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Three versions, and most candidates end up choosing the APP online test engine — find out why: the CPA Financial Reporting material at Actual4Labs, 80 practice questions for the FR exam.
| Section | Weight | Objectives |
|---|---|---|
| Select Transactions | 25–35 | - Revenue Recognition (ASC 606) - Income Taxes (ASC 740) - Accounting Changes and Error Corrections - Leases (ASC 842) - Derivatives, Hedging, and Foreign Currency - Business Combinations and Consolidations |
| Financial Reporting | 30–40 | - State and Local Governmental Accounting - Conceptual Framework and Standard-Setting - General-Purpose Financial Statements – For-Profit Entities - Financial Statement Analysis and Ratios - General-Purpose Financial Statements – Not-for-Profit Entities - Public Company Reporting and SEC Requirements |
| Select Balance Sheet Accounts | 30–40 | - Intangible Assets and Goodwill - Inventory and Property, Plant & Equipment - Fair Value Measurements - Liabilities, Debt, and Equity - Cash, Receivables, and Investments |
The CPA Financial Reporting is CPA's certification exam for Certified Public Accountant (CPA), at the Professional level. It's demanding enough to intimidate — timed practice is the cure. Related credentials include AUD, REG, BAR, ISC, TCP.
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After any course, build confidence with the 80 practice questions for the CPA Financial Reporting — every answer expert-verified.
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240 minutes for 57 (50 MCQ + 7 TBS) questions. The Actual4Labs APP engine imitates the real test — set timed exams, mark performance, point out mistakes — so exam day feels rehearsed.
The CPA Financial Reporting blueprint spans 3 domains — including Select Transactions (25–35), Financial Reporting (30–40), Select Balance Sheet Accounts (30–40). The complete outline above lists every subtopic; our IT staff keep the material aligned daily.
Meet state board education/eligibility requirements; no prior exam required Eligibility rules change over time, so verify the current requirements on the official page (official FR exam page) before registering.
$262.64 – $359 USD per section (varies by jurisdiction) per attempt, 75 (scaled score 0-99) to pass. Retakes cost the full fee — practice whenever you want with the 80 practice questions for the FR exam at Actual4Labs.
Soon after payment you receive the CPA Financial Reporting material by automatic email — about a minute, with Credit Card payment and a strict information system keeping money and data safe; our 7*24 service replies within 2 hours, even on official holidays. If you fail the corresponding FR exam within 60 days of purchase, we refund in full: send a scanned enrollment slip plus the official Score Report PDF within 2 days of the exam, processed within 7 days. Excluded: exams within 3 days of purchase, candidate names that don't match the payer, and free or expired products. Or exchange for two equal-value products free.
Yes — download the free CPA Financial Reporting demo and feel the engine before paying. Purchases include 365 days of free updates by email; renew afterward at 50% off.
Back plc has one associated company, Beyond Ltd, in which Back plc holds 40% of the issued 100,000 $1 ordinary shares. The financial controller of Back plc is unsure how the following transactions should be reflected in the consolidated statement of cash flows and has asked you to confirm the overall impact.
1)In the previous accounting period, Back plc had made a cash advance of $100,000 to Beyond Ltd. During the current accounting period, Beyond Ltd repaid $30,000 of this cash advance.
2)During the current accounting period, Beyond Ltd sold an item of property, plant and machinery at its carrying amount for $20,000 cash.
3)During the current accounting period, Beyond Ltd paid a dividend of 20c per share.
In accordance with IAS 7 Statement of Cash Flows, what is the impact of the above cash transactions on Back plc's consolidated statement of cash flows for the current accounting period?
Correct Answer: D 🗳️
One plc has owned 100% of Ten Ltd and 60% of Six Ltd for many years. At 31 December 2012 the trade receivables and trade payables shown in the individual company statements of financial position were as follows.
One plcTen LtdSix Ltd $000$000$000 Trade receivable 503040 Trade payable 301520 Trade payable are made up as follows Amount owning to One--Ten 2-4 Six 3-Other suppliers251516
301520
The intra-group accounts agreed after taking into account the following.
1)An invoice for $3,000 posted by Ten Ltd on 31 December 2012 was not received by One pIc until 2 January 2013
2)A cheque for $2,000 posted by One pIc on 30 December 2012 was not received by Six Ltd until 4 January 2013.
What amount should be shown as trade receivables in the consolidated statement of financial position of One plc for the year ended 31 December 2012?
Correct Answer: B 🗳️
Manz-Fi Ltd is entitled to receive a government grant of $8m on the condition that it will set up a garment factory in an underdeveloped area. The building of the factory started on 1 January 2012 at a cost of $10m. It is expected to have a useful life of 50 years.
What are the amounts of current and non-current liability (to nearest $1,000) in respect of extracts from Manz-Fi Ltd's financial statements for the year ended 31 July 2012?
(Use the treatment of "Record grant separately as deferred income")
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?
Correct Answer: B 🗳️
Yisen Co issues 2,000 convertible bonds at the start of 2012. The bonds have a three year term, and are issued at par with a face value of $1,000 per bond, giving total proceeds of $2,000,000. Interest is payable annually in arrears at a nominal annual interest rate of 6%. Each bond is convertible at any time up to maturity into 250 common shares.
When the bonds are issued, the prevailing market interest rate for similar debt without conversion options is 9%. At the issue date, the market price of one common share is $3. The dividends expected over the three year term of the bonds amount to 14c per share at the end of each year. The risk-free annual interest rate for a three year term is 5%.
What is the value of the equity component in the bond?
NB.Discount factor at 9% year 3 is 0.772, Annuity factor is 2.531
Correct Answer: A 🗳️
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