Free FAR CPA exam sample questions

PocketCPA publishes four FAR multiple-choice questions, four flashcards and one task-based simulation, free and with no account. FAR is Financial Accounting and Reporting, and the full section holds 2,979 questions, 234 simulations and 187 flashcards across 24 blueprint groups.

How many FAR practice questions does PocketCPA have?

2,979 multiple-choice questions and 234 task-based simulations in FAR, covering 24 blueprint groups. Each one cites the standard or statute it tests.

A FAR question from the sample

An available-for-sale debt security with a $12,000 unrealized gain previously recognized in OCI is sold this period at that same gain. What entry to comprehensive income is required in the period of sale to avoid double counting?

  1. No adjustment; the gain simply remains in accumulated OCI.
  2. A $12,000 prior-period adjustment to retained earnings.
  3. A $12,000 reclassification adjustment removing the gain from OCI as it is recognized in net income.
  4. A $12,000 addition to OCI in the period of sale.

The answer is C. When a gain previously reported in OCI becomes realized and is recognized in net income, a reclassification (recycling) adjustment moves it out of OCI so total comprehensive income is not overstated (ASC 220-10-45-17). The $12,000 enters net income and is simultaneously subtracted from OCI. The question is cited to ASC 220-10-45-17.

What does the FAR sample cover?

The four questions are drawn from the harder end of the FAR bank and spread across the section's blueprint areas: Financial Reporting, Select Balance Sheet Accounts, Select Transactions. The sample is enough to judge the writing and not enough to study from, against 3,400 items in the section.

PocketCPA covers all six CPA exam sections with 11,896 cited questions and 1,071 lesson pages. See also CPA requirements by state, the cheapest route to a CPA, and how to check whether study material is current.

What the Uniform CPA Examination tests is defined by the AICPA, and coverage claims here are stated against the AICPA blueprints: AICPA: what is tested on the exam.