Prepare with Admission Test Financial-Accounting-Reporting exam torrent, pass for sure
Updated: Oct 03, 2026
No. of Questions: 161 Questions & Answers with Testing Engine
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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 |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Exam Duration: | 240 minutes |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Passing Score: | 75 (scaled score) |
| Available Languages: | English |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Related Certifications: | BAR / ISC / TCP (CPA Evolution disciplines) AUD REG |
| Exam Format: | Multiple Choice Questions (MCQs), Task-Based Simulations (TBS) |
| Recommended Training: | Wiley CPA Exam Review Gleim CPA Review Becker 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 |
|---|---|
| Conceptual Framework and Financial Reporting | - Financial statement presentation - Disclosure requirements - FASB conceptual framework |
| Equity, Investments, and Business Combinations | - Business combinations and consolidations - Stockholders' equity - Bonds and debt instruments |
| Assets and Liabilities Accounting | - Cash, receivables, and inventory - Liabilities and contingencies - Leases (ASC 842) - Fixed assets and intangible assets |
| Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Specialized Accounting Topics | - Foreign currency transactions - Pensions and post-employment benefits - Accounting changes and error corrections |
| Financial Statements and Transactions | - Income statement and comprehensive income - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
According to the FASB conceptual framework, predictive value is an ingredient of:
- A. Option D
- B. Option A
- C. Option C
- D. Option B
Correct Answer: A 🗳️
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
- A. III & IV
- B. I & IV
- C. II & III
- D. I & II
Correct Answer: A 🗳️
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be presented separately as a component of income from continuing operations when the transaction results in a:
- A. Option D
- B. Option A
- C. Option C
- D. Option B
Correct Answer: B 🗳️
On November 1, 20X2, Smith Co. contracted to dispose of an industry segment. Throughout 20X2 the segment had operating losses. These losses were expected to continue until the segment's disposition.
If a loss is projected on final disposition, how much of the operating losses should be included in the loss from discontinued operations reported in Smith's 20X2 income statement?
I. Operating losses for the period January 1 to October 31, 20X2.
II. Operating losses for the period November 1 to December 31, 20X2.
III. Estimated operating losses for the period January 1 to February 28, 20X3.
- A. I and III only.
- B. II only.
- C. II and III only.
- D. I and II only.
Correct Answer: D 🗳️
Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?
- A. Option D
- B. Option A
- C. Option C
- D. Option B
Correct Answer: B 🗳️
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