CPA Financial Accounting and Reporting (FAR) Practice Tests

Practice Tests

Topics

• Income Statements & Analysis

  • Other Comprehensive Income

  • Calculate Fluctuations & Ratios

  • Income Statement

• Financial Reporting Standards

  • Accounting Changes & Errors

  • Special Purpose Frameworks

  • IFRS vs. GAAP

  • Conceptual Framework

• Current Assets

  • Inventory Costing Methods

  • Receivables

  • Bank Reconciliations

  • Prepaid Expenses

• Expenses

  • Income Taxes

  • Accounting for Leases

  • Cost of Goods Sold

• Current Liabilities

  • Contingencies

  • Payables and Accrued Liabilities

• Revenue

  • Non-Monetary Exchanges

  • Revenue Recognition

  • Allowance Method for Doubtful Accounts

• Compensation and Accrued Payroll

  • Retirement Benefits

  • Stock Compensation

  • Accrued Payroll Expense

• Other Long Lived Assets

  • Software, R&D Costs

  • Asset Impairment

  • Intangible Assets

• Property, Plant and Equipment

  • Capitalizing Property, Plant, and Equipment

  • Asset Retirement Obligations

  • Depreciation and Amortization

• Debt and Equity Financing

  • Equity Transactions

  • Bonds Payable & Long-term Debt

  • Debt Covenant Obligations

• Business Combinations

  • Goodwill

  • Equity Method

  • Fair Value Method

  • Cost Method

• Business Combinations & Investments

  • Derivatives, Hedging, and Foreign Currency Transactions

  • Consolidated Financial Statements

• State and Local Governments

  • Government-Wide Financial Statements

  • CAFR (Fund) Accounting

  • Modified Accrual Basis of Accounting

  • Encumbrance Accounting

• Not for Profit Accounting

  • Statement of Financial Position

  • Statement of Activities

  • Nonreciprocal Transfers