FAR study guide
Financial Accounting and Reporting, all sections
Mock exam
33 questions · exam conditions · full breakdown
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Section 1
Financial Reporting
30–40% of the FAR exam
Covers general-purpose financial statements for for-profit entities, not-for-profit entities, state and local governments, public companies, and performance metrics.
1A - General-Purpose Financial Reporting: For-Profit Business Entities
7 subtopics
1B - General-Purpose Financial Reporting: Nongovernmental Not-For-Profit Entities
4 subtopics
1C - State and Local Government Concepts
2 subtopics
1D - Public Company Reporting Topics
Available
1E - Special Purpose Frameworks
Available
1F - Financial Statement Ratios and Performance Metrics
Available
Section 2
Select Balance Sheet Accounts
30–40% of the FAR exam
Covers the accounting treatment for key balance sheet items: cash, receivables, inventory, PP&E, investments, intangibles, liabilities, and equity.
2A - Cash and Cash Equivalents
Available
2B - Trade Receivables
Available
2C - Inventory
Available
2D - Property, Plant, and Equipment
Available
2E - Investments
3 subtopics
2F - Intangible Assets
Available
2G - Payables and Accrued Liabilities
Available
2H - Long-Term Debt (Financial Liabilities)
Available
2I - Equity
Available
Section 3
Select Transactions
25–35% of the FAR exam
Covers specific accounting transactions: revenue recognition, lease accounting, income taxes, fair value, contingencies, and more.