Exam Name: Financial Reporting
Certification Provider: CPA
Corresponding Certification: Certified Public Accountant
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- Total Questions: 80
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- Total Questions: 80
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CPA FR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Balance Sheet Accounts | 30-40% | - Investments and intangible assets - Cash and receivables - Liabilities and equity accounts - Inventory and property, plant, and equipment |
| Select Transactions | 25-35% | - Revenue recognition - Income taxes and other transaction types - Leases and financing transactions |
| Financial Reporting | 30-40% | - Disclosures and reporting requirements (e.g., segment, interim reporting) - Preparation and presentation of financial statements - Reporting for for-profit, not-for-profit, and governmental entities - Conceptual framework and standard-setting |
Answers Every FR Candidate Should Read First
The CPA Financial Reporting exam is the official American Institute of Certified Public Accountants (AICPA) test registered under exam code FR. Passing it earns you the Certified Public Accountant certification, a credential at the Core Section of CPA Licensure level. It is also linked to the related certification: Certified Public Accountant (CPA). American Institute of Certified Public Accountants (AICPA) exams are valued because they test job-ready skills, so a passing score here carries real weight on a resume.
The CPA Financial Reporting exam includes 50 Multiple-Choice Questions + 7 Task-Based Simulations questions to be completed within 240 minutes. Do the pacing math before exam day: with that many items on the clock, you need a steady rhythm and the discipline to flag a hard question and move on instead of stalling. Two or three full timed sessions with the Lead2PassExam test engine will show you exactly what that pace feels like, so time pressure stops being a factor on the real day.
To pass the CPA Financial Reporting exam you need 75 (scaled 0-99), and the official registration fee is Approximately USD 359 (varies by jurisdiction). A retake is not discounted: a failed attempt means paying the full Approximately USD 359 (varies by jurisdiction) again, so treat your first sitting as the expensive one. A sensible rule is to book your seat only after you are scoring comfortably above the passing mark on the Lead2PassExam practice tests, not just squeaking past it once.
Must meet education and eligibility requirements set by the relevant Board of Accountancy; receive Notice to Schedule (NTS) before testing.
Eligibility rules do change from time to time, so confirm the current requirements before you register on the official exam page.
Yes. Lead2PassExam offers a free PDF demo of the CPA Financial Reporting material so you can judge the question quality and format before spending anything. After purchase, your license includes 365 days of free updates, and if you want to keep receiving updates after that period, renewals are available at a 50% discount.
If you take the CPA Financial Reporting exam within 60 days of your purchase and do not pass, Lead2PassExam backs you with a 100% money-back guarantee. The claim must match the exam your product covers: attempts taken within 3 days of purchase are not eligible (that is too little preparation time), and neither are downloaded-but-unused products, free materials, or expired orders. The candidate name must match the payer name, and you need to submit a scanned enrollment slip plus the official Score Report PDF within 2 days of the exam; claims are processed within 7 days. Prefer not to refund? You can swap instead and receive two other exam products of equal value for free while keeping the update service on your original purchase.
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The official CPA Financial Reporting syllabus is organized into 3 domains. Key areas include Financial Reporting (30-40%), Select Balance Sheet Accounts (30-40%), and Select Transactions (25-35%). The complete, up-to-date topic list appears in the exam topics section above; work through it line by line and flag anything you cannot yet explain in your own words.
CPA Financial Reporting Sample Questions:
The financial statements of Louise Ltd for the year ended 31 December 2012 were approved for publication on 20 May, 2013. The following events occurred after the reporting period:
(i)The directors declared a dividend of 50c per ordinary share on 17 February 2013. Louise Ltd has 200,000 $1 ordinary shares in issue.
(ii)An insurance claim for storm damage to property, caused by unusually high winds, was under negotiation at the end of the reporting period. The claim was settled with the insurers in March 2013 leaving uninsured damage amounting to $75,000.
What liabilities should berecognizedin the financial statements of Louise Ltd for the year ended 31 December 2012 in accordance with IAS 10 Events after the Reporting Period?
- A. Dividend = $100,000; Storm damage = $75,000
- B. Dividend = $100,000; Storm damage = $Nil
- C. Dividend = $Nil; Storm damage = $Nil
- D. Dividend = $Nil; Storm damage = $75,000
Correct Answer: D 🗳️
Bony plc purchased equipment on 1 April 2010 for $100,000. The equipment was depreciated using the reducing balance method at 25% per annum.
Bony plc prepares accounts to 31 March annually. Depreciation was charged up to and including 31 March 2012. At that date, the recoverable amount of this equipment was $42,000.
According to IAS 36 Impairment of Assets, what was the impairment loss on this equipment calculated on 31 March 2012?
- A. $25,000
- B. Nil
- C. $14,250
- D. $8,000
Correct Answer: C 🗳️
In 2012 Fiona Co had a basic EPS of 105c based on earnings of $105,000 and 100,000 ordinary $1 shares. It also had in issue $40,000 15% Convertible Loan Stock which is convertible in two years' at the rate of 4 ordinary shares for every $5 of stock. The rate of tax is 30%. In 2012 gross profit of $200,000 and expenses of $50,000 were recorded, including interest payable of $6,000.
What is the dilution in earnings?
- A. 28.6c
- B. 82.7c
- C. 25.5c
- D. 22.3c
Correct Answer: D 🗳️
Jerry Co has a defined benefit plan. At the financial year end, the plan has the following values:
$m Fair value of plan assets65 Present value of pension obligation52.5 Cumulative unrecognizedactuarial losses2 Present value of refunds from the plan and reductions in future contributions11.5
What is the value of the pension in the statement of financial position?
- A. $10.5m
- B. $(12.5)m
- C. $(14.5)m
- D. $(10.5)m
Correct Answer: C 🗳️
The aim of IAS 7 is to provide information to users of financial statements about the entity's ability to generate cash and cash equivalents, as well as indicating the cash needs of the entity.
Which one of the following statements gives the best definition of cash equivalents as set out in IAS 7 Statement of Cash Flows?
- A. Cash equivalents are cash, overdrafts, short-term deposits, options and other financial instruments and equities traded in an active market
- B. Cash equivalents are investments which are traded in an active market
- C. Cash equivalents are short-term highly liquid investments subject to insignificant risks of change in value
- D. Cash equivalents are readily disposable investments
Correct Answer: C 🗳️
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