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Instant Download Admission Test : Financial-Accounting-Reporting Questions & Answers as PDF & Test Engine
Updated: Nov 01, 2026
No. of Questions: 161 Questions & Answers with Testing Engine
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Certification is an investment, and sensible investors ask about returns before committing. The Financial-Accounting-Reporting credential can open doors to promotion and new responsibilities — and PrepAwayTest supplies the study side: 161 practice questions with verified answers.
Admission Test Financial-Accounting-Reporting Exam Overview:
| Certification Vendor: | AICPA / NASBA |
|---|---|
| Exam Name: | Certified Public Accountant (CPA) - Financial Accounting and Reporting (FAR) |
| Exam Number: | Admission-Test Financial-Accounting-Reporting |
| Passing Score: | 75 |
| Related Certifications: | Certified Public Accountant (CPA) |
| Certificate Validity Period: | CPA Exam credits are generally valid within the jurisdiction's rolling credit window after passing |
| Exam Format: | Task-Based Simulations (TBS), Multiple-Choice Questions (MCQ) |
| Real Exam Qty: | 50 Multiple-Choice Questions + 7 Task-Based Simulations |
| Exam Price: | USD 344.80 |
| Available Languages: | English |
| Exam Duration: | 240 minutes |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Computer-based exam administered year-round at authorized Prometric testing centers and approved international testing locations. |
| Pre Condition: | Candidates must meet education and eligibility requirements established by the state board of accountancy where they apply for the CPA Examination. |
| Official Syllabus URL: | https://www.aicpa-cima.com/resources/article/learn-what-is-tested-on-the-cpa-exam |
Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
| Topic 2: Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Topic 3: Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Exam: Common Questions
Admission Test recommends these training resources for the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam:
Follow the training with steady self-testing — the 161 practice questions from PrepAwayTest help you apply theory and fill any gaps the training leaves.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam contains 50 Multiple-Choice Questions + 7 Task-Based Simulations to complete within 240 minutes. Timed simulation in the PrepAwayTest Desktop Test Engine teaches that rhythm before exam day does.
The official Admission Test Certified Public Accountant (Financial Accounting & Reporting) outline defines 3 domains. The leading three are Select Transactions (25% - 35%), Select Balance Sheet Accounts (30% - 40%), and Financial Reporting (30% - 40%). The full list is in the topics section above, and PrepAwayTest's 161 practice questions cover each one.
The Financial-Accounting-Reporting exam is a Admission Test certification exam validating the Admission Test Certified Public Accountant (Financial Accounting & Reporting) syllabus shown above. It belongs to these credential paths: Certified Public Accountant (CPA). Earning the credential in 2026 can strengthen a career, and PrepAwayTest prepares candidates with 161 practice questions in PDF, Desktop Test Engine, and Online Test Engine formats.
Computer-based exam administered year-round at authorized Prometric testing centers and approved international testing locations. Register for the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam through these official channels:
After booking, PrepAwayTest delivers your practice questions within 1 minute — preparation starts the same day.
The Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam requires 75 to pass, and registration costs USD 344.80. A failed attempt means paying the same fee again — a readiness check with the PrepAwayTest engines before booking is the cheaper option.
Three versions of the same study materials: a printable, expert-prepared PDF with free demo download and instant access; a Desktop Test Engine for Windows that simulates the real exam with two practice modes and works offline; and an Online Test Engine for any browser on Windows, Mac, Android, and iOS with test history and performance review. Download the demo first, experience the materials, and choose the format you like best — all 161 practice questions are identical across versions. Every purchase includes 365 days of free updates, a 50% renewal discount afterward, and unlimited computer installations.
PrepAwayTest issues a full refund if you take the Admission Test Certified Public Accountant (Financial Accounting & Reporting) exam within 60 days of purchase and do not pass. The policy does not apply if the exam is taken within 3 days of purchase, if the exam was never actually taken, or to free materials or expired orders, and the candidate name must match the payer name. Submit a scan of your enrollment slip and the official Score Report PDF within 2 days of the exam; claims are processed within 7 days. Alternatively, exchange for two free exam products of equal value and keep your original update service. Orders arrive by email within 1 minute — contact support if nothing arrives within 2 hours.
Candidates must meet education and eligibility requirements established by the state board of accountancy where they apply for the CPA Examination. Since requirements change over time, confirm the latest on the official Admission Test exam page before scheduling.
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
In 1990, Teller Co. incurred losses arising from its guilty plea in its first antitrust action, and from a substantial increase in production costs caused when a major supplier's workers went on strike. Which of these losses should be reported as an extraordinary item?
- A. Option C
- B. Option D
- C. Option B
- D. Option A
Correct Answer: A 🗳️
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 A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its increased investment, Quo changed its method of accounting for investment in Worth, Inc. from the cost method to the equity method.
List A
- A. Change in accounting principle.
- B. Change in accounting estimate.
- C. Neither an accounting change nor an accounting error.
- D. Correction of an error in previously presented financial statements.
Correct Answer: C 🗳️
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. $0
- D. $90,000
Correct Answer: B 🗳️
A development stage enterprise should use the same generally accepted accounting principles that apply to established operating enterprises for:
- A. Option C
- B. Option D
- C. Option B
- D. Option A
Correct Answer: D 🗳️
During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?
- A. $12,000
- B. $4,000
- C. $0
- D. $6,000
Correct Answer: A 🗳️
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