PDF Version DemoAdmission 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 |
| 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 |
| Available Languages: | English |
| Related Certifications: | Certified Public Accountant (CPA) |
| Certificate Validity Period: | CPA Exam credits are generally valid within the jurisdiction's rolling credit window after passing |
| 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 |
|---|---|---|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. Which of the following accounting pronouncements is the most authoritative?
A) FASB Technical Bulletin.
B) AICPA Statement of Position.
C) FASB Statement of Financial Accounting Concepts.
D) AICPA Accounting Principles Board Opinion.
2. Which of the following describes how comprehensive income should be reported?
A) Should not be reported in the financial statements but should only be disclosed in the footnotes.
B) May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
C) Must be reported in a separate statement, as part of a complete set of financial statements.
D) May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
3. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:
Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:
A) $168,000
B) $200,000
C) $140,000
D) $161,000
4. A planned volume variance in the first quarter, which is expected to be absorbed by the end of the fiscal period, ordinarily should be deferred at the end of the first quarter if it is:
A) Option A
B) Option D
C) Option C
D) Option B
5. During the first quarter of 1993, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech's 1992 effective annual income tax rate was 30%, but Tech expects its 1993 effective annual income tax rate to be 25%. In its first quarter interim income statement, what amount of income tax expense should Tech report?
A) $30,000
B) $50,000
C) $60,000
D) $0
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: B |
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