FAR Study Guide
Financial Accounting and Reporting — All Sections
Mock Exam
33 questions · exam conditions · full breakdown
Review Queue
Spaced repetition — wrong answers resurface automatically
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.