Exam Name: Financial Reporting
Certification Provider: CPA
Corresponding Certification: Certified Public Accountant
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- Total Questions: 80
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CPA exams have a reputation for tough wording and scenario-based questions, and the FR exam is no exception. Working through the 80 practice questions from PrepAwayExam gets you comfortable with that style long before exam day.
CPA FR Exam Overview:
| Certification Vendor: | American Institute of Certified Public Accountants (AICPA) |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | FAR |
| Certificate Validity Period: | Section credit valid for 30 months |
| Exam Format: | Computer-Based Test, Task-Based Simulations (TBSs), Multiple-Choice Questions (MCQs) |
| Passing Score: | 75 (scaled 0-99) |
| Real Exam Qty: | 50 Multiple-Choice Questions + 7 Task-Based Simulations |
| Related Certifications: | Certified Public Accountant (CPA) |
| Available Languages: | English |
| Exam Duration: | 240 minutes |
| Exam Price: | Approximately USD 359 (varies by jurisdiction) |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Onsite at Prometric Test Centers (Computer-Based Testing) |
| Pre Condition: | Must meet education and eligibility requirements set by the relevant Board of Accountancy; receive Notice to Schedule (NTS) before testing. |
| Official Syllabus URL: | https://www.aicpa-cima.com/resources/toolkit/cpa-exam |
CPA FR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Balance Sheet Accounts | 30-40% | - Inventory and property, plant, and equipment - Cash and receivables - Investments and intangible assets - Liabilities and equity accounts |
| Financial Reporting | 30-40% | - Disclosures and reporting requirements (e.g., segment, interim reporting) - Conceptual framework and standard-setting - Reporting for for-profit, not-for-profit, and governmental entities - Preparation and presentation of financial statements |
| Select Transactions | 25-35% | - Leases and financing transactions - Income taxes and other transaction types - Revenue recognition |
Answers to Common Questions About the CPA FR Exam
Yes. PrepAwayExam offers a free PDF demo of the FR practice questions so you can check the quality, the format, and the difficulty level before you spend anything. After you purchase, you also receive 365 days of free updates, and if the product expires you can extend the update service at a 50% discount from your member zone.
The FR exam contains 50 Multiple-Choice Questions + 7 Task-Based Simulations questions and gives you 240 minutes to complete them. That works out to a brisk pace, so you cannot afford to stall on a single tricky item — flag it, move on, and circle back if time allows. Before exam day, run at least two timed mock sessions with the PrepAwayExam desktop or online test engine; practicing against a real clock turns the official time limit into a comfortable rhythm instead of a source of panic.
The FR exam (full name: Financial Reporting) is a CPA certification exam that leads to the Certified Public Accountant credential, positioned at the Core Section of CPA Licensure level. It validates the skills CPA expects from professionals working with its technologies, and passing it is the key step toward getting certified. It also sits within a broader certification path that includes Certified Public Accountant (CPA).
The CPA Financial Reporting exam is organized into 3 domains. The main areas include Financial Reporting (30-40%), Select Balance Sheet Accounts (30-40%), and Select Transactions (25-35%). Scroll up to the exam syllabus section on this page for the complete topic-by-topic outline.
Must meet education and eligibility requirements set by the relevant Board of Accountancy; receive Notice to Schedule (NTS) before testing.
Eligibility requirements can change, so before you register, confirm the latest criteria on the official CPA exam page.
To pass the FR exam you need a score of 75 (scaled 0-99), and the official registration fee is Approximately USD 359 (varies by jurisdiction). Keep in mind that a failed attempt comes at full price: retaking the exam means paying the entire fee again. A smart way to protect that investment is to self-test first — work through the 80 practice questions at PrepAwayExam until your timed scores sit comfortably above the passing line before you book a seat.
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CPA Financial Reporting Sample Questions:
The consolidated financial statements of Paulo plc for the year ended 31 March 2013 showed the following.
Non-controlling interest in the consolidated statement of financial position at 31 March 2013 was $6 million ($3.6 million at 31 March 2012). Non-controlling interest in the consolidated income statement for the year ended 31 March 2013 was $2 million.
