 1992?
- A. $550,000
- B. $635,000
- C. $260,000
- D. $810,000
Correct Answer: C 🗳️
During 20X5, Dale Corp. made the following accounting changes:
What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?
- A. $0
- B. $30,000
- C. $98,000
- D. $128,000
Correct Answer: C 🗳️
Foy Corp. failed to accrue warranty costs of $50,000 in its December 31, 1992, financial statements. In addition, a $30,000 change from straight-line to accelerated depreciation was made at the beginning of 1993. Both the $50,000 and the $30,000 are net of related income taxes. What amount should Foy report as prior period adjustments in 1993?
- A. $0
- B. $50,000
- C. $30,000
- D. $80,000
Correct Answer: B 🗳️
According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is:
- A. Matching.
- B. Recognition.
- C. Realization.
- D. Allocation.
Correct Answer: B 🗳️
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 B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
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 B (Select one)
- A. Cumulative effect approach.
- B. Prospective approach.
- C. Retroactive or retrospective restatement approach.
Correct Answer: B 🗳️
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