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


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AICPA Financial Accounting and Reporting Exam Blueprint

Understanding the exact breakdown of the AICPA Financial Accounting and Reporting test will help you know what to expect and how to most effectively prepare. The AICPA Financial Accounting and Reporting has 66 multiple-choice questions. The exam will be broken down into the sections below:

AICPA Financial Accounting and Reporting Exam Blueprint
Domain Name % Number of
Questions
Conceptual Framework, Standard-Setting and Financial Reporting 25-35% 21
Select Financial Statement Accounts 30-40% 25
Select Transactions 20-30% 17
State and Local Governments 5-15% 4

AICPA Financial Accounting and Reporting Sample Test

1 of 5

Reports on special purpose frameworks are issued in conjunction with which of the following?

Correct Answer:
cash basis, income tax basis and regulatory basis of accounting
reports on special purpose frameworks are typically issued in contexts where entities choose to prepare their financial statements according to a basis of accounting other than generally accepted accounting principles (gaap). these frameworks include the cash basis, income tax basis, and regulatory basis of accounting. each of these frameworks offers a distinct approach to financial reporting, tailored to meet specific needs or comply with particular regulatory requirements.

**cash basis of accounting** the cash basis of accounting is one of the simplest forms of financial accounting. under this framework, revenues and expenses are recognized only when cash is received or paid, respectively. this method is often used by small businesses and individual proprietors who find it straightforward for managing transactions and understanding their financial position without the complexities of accrual accounting. reports prepared under the cash basis provide information solely on the cash flows into and out of the business, which can be significantly different from the business's income and financial position under accrual accounting.

**income tax basis of accounting** the income tax basis of accounting is another special purpose framework, which aligns the financial reporting of a business with its preparations for income tax returns. this framework is governed by the rules and regulations set by the tax authorities, rather than by accounting standards boards. the objective here is to present the financial statements in a manner that reflects the incomes, deductions, and credits recognized for tax purposes. this can be particularly advantageous for organizations that want to streamline the process between accounting and tax preparation, ensuring that financial statements are consistent with the tax returns they file.

**regulatory basis of accounting** the regulatory basis of accounting is used when entities are required to prepare their financial statements according to the regulations of a specific regulatory body. these regulations might differ from gaap and are designed to meet the financial reporting requirements of particular sectors or types of transactions. for example, utility companies and insurance companies often have to prepare their financial statements according to regulatory frameworks that address the specific economic and operational characteristics of these industries. the primary purpose of such frameworks is to ensure that the financial statements provide useful information to the regulators overseeing these industries.

in conclusion, reports issued under special purpose frameworks—such as those based on the cash basis, income tax basis, and regulatory basis of accounting—serve to meet specific accounting needs that are not addressed by gaap. these frameworks are chosen based on the specific requirements of the entity’s operations, the needs of the financial statement users, or compliance with regulatory environments. understanding these frameworks allows stakeholders to better interpret the financial statements and assess the entity's financial status as per the defined accounting principles.

Why Practice Tests Work

Use practice tests to spot gaps, sharpen timing, and walk in ready.

  • Simulates real exam-style questions so you know what to expect.
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  • Improves timing and pacing so you do not run out of time on test day.
  • Strengthens recall by practicing under light pressure.
  • Helps you track progress and confirm you are ready to schedule the exam.

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Three Study Modes

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Actionable Analytics

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High-Yield Rationales

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Realistic Interface

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Accessible by Design

Clean layout reduces cognitive load.

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Inside the Testing Environment

Answering a Question — Multiple-choice item view with navigation controls.
Answering a Question Multiple-choice item view with navigation controls.
Detailed Explanation — Review question explanation.
Detailed Explanation Review question explanation.
Review Summary 1 — Heatmap highlighting your knowledge level by domain.
Review Summary 1 Heatmap highlighting your knowledge level by domain.
Review Summary 2 — Summary page of correct/wrong/unanswered counts.
Review Summary 2 Summary page of correct/wrong/unanswered counts.

What Each Screen Shows

Answer Question Screen

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Detailed Explanation

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  • Move between questions to fill knowledge gaps.

Review Summary 1

  • Overall results with total questions and scaled score.
  • Domain heatmap shows strengths and weaknesses.
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Review Summary 2

  • Chart of correct, wrong, unanswered, not seen.
  • Color-coded results for easy review.
  • Links back to missed items.

Top 10 Reasons to Use Exam Edge for your AICPA Financial Accounting and Reporting Exam Prep

  1. Focused on the AICPA Financial Accounting and Reporting Exam

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  2. Real Exam Simulation

    We match the per-question time limits and pressure of the actual AICPA exam, so test day feels familiar and stress-free.

  3. 5 Full Practice Tests & 500 Unique Questions

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  4. Lower Cost Than a Retake

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  7. Detailed Explanations for Every Question

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Pass the AICPA Financial Accounting and Reporting Exam with Realistic Practice Tests from Exam Edge

Preparing for your upcoming AICPA Financial Accounting and Reporting (FAR) Certification Exam can feel overwhelming — but the right practice makes all the difference. Exam Edge gives you the tools, structure, and confidence to pass on your first try. Our online practice exams are built to match the real AICPA FAR exam in content, format, and difficulty.

  • 📝 5 AICPA Financial Accounting and Reporting Practice Tests: Access 5 full-length exams with 100 questions each, covering every major AICPA Financial Accounting and Reporting topic in depth.
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  • 🧠 Step-by-Step Explanations: Understand the reasoning behind every correct answer so you can master AICPA FAR exam concepts.
  • 🔄 Retake Each Exam Up to 4 Times: Build knowledge through repetition and track your improvement over time.
  • 🌐 Web-Based & Available 24/7: Study anywhere, anytime, on any device.
  • 🧘 Boost Your Test-Day Confidence: Familiarity with the AICPA format reduces anxiety and helps you perform under pressure.

These AICPA Financial Accounting and Reporting practice exams are designed to simulate the real testing experience by matching question types, timing, and difficulty level. This approach helps you get comfortable not just with the exam content, but also with the testing environment, so you walk into your exam day focused and confident.

Exam Edge AICPA Reviews


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AICPA Financial Accounting and Reporting Aliases Test Name

Here is a list of alternative names used for this exam.

  • AICPA Financial Accounting and Reporting
  • AICPA Financial Accounting and Reporting test
  • AICPA Financial Accounting and Reporting Certification Test
  • AICPA FAR test
  • AICPA
  • AICPA FAR
  • FAR test
  • AICPA Financial Accounting and Reporting (FAR)
  • Financial Accounting and Reporting certification