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Updated: Jul 25, 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: | Certified Public Accountant (CPA) - Financial Accounting and Reporting (FAR) |
| Exam Number: | Admission-Test Financial-Accounting-Reporting |
| Certificate Validity Period: | CPA Exam credits are generally valid within the jurisdiction's rolling credit window after passing |
| Exam Duration: | 240 minutes |
| Exam Format: | Multiple-Choice Questions (MCQ), Task-Based Simulations (TBS) |
| Exam Price: | USD 344.80 |
| Real Exam Qty: | 50 Multiple-Choice Questions + 7 Task-Based Simulations |
| Passing Score: | 75 |
| Related Certifications: | Certified Public Accountant (CPA) |
| Available Languages: | English |
| Sample Questions: | Admission Test Financial-Accounting-Reporting Sample Questions |
| 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: Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Topic 2: Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Topic 3: Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. Terra Co.'s total revenues from its three operating segments were as follows:
Which operating segment(s) is (are) deemed to be reportable segments?
A) Lion only.
B) Lion, Monk, and Nevi.
C) None.
D) Lion and Monk only.
2. Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:
A) To show what portion of comprehensive income is from the realization of current assets.
B) To avoid double counting in comprehensive income items, which are currently displayed in net income.
C) To avoid including transactions with shareholders in items of comprehensive income.
D) To show the tax effect of items of comprehensive income.
3. APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?
A) As reporting for an integral part of an annual period.
B) As useful only if activity is spread evenly throughout the year.
C) As if the interim period were an annual accounting period.
D) As reporting under a comprehensive basis of accounting other than GAAP.
4. 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) $260,000
B) $550,000
C) $810,000
D) $635,000
5. On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?
A) $350,000
B) $600,000
C) $420,000
D) $500,000
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: C |
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