Last Updated: Aug 01, 2026
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The Admission Test Financial-Accounting-Reporting exam consists of two sections that cover financial accounting concepts, principles, and standards. The first section of the test examines the candidate's understanding of the generally accepted accounting principles (GAAP), which are a set of guidelines that companies must follow when preparing their financial statements. The second section focuses on financial statements, including balance sheets, income statements, and cash flow statements.
The Certified Public Accountant (CPA) exam is a rigorous and comprehensive test that assesses the knowledge and skills of individuals who want to become licensed accountants. The Financial Accounting and Reporting (FAR) section of the CPA exam is considered one of the most challenging sections. This test is designed to evaluate a candidate's understanding of accounting principles and financial reporting procedures.
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| Section | Weight | Objectives |
|---|---|---|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
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