One principle, kept daily: best quality dumps with the most comprehensive service. ValidVCE's AICPA CPA Financial Accounting and Reporting set delivers 165 practice questions for the FAR exam with expert-verified answers.
AICPA FAR Exam Overview:
| Certification Vendor: | AICPA |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Exam Duration: | 240 minutes |
| Passing Score: | 75 (scaled 0-99) |
| Certificate Validity Period: | 30 months from passing |
| Real Exam Qty: | 50 MCQs + 7 TBSs |
| Related Certifications: | ISC BAR AUD TCP REG |
| Exam Format: | Multiple-Choice Questions (MCQ), Task-Based Simulations (TBS), Computer-Based Test |
| Available Languages: | English |
| Exam Price: | ~$359 USD per section (varies by jurisdiction) |
| Recommended Training: | AICPA Official FAR Blueprint & Resources |
| Exam Registration: | NASBA CPA Central AICPA CPA Exam Prometric Scheduling |
| Sample Questions: |  |
| Exam Way: | Computer-based testing at Prometric test centers or remote proctored (where allowed) |
| Pre Condition: | Bachelor's degree + 120–150 credit hours (jurisdiction-dependent), 24–30 hours in accounting/business courses; no prior exam required |
| Official Syllabus URL: | https://us.aicpa.org/becomeacpa/cpaexam/exam-content/far |
AICPA FAR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: State and Local Governments | 5–15% | - Fund accounting and modified accrual basis - Governmental financial statements and reporting models - GASB standards and disclosure requirements |
| Topic 2: Conceptual Framework, Standard-Setting and Financial Reporting | 25–35% | - Not-for-profit and public company reporting - Conceptual framework and standard-setting process - General-purpose financial statements for for-profit entities - Employee benefit plan financial statements |
| Topic 3: Select Transactions | 20–30% | - Derivatives, hedging and fair value measurements - Contingencies, R&D and subsequent events - Leases, business combinations and consolidations - Foreign currency, accounting changes and errors |
| Topic 4: Select Financial Statement Accounts | 30–40% | - Cash, receivables, inventory, investments - Payables, debt, equity, revenue recognition - Compensation, benefits and income taxes - Property, plant and equipment, intangibles |
AICPA CPA Financial Accounting and Reporting Exam FAQ — Complete Answers
The AICPA CPA Financial Accounting and Reporting blueprint spans 4 domains — including Select Transactions (20–30%), Select Financial Statement Accounts (30–40%), Conceptual Framework, Standard-Setting and Financial Reporting (25–35%). Weightings show where the exam concentrates; the full outline above covers every subtopic.
Through the vendor's official registration channels:
The AICPA CPA Financial Accounting and Reporting is delivered Computer-based testing at Prometric test centers or remote proctored (where allowed) — choose the arrangement that suits you when booking.
~$359 USD per section (varies by jurisdiction) per attempt, 75 (scaled 0-99) to pass. Every retake bills the full fee, so make practice thorough first — the 165 practice questions for the FAR exam at ValidVCE are the affordable rehearsal.
Delivery is instant — an automatic email within a minute of payment, unlimited installations, and 24/7 customer assisting for downloading or purchasing problems if nothing arrives within 2 hours. If you fail the corresponding FAR exam within 60 days of purchase, pick your remedy: a full refund (email a scanned enrollment slip plus the official Score Report PDF within 2 days of the exam; after confirmation, processed within 7 days), waiting for the next updated version free, or a free change to two other equal-value dumps. Excluded: exams within 3 days of purchase, candidate names that don't match the payer, and free or expired products.
Yes:
Training covers theory; interactive practice covers readiness. After any course, rehearse with the 165 practice questions for the AICPA CPA Financial Accounting and Reporting — every answer expert-verified.
The AICPA CPA Financial Accounting and Reporting is AICPA's certification exam for US Uniform CPA Certification, at the Core / Professional level. It demonstrates verified, job-relevant capability to employers. Related credentials include AUD, REG, BAR, ISC, TCP.
240 minutes for 50 MCQs + 7 TBSs questions. Rehearse the format interactively: the ValidVCE online engine recreates the test atmosphere, so pacing is trained before it counts.
Yes — a free AICPA CPA Financial Accounting and Reporting demo is available to download on our exam page. Evaluate the material yourself; purchases include 365 days of free updates, emailed immediately upon release, renewable at 50% off afterward.
Bachelor's degree + 120–150 credit hours (jurisdiction-dependent), 24–30 hours in accounting/business courses; no prior exam required Eligibility rules change from time to time, so confirm the current requirements on the official page (official FAR exam page) before booking.
AICPA CPA Financial Accounting and Reporting Sample Questions:
There are multiple active markets for a financial asset with different observable market prices:
There is no principal market for the financial asset. What is the fair value of the asset?
- A. $74
- B. $71
- C. $76
- D. $72
Correct Answer: A 🗳️
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Which of the following types of entities are required to report on business segments?
- A. Publicly-traded enterprises.
- B. Joint ventures.
- C. Nonpublic business enterprises.
- D. Not-for-profit enterprises.
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 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.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)
- A. Neither an accounting change nor an accounting error.
- B. Change in accounting estimate.
- C. Correction of an error in previously presented financial statements.
- D. Change in accounting principal.
Correct Answer: D 🗳️
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During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its
effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was
3 0%. Worth expects that its effective annual income tax rate for the current year will be 25%. The
statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of
income tax expense should Worth report?
- A. $15,000
- B. $35,000
- C. $25,000
- D. $30,000
Correct Answer: C 🗳️
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On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation
arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax
expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its
December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings
by a:
- A. $300,000 credit.
- B. $230,000 credit.
- C. $370,000 debit.
- D. $230,000 debit.
Correct Answer: D 🗳️
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