Financial Accounting and Reporting (FAR) section of the CPA exam

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This page contain free practices CPA questions covering topics covered on the Financial Accounting and Reporting section (FAR).  The practice questions covered in this section are typically covered in three undergraduate accounting courses.  The accounting courses are Intermediate Accounting I, II and III, Advanced Accounting, Government and not For Profit Accounting.

 

To learn about more details topics covered in this section, visits the following three courses:

The following topics are covered: Objectives of General Purpose Financial Reporting, Standard Setting for Financial Accounting, Not for Profit Entities, Objective of Financial Report for by State and Local Government, Accounting Assumptions | Accounting Principles and Constraints, Qualitative Characteristics of Useful Financial Information, Elements of Financial Statements, Recognition and Measurements Concepts, Cash Flow Information and Present Value Concept, SEC Reporting, Income Statement,Balance Sheet, Statement of Changes in Equity, Comprehensive Income, Other Financial Statement Presentations.
Discontinued Operation, Long Term Construction Contracts, Revenue Recognition After Delivery.