During the year ended 31 March 2013, the group acquired a new 75% subsidiary whose net assets at the date of acquisition were $6.4 million. On 31 March 2013, the group revalued all its properties and the non-controlling interest in the revaluation surplus was $1.5 million. There were no dividends payable to non-controlling shareholders at the beginning or end of the year.
In accordance with IAS 7 Statement of Cash Flows, what was the dividend paid to non-controlling shareholders that will be shown in the consolidated statement of cash flows of Paulo plc for the year ended 31 March 2013?
- A. $4.5 million
- B. $1.2 million
- C. $7.5 million
- D. $2.7 million
Correct Answer: D 🗳️
Kia Co produces cellular phone and first-in first-out (FIFO) method valuation is used for its inventories. At the start of January it had 500 units in inventory. These had cost $30 each. During January, the following transactions took place:
ReceiptsIssues
DateUnitsCost per unitDateUnits
5230$327640
15380$3417450
What is the value of Kia Co's inventory at the end of January?
- A. $640
- B. $680
- C. $720
- D. $600
Correct Answer: B 🗳️
Back plc has one associated company, Beyond Ltd, in which Back plc holds 40% of the issued 100,000 $1 ordinary shares. The financial controller of Back plc is unsure how the following transactions should be reflected in the consolidated statement of cash flows and has asked you to confirm the overall impact.
1)In the previous accounting period, Back plc had made a cash advance of $100,000 to Beyond Ltd. During the current accounting period, Beyond Ltd repaid $30,000 of this cash advance.
2)During the current accounting period, Beyond Ltd sold an item of property, plant and machinery at its carrying amount for $20,000 cash.
3)During the current accounting period, Beyond Ltd paid a dividend of 20c per share.
In accordance with IAS 7 Statement of Cash Flows, what is the impact of the above cash transactions on Back plc's consolidated statement of cash flows for the current accounting period?
- A. Dividend received from associate $8,000
- B. Cash from repayment of cash advance from associate $30,000; dividend received from associate $8,000
- C. Cash from sale of associate's plant $20,000; dividend paid by associate $20,000
- D. Cash from repayment of cash advance from associate $30,000; cash from sale of associate's plant $20,000
Correct Answer: B 🗳️
For the year ended 31 December 2012, the board of directors of USP Inc. is considering the treatment of the following issues in their financial statements.
(i)On 1 March 2013 one of the machine used for manufacturing trading goods met the criteria to classify as held for sale. The carrying amount of the machine at 31 December was $50,000 and its fair value was $52,000. Costs to sell would amount to $4,600.
(ii)On 15 April 2013, USP Inc. settled a court case with a former employee, paying him $30,000. At the reporting date, the financial statement included a provision of $20,000 in respect of this case.
The financial statements were approved on 30 April 2013.
How should the issues above be dealt with?
- A. (i) Adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000. - B. (i) Non-adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000. - C. (i) Non-adjusting event. Classified as a non-current asset held at its carrying value of $50,000 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000. - D. (i) Non-adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Non-adjusting event. Provision should be unadjusted. A charge of $10,000 to profits should be made in the following year end financial statements.
Correct Answer: C 🗳️
The management of Sage Ltd is considering in liquidating the company. The following assets and liabilities as at 31 March 2013 is in company's books:
(i)Plant and machinery: It represents carrying amount of $30,000 and can berealizedfor $15,000. The Plant and machinery had an estimated useful life of 10 years and have been used in business for 4 years.
(ii)Goodwill: A professional accountant has estimated the goodwill as $12,000.
(iii) Receivables: Receivables are all trade related which amounted to $15,000. It is estimated that an allowance against receivable of $1,000 would need to be made.
(iv) Cash at bank: The bank account shows a positive balance of $5,000.
(v)Payables: Trade accounts payable amounted to $6,000.
Which ONE of the following options, under breakup basis, is the correct amount that should be stated as net assets in the statement of financial position of Sage Ltd at 31 March 2013?
- A. $42,000
- B. $28,000
- C. $40,000
- D. $46,000
Correct Answer: C 🗳️
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