Admission Test Financial-Accounting-Reporting Questions & Answers - in .pdf
- Total Q&A: 161
- Update: Aug 12, 2026
- Price: $59.99
- Vendor: Admission Test
- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
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Admission Test Financial-Accounting-Reporting Q&A - Testing Engine
- Total Q&A: 161
- Update: Aug 12, 2026
- Price: $59.99
- Vendor: Admission Test
- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
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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 |
| Exam Price: | $238.15 USD (varies by jurisdiction) |
| Passing Score: | 75 (scaled score) |
| Exam Duration: | 240 minutes |
| Available Languages: | English |
| Certificate Validity Period: | 18 months (to pass all CPA exam sections after first pass) |
| Exam Format: | Multiple Choice Questions (MCQs), Task-Based Simulations (TBS) |
| Related Certifications: | AUD REG BAR / ISC / TCP (CPA Evolution disciplines) |
| Real Exam Qty: | 57 (50 MCQs + 7 Task-Based Simulations) |
| Recommended Training: | Wiley CPA Exam Review Becker CPA 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 |
|---|---|
| Equity, Investments, and Business Combinations | - Bonds and debt instruments - Business combinations and consolidations - Stockholders' equity |
| Assets and Liabilities Accounting | - Leases (ASC 842) - Fixed assets and intangible assets - Liabilities and contingencies - Cash, receivables, and inventory |
| Financial Statements and Transactions | - Balance sheet and statement of cash flows - Revenue recognition (ASC 606) - Income statement and comprehensive income |
| Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Conceptual Framework and Financial Reporting | - Financial statement presentation - Disclosure requirements - FASB conceptual framework |
| Specialized Accounting Topics | - Pensions and post-employment benefits - Foreign currency transactions - Accounting changes and error corrections |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:
A) To avoid including transactions with shareholders in items of comprehensive income.
B) To show the tax effect of items of comprehensive income.
C) To avoid double counting in comprehensive income items, which are currently displayed in net income.
D) To show what portion of comprehensive income is from the realization of current assets.
2. 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) $3,750
C) $5,000
D) $3,200
3. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
In its 1991 financial statements, Grum should disclose major customer data if sales to any single customer amount to at least:
A) $1,500,000
B) $4,000,000
C) $300,000
D) $5,000,000
4. On January 2, 20X5, to better reflect the variable use of its only machine, Holly, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, 20X3, was $50,000, and its estimated life was 10 years. Holly estimates that the machine's total life is 50,000 machine hours. Machine hours usage was 8,500 during 20X4 and 3,500 during 20X3.
Holly's income tax rate is 30%. Holly should report the accounting change in its 20X5 financial statements as a(n):
A) Cumulative effect of a change in accounting principle of $2,000 in its income statement.
B) Cumulative effect of a change in accounting principle of $1,400 in its income statement.
C) Adjustment to beginning retained earnings of $2,000.
D) None of the above.
5. What information should a public company present about revenues from its reporting segments?
A) Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.
B) Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.
C) Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.
D) No disclosure of revenues from foreign operations need be reported.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: A |
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