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Pass Guaranteed 2025 AICPA FAR–Valid Latest Exam Guide

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What is the duration, language, and format of the Financial Accounting and Reporting (FAR) Exam

Duration of Exam: 4 hours
Format: Multiple choice, Task-based simulations, research prompts
Passing score: 75
Language of Exam: English

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AICPA CPA Financial Accounting and Reporting Sample Questions (Q14-Q19):

NEW QUESTION # 14
Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its
income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000,
operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll
costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31,
1 991, were $40,000,000.
Cott Co.'s four business segments have revenues and identifiable assets expressed as percentages of
Cott's total revenues and total assets as follows:

Which of these business segments are deemed to be reportable segments?

A. Ebon, Fair, Gel, and Hak.
B. Ebon, Fair, and Gel only.
C. Ebon and Fair only.
D. Ebon only.

Answer: A

Explanation:
Rule: A segment must be at least 10% of:
1 . Combined revenues (whether intersegment or unaffiliated customers), or
2 . Operating income (of all segments not having an operating loss), or
3 . Identifiable assets.
Choice "d" is correct. Ebon, Fair, Gel, and Hak, since all four companies meet at least one of the criteria.

NEW QUESTION # 15
A statement of cash flows for a development stage enterprise:

A. Is the same as that of an established operating enterprise, but does not show cumulative amounts from
the enterprise's inception.
B. Shows only cumulative amounts from the enterprise's inception.
C. Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts
from the enterprise's inception.
D. Is not presented.

Answer: C

Explanation:
Rule: Development stage enterprises should present financial statements in accordance with
GAAP and make additional disclosures such as cumulative amounts from inception for: net losses,
deficits, sales, expenses, and cash flows and supplementary data.
Choice "a" is correct, per the rule shown above.
Choice "b" is incorrect. Current amounts are shown as well as cumulative amounts.
Choice "c" is incorrect. Cumulative amounts from inception are shown.
Choice "d" is incorrect. A statement of cash flows is required.

NEW QUESTION # 16
While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and
1 989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000,
net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be
reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial
statements?

A. Option C
B. Option B
C. Option A
D. Option D

Answer: A

Explanation:
Choice "c" is correct. 1990 ($25,000) $125,000 1991 -- 180,000
Because these are comparative financial statements, prior period adjustments require retroactive
treatment for the years presented. Because 1989 is not presented, the 1989 correction is shown as a prior
period adjustment of $25,000 to retained earnings statement of 1990.

NEW QUESTION # 17
Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its
small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest
of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the
earliest point at which Envoy should report the small appliance group as a discontinued operation?

A. When Envoy receives an offer for the segment.
B. When Envoy sells the majority of the assets of the segment.
C. When Envoy first sells any of the assets of the segment.
D. When Envoy classifies it as held for sale.

Answer: D

Explanation:
Choice "a" is correct. The earliest period that a component of an entity can be reported in discontinued
operations is when the component meets the following "held for sale" criteria:
1 . Management commits to a plan to sell the component.
2 . The component is available for immediate sale in its present condition.
3 . An active program to locate a buyer has been initiated.
4 . The sale of the component is probable and the sale is expected to be completed within one year.
5 . The sale of the component is being actively marketed.
6 . It is unlikely that significant change to the plan to sell will be made or that the plan will be withdrawn.
Choices "b", "c", and "d" are incorrect, per the Explanation: above.

NEW QUESTION # 18
According to the FASB conceptual framework, the usefulness of providing information in financial
statements is subject to the constraint of:

A. Consistency.
B. Reliability.
C. Cost-benefit.
D. Representational faithfulness.

Answer: C

Explanation:
Choice "b" is correct. The pervasive constraint on providing information in financial statements is that the
cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23,
SFAC 2 para. 133 Choice "a" is incorrect. Consistency is an underlying concept for financial statements
(and a secondary quality of accounting information), but it is not a constraint on providing information.
SFAC 2 para. 120 Choice "c" is incorrect. Reliability is a primary quality of accounting information and an
underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2
para. 58 Choice "d" is incorrect. Representational faithfulness is an underlying concept for financial
statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.

NEW QUESTION # 19
......

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