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AICPA FAR (FAR) Practice Tests & Test Prep by Exam Edge - Exam Info



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AICPA Financial Accounting and Reporting - Additional Information

At ExamEdge.com, we focus on making our clients' career dreams come true by offering world-class practice tests designed to cover the same topics and content areas tested on the actual American Institute of Certified Public Accountants AICPA Financial Accounting and Reporting (FAR) Certification Exam. Our comprehensive AICPA Financial Accounting and Reporting practice tests are designed to mimic the actual exam. You will gain an understanding of the types of questions and information you will encounter when you take your American Institute of Certified Public Accountants AICPA Financial Accounting and Reporting Certification Exam. Our AICPA Financial Accounting and Reporting Practice Tests allow you to review your answers and identify areas of improvement so you will be fully prepared for the upcoming exam and walk out of the test feeling confident in your results.

Because our practice tests are web-based, there is no software to install and no need to wait for a shipment to arrive to start studying. Your AICPA Financial Accounting and Reporting practice tests are available to you anytime from anywhere on any device, allowing you to study when it works best for you. There are 5 practice tests available, each with 100 questions and detailed explanations to help you study. Every exam is designed to cover all of the aspects of the AICPA FAR exam, ensuring you have the knowledge you need to be successful!

AICPA Financial Accounting and Reporting - Additional Info Sample Questions

Working capital ratio is the difference between current assets and current liabilities.  Which of the following is NOT a Current liability?

Correct Answer:
marketable securities


the question involves identifying which item listed is not a current liability. current liabilities are financial obligations a company needs to settle within one year or within its operating cycle, whichever is longer. these include accounts payable, short-term notes payable, current maturities of long-term debt, unearned revenue, and other accrued liabilities.

accounts payable represents money owed by a company to its suppliers or creditors for goods or services received that have not yet been paid for. short-term notes payable are obligations due within one year, typically involving borrowed funds. current maturities of long-term debt refer to the portion of a long-term debt that is due within the next year. unearned revenue pertains to money received by a company for goods or services yet to be delivered or performed, which is considered a liability until the service or product is delivered.

in contrast, marketable securities are investment assets that are liquid and can be quickly converted into cash at a known value. they are typically held as part of a company’s current assets and not liabilities. examples of marketable securities include stocks, bonds, and treasury bills. these are intended either for short-term profit on trading or for temporary investment of idle cash.

therefore, the correct answer to the question is marketable securities, as they do not represent a liability but rather an asset. understanding the distinction between types of assets and liabilities is crucial for accurately interpreting a company’s financial health through metrics like the working capital ratio, which is calculated as current assets minus current liabilities. this ratio provides insight into a company’s operational efficiency and short-term financial health.