Studying alone is slow; studying with the right tools is fast. Pass4suresVCE offers the AICPA CPA Financial Accounting and Reporting material in three types — printable PDF, interactive Windows software, and a browser-based online engine — the same 165 practice questions for the FAR exam in every version.
AICPA FAR Exam Overview:
| Certification Vendor: | American Institute of Certified Public Accountants (AICPA) |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Passing Score: | 75 (scaled score on a 0–99 scale) |
| Related Certifications: | CPA Information Systems and Controls (ISC) CPA Tax Compliance and Planning (TCP) CPA Auditing and Attestation (AUD) CPA Business Analysis and Reporting (BAR) CPA Taxation and Regulation (REG) |
| Certificate Validity Period: | Not applicable (CPA Exam section score credits valid 30 months toward full CPA license) |
| Real Exam Qty: | 50 multiple-choice questions (MCQs) + 7 task-based simulations (TBSs) |
| Available Languages: | English |
| Exam Duration: | 240 minutes |
| Exam Price: | Varies by jurisdiction (national section fee example ~USD 359 before local fees) |
| Exam Format: | Multiple-Choice Questions (MCQs), Task-Based Simulations (TBSs) |
| Sample Questions: |  |
| Exam Way: | Computer-based testing at Prometric testing centers or international testing sites |
| Pre Condition: | Meet applicable state board of accountancy eligibility requirements (education and application process) and receive Authorization to Test (ATT). |
| Official Syllabus URL: | https://www.aicpa-cima.com/resources/article/learn-what-is-tested-on-the-cpa-exam |
AICPA FAR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Balance Sheet Accounts | 30-40% | - Investments and financial instruments - Liabilities, equity transactions and related accounting requirements - Cash, receivables, inventory, PP&E, and intangible assets |
| Topic 2: Financial Reporting | 30-40% | - Foundational concepts related to accounting requirements for governmental entities - General purpose financial reporting for for-profit and non-profit entities - Preparation and presentation of financial statements, disclosures, and ratios |
| Topic 3: Select Transactions | 25-35% | - Revenue recognition and transaction accounting - Accounting changes and error corrections - Leases and other significant transactions |
FAR Exam FAQ: Practical Answers
The AICPA CPA Financial Accounting and Reporting exam is split across 3 areas, with Select Balance Sheet Accounts (30-40%), Select Transactions (25-35%), Financial Reporting (30-40%) carrying the most weight. Study in proportion to those shares — the full outline is in the section above this page.
The AICPA CPA Financial Accounting and Reporting exam costs Varies by jurisdiction (national section fee example ~USD 359 before local fees) per attempt, with 75 (scaled score on a 0–99 scale) required to pass. Fail, and that fee returns in full for the retake. Practice with Pass4suresVCE questions until your timed mock scores clear 75 (scaled score on a 0–99 scale) comfortably — then the exam fee is a single payment, not a subscription.
The FAR exam is AICPA's official certification test — passing it earns the AICPA Certification credential at the Core Section of CPA Exam level. Its influence comes from how practical it is: employers use the AICPA CPA Financial Accounting and Reporting certificate as proof that you can do the work, not just talk about it. It also connects to CPA Auditing and Attestation (AUD), CPA Taxation and Regulation (REG), CPA Business Analysis and Reporting (BAR), CPA Information Systems and Controls (ISC), CPA Tax Compliance and Planning (TCP), giving the credential a natural next step.
Yes — Pass4suresVCE offers a free demo of the AICPA CPA Financial Accounting and Reporting questions so you can see the quality before you pay. After purchase, 365 days of free updates are included; once the year expires, renew the update service at a 50% discount from your member zone.
Delivery is instant: your FAR product is emailed within one minute of payment — if nothing arrives within 2 hours, check spam and contact our 7x24 support; we reply within two hours and resend immediately. On failure, the guarantee has written terms: sit the corresponding FAR exam within 60 days of purchase, submit a scanned enrollment slip and the official Score Report PDF within 2 days after the exam, and the refund completes within 7 days. The policy covers the corresponding exam only; attempts within 3 days of purchase, exams never actually taken, free materials, and expired orders are excluded, and the candidate name must match the payer name. If you prefer, exchange your product for two free exam products of equal value and keep the update service on the original.
The AICPA CPA Financial Accounting and Reporting exam contains 50 multiple-choice questions (MCQs) + 7 task-based simulations (TBSs) questions within 240 minutes. That is a tight ratio — the candidates who finish calmly are the ones who practiced under a clock. Run full timed sessions in the Pass4suresVCE test engine until FAR exam pacing becomes habit, not hope.
Meet applicable state board of accountancy eligibility requirements (education and application process) and receive Authorization to Test (ATT). These rules are set by AICPA and may change, so confirm the current requirements on the official exam page: https://www.aicpa-cima.com/resources/article/learn-what-is-tested-on-the-cpa-exam before registering for the AICPA CPA Financial Accounting and Reporting exam.
AICPA CPA Financial Accounting and Reporting Sample Questions:
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. $128,000
- C. $98,000
- D. $30,000
Correct Answer: C 🗳️
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If a company is not presenting comparative financial statements, the correction of an error in the financial
statements of a prior period should be reported, net of applicable income taxes, in the current:
- A. Retained earnings statement as an adjustment of the opening balance.
- B. Income statement after income from continuing operations and after extraordinary items.
- C. Retained earnings statement after net income but before dividends.
- D. Income statement after income from continuing operations and before extraordinary items.
Correct Answer: A 🗳️
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A material loss should be presented separately as a component of income from continuing operations
when it is:
- A. Unusual in nature and infrequent in occurrence.
- B. An extraordinary item.
- C. Not unusual in nature but infrequent in occurrence.
- D. A cumulative effect type change in accounting principle.
Correct Answer: C 🗳️
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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
1 992 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
1 992 financial statements.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are performed over
several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income
from these service contracts.
List B (Select one)
- A. Prospective approach.
- B. Retroactive or retrospective restatement approach.
- C. Cumulative effect approach.
Correct Answer: B 🗳️
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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,
1 991, were $40,000,000.
Cott Co.'s four business segments have revenues and identifiable assets expressed as percentages of
Cott's total revenues and total assets as follows:
Which of these business segments are deemed to be reportable segments?
- A. Ebon, Fair, and Gel only.
- B. Ebon and Fair only.
- C. Ebon only.
- D. Ebon, Fair, Gel, and Hak.
Correct Answer: D 🗳️
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