Minimum time, maximum knowledge — the only trade worth making. The CPA Financial Reporting material from ExamTorrent concentrates 80 practice questions into efficient preparation.
CPA FR Exam Overview:
| Certification Vendor: | AICPA / NASBA |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Real Exam Qty: | 57 (50 MCQ + 7 TBS) |
| Exam Price: | $262.64 – $359 USD per section (varies by jurisdiction) |
| Available Languages: | English |
| Certificate Validity Period: | 30 months from passing date |
| Exam Format: | Task-Based Simulations (TBS), Multiple Choice Questions (MCQ) |
| Related Certifications: | REG TCP AUD ISC BAR |
| Passing Score: | 75 (scaled score 0-99) |
| Exam Duration: | 240 minutes |
| Recommended Training: | AICPA Learning & Resources NASBA Exam Resources |
| Exam Registration: | NASBA CPA Exam Registration AICPA Official Site |
| Sample Questions: |  |
| Exam Way: | Computer-based testing at Prometric test centers |
| Pre Condition: | Meet state board education/eligibility requirements; no prior exam required |
| Official Syllabus URL: | https://www.aicpa.org/becomeacpa/cpaexam/exam-blueprints.html |
CPA FR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Transactions | 25–35 | - Leases (ASC 842) - Accounting Changes and Error Corrections - Derivatives, Hedging, and Foreign Currency - Income Taxes (ASC 740) - Revenue Recognition (ASC 606) - Business Combinations and Consolidations |
| Topic 2: Select Balance Sheet Accounts | 30–40 | - Cash, Receivables, and Investments - Inventory and Property, Plant & Equipment - Fair Value Measurements - Liabilities, Debt, and Equity - Intangible Assets and Goodwill |
| Topic 3: Financial Reporting | 30–40 | - General-Purpose Financial Statements – For-Profit Entities - General-Purpose Financial Statements – Not-for-Profit Entities - Public Company Reporting and SEC Requirements - State and Local Governmental Accounting - Financial Statement Analysis and Ratios - Conceptual Framework and Standard-Setting |
CPA FR Exam — Questions and Answers
$262.64 – $359 USD per section (varies by jurisdiction) per attempt, 75 (scaled score 0-99) to pass. Preparation is the cheaper insurance: the 80 practice questions from ExamTorrent cost far less than a second registration.
The CPA Financial Reporting blueprint spans 3 domains — including Financial Reporting (30–40), Select Transactions (25–35), Select Balance Sheet Accounts (30–40). Follow the weightings with your hours; the full outline above details every subtopic.
Yes:
Training builds knowledge; simulation builds readiness. After any course, rehearse with the 80 practice questions for the CPA Financial Reporting until the exam atmosphere feels routine.
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Meet state board education/eligibility requirements; no prior exam required Eligibility rules change over time, so confirm the current requirements on the official page (official FR exam page) before you register.
The CPA Financial Reporting is CPA's certification exam for Certified Public Accountant (CPA), at the Professional level — proof of practical skills that employers recognize. Our material for it is written by IT experts and certified trainers with a wealth of exam experience. Related credentials include AUD, REG, BAR, ISC, TCP.
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CPA Financial Reporting Sample Questions:
Where transactions have taken place between related parties, the entity should disclose the nature of the related party relationships, as well as information about the transactions and outstanding balances necessary for an understanding of the potential effect of the relationship on the financialstatements.
The disclosures must include the following, except
- A. Provisions for doubtful debts related to the amount of outstanding balances.
- B. The amount of the transactions.
- C. The expenserecognizedduring the period in respect of bad or doubtful debts due from related parties.
- D. The amount of retained earnings.
Correct Answer: D 🗳️
One plc has owned 100% of Ten Ltd and 60% of Six Ltd for many years. At 31 December 2012 the trade receivables and trade payables shown in the individual company statements of financial position were as follows.
One plcTen LtdSix Ltd $000$000$000 Trade receivable 503040 Trade payable 301520 Trade payable are made up as follows Amount owning to One--Ten 2-4 Six 3-Other suppliers251516
301520
The intra-group accounts agreed after taking into account the following.
1)An invoice for $3,000 posted by Ten Ltd on 31 December 2012 was not received by One pIc until 2 January 2013
2)A cheque for $2,000 posted by One pIc on 30 December 2012 was not received by Six Ltd until 4 January 2013.
What amount should be shown as trade receivables in the consolidated statement of financial position of One plc for the year ended 31 December 2012?
- A. $106,000
- B. $111,000
- C. $56,000
- D. $109,000
Correct Answer: A 🗳️
On 1 April 2012, Hunting plc acquired 70% of the ordinary shares of ICM Ltd. The following figures relate to the year ended 31 December 2012. Hunting plcICM Ltd $$ Revenue769,000600,000 Cost of sales568,500420,000 Gross profit200,500180,000
On 15 November 2012 ICM Ltd sold goods which cost it $5,000 to Hunting plc for $7,000. These goods were still held by Hunting plc at 31 December 2012.
What is the amount for gross profit in the consolidated income statement of Hunting plc for the year ended 31 December 2012?
- A. $335,500
- B. $333,500
- C. $983,500
- D. $985,500
Correct Answer: B 🗳️
On 1 January 2008 Sudden Ltd purchased a freehold office block for $2.5 million. At the date of acquisition the useful life was estimated to be 50 years and the residual value $250,000. The company policy is to depreciate freehold property on the straight-line basis. On 31 December 2013 the residual value of the offices was estimated at $450,000 due to an increase in commercial property prices. The estimated useful life of the property remained unchanged.
What amount will berecognizedin profit or loss as depreciation in respect of the freehold property in the year to 31 December 2013?
- A. $45,000
- B. $41,000
- C. $45,555
- D. $40,556
Correct Answer: D 🗳️
A conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for financial reporting.
Which of the following is NOT a disadvantage of conceptual framework?
- A. Financial statements are used for variety of purposes.
- B. The task of preparation and implementation of standards.
- C. Conceptual frameworks are developed for preparing financial statements that is intended for wide range of users.
- D. Standards are developed on patchwork basis.
Correct Answer: D 🗳️
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