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AICPA CPA Financial Accounting and Reporting : FAR
- Exam Code: FAR
- Exam Name: CPA Financial Accounting and Reporting
- Updated: Oct 15, 2026
- Q & A: 165 Questions and Answers
About AICPA FAR Exam
Different versions for different study habits — PDF, test engine, online engine. Choose yours: the AICPA CPA Financial Accounting and Reporting material at Prep4away, 165 practice questions for the FAR exam in 2026.
AICPA FAR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Not-for-Profit (NFP) Accounting | 10–15% | - NFP financial statements - Revenue and contribution recognition |
| Topic 2: Select Financial Statement Accounts | 30–40% | - Consolidations and business combinations - Equity, EPS, and share-based payments - Leases (ASC 842) - Pensions and post-employment benefits - Revenue recognition (ASC 606) |
| Topic 3: Conceptual Framework, Standard-Setting, and Financial Reporting | 25–35% | - Conceptual framework and GAAP hierarchy - Financial statement presentation - Disclosure requirements |
| Topic 4: State and Local Government Accounting | 20–25% | - Fund accounting and governmental financial statements - Budgetary accounting - Modified accrual vs full accrual accounting |
FAR Exam FAQ — Stand Out
Yes:
After any course, reinforce it with the 165 practice questions for the AICPA CPA Financial Accounting and Reporting — every answer expert-verified.
The AICPA CPA Financial Accounting and Reporting blueprint spans 4 domains — including Select Financial Statement Accounts (30–40%), Conceptual Framework, Standard-Setting, and Financial Reporting (25–35%), Not-for-Profit (NFP) Accounting (10–15%). Know your strength and shortcoming per domain; the complete outline above lists every subtopic.
240 minutes for Approximately 50–60 MCQs + Task-Based Simulations (TBS) questions. The Prep4away test engine simulates the actual test's atmosphere, so you get used to real conditions in advance.
Yes — download the free trial of the AICPA CPA Financial Accounting and Reporting study materials before you buy and judge the profession and accuracy yourself. Purchases include 365 days of free updates, sent automatically and immediately by email; renew afterward at 50% off.
USD 250–300 per section (varies by jurisdiction) per attempt, 75 (on a 0–99 scaled score) to pass. A failed attempt is a loss of time and money — prepare steadily with the 165 practice questions for the FAR exam at Prep4away.
Through the vendor's official registration channels:
The AICPA CPA Financial Accounting and Reporting is delivered Computer-based testing at Prometric test centers — pick the arrangement that suits you when booking.
The AICPA CPA Financial Accounting and Reporting is AICPA's certification exam for Certified Public Accountant (CPA), at the Professional level. Passing it is a new start — toward better salary, decent work, and promotion chances. Related credentials include CPA Audit (AUD), CPA Regulation (REG), CPA Business Analysis and Reporting (BAR).
No formal prerequisite to sit for FAR, but CPA licensure generally requires 150 semester hours of education and state-specific eligibility requirements. Eligibility rules change over time, so verify the current requirements on the official page (official FAR exam page) before registering.
Upon successful payment, our system emails the AICPA CPA Financial Accounting and Reporting test braindump automatically within about a minute — credit card payment accepted, with 24/7 help if nothing arrives within 2 hours. If you fail the corresponding FAR exam within 60 days of purchase, scan your exam transcripts and email them as attachments within 2 days of the exam — together with a scanned enrollment slip and the official Score Report PDF — and after confirmation we refund the full amount within 7 days. Excluded: exams within 3 days of purchase, candidate names that don't match the payer, and free or expired products. Or exchange for two equal-value products free.
AICPA CPA Financial Accounting and Reporting Sample Questions:
Question #1
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting
estimate should be reported:
- A. As a correction of an error.
- B. As a separate disclosure after income from continuing operations, in the period of change and future
periods if the change affects both. - C. By restating the financial statements of all prior periods presented.
- D. As a component of income from continuing operations, in the period of change and future periods if the
change affects both.
Correct Answer: D 🗳️
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Question #2
On March 15, 1992, Krol Co. paid property taxes of $90,000 on its office building for the calendar year
1 992. On April 1, 1992, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs
will benefit operations for the remainder of 1992. What is the total amount of these expenses that Krol
should include in its quarterly income statement for the three months ended June 30, 1992?
- A. $172,500
- B. $97,500
- C. $72,500
- D. $37,500
Correct Answer: C 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Question #3
Which of the following accounting pronouncements is the most authoritative?
- A. AICPA Statement of Position.
- B. FASB Technical Bulletin.
- C. AICPA Accounting Principles Board Opinion.
- D. FASB Statement of Financial Accounting Concepts.
Correct Answer: C 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Question #4
Which of the following information should be included in Melay, Inc.'s 1992 summary of significant
accounting policies?
- A. Property, plant, and equipment is recorded at cost with depreciation computed principally by the
straight-line method. - B. Future common share dividends are expected to approximate 60% of earnings.
- C. Business segment 1992 sales are Alay $1M, Belay $2M, and Celay $3M.
- D. During 1992, the Delay component was sold.
Correct Answer: A 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Question #5
YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated
customers. YIV should report segment financial information for each division meeting which of the
following criteria?
- A. Segment operating profit or loss is 10% or more of consolidated profit or loss.
- B. Segment revenue is 10% or more of combined revenue of all the company segments.
- C. Segment revenue is 10% or more of consolidated revenue.
- D. Segment operating profit or loss is 10% or more of combined operating profit or loss of all company
segments.
Correct Answer: B 🗳️
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