FAR (Financing Accounting and Reporting) is one of the sections in the CPA exam. It covers topics like financial statements, GAAP, reporting and financial transactions. The CPA aspirants consider FAR as a challenging section because of its length.
FAR CPA Exam Format:
The FAR section starts with two multiple-choice testlets containing 33 MCQs in each testlet. Later, you are allowed to start two testlets which contain 8 task-based simulations.
|Question Type||No of Questions|
|Select Financial Statement Accounts||30-40%|
|Conceptual Framework and Financial Reporting||25-30%|
|State and Local Governmental Accounting||5-15%|
Below are the study tips for CPA-FAR exam
- Cover All the Topics
- Give Yourself Enough Time
- Know Your Journal Entries
- Practice MCQs
Cover All the Topics: The CPA-FAR exam covers a lot of information. It’s important to go through the CPA review material and cover all the topics.
Give Yourself Enough Time: If you are willing to take the FAR exam, you need at least 7 to 8 weeks to prepare for the exam. So, give yourself enough time for exam preparation.
Know Your Journal Entries: There are many journal entries on this exam. It’s important to know how to record transactions both conceptually and physically.
Practice MCQs: Keep practicing MCQs in the CPA review course. Do as many as possible.
Hope you found useful tips to clear the CPA-FAR exam. You can easily crack the exam by following the above study tips. If you have any queries, feel free to comment in the below section.
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