You’ll likely still remember most of the concepts you learned during your Intermediate Accounting courses, and you’ll be able to easily recall this information as you study. To maximize on your memory, you should consider taking FAR as soon as possible after you graduate. Tip 1: Take FAR As Soon As Possible – Most of the information on the FAR CPA Exam you learned in your Sophomore and Junior year during your Intermediate Financial Accounting courses. If a candidate performs well on the second medium testlet, she or he can still pass the exam provided a good score is achieved on the task-based simulations.įAR is often regarding as one of the harder CPA Exams (although it does depend on who you ask), but by following these 6 tips, you can make your FAR section experience much easier. Keep in mind, it is still possible to pass the exam if a candidate gets two medium testlets. A candidate who does well on the first testlet but struggles with the second testlet with more difficult questions is not penalized since correct answers on this testlet are worth more. If a candidate does average or not well on the first testlet, the second testlet will remain at ‘medium’ difficulty.ĭifficult questions are worth more than medium questions. If a candidate does well on the first testlet, the second testlet will, on average, be more difficult. Some may be harder, some may be easier, but on average, they are of a medium difficulty. This difficulty level refers to the difficulty, on average, of the questions in the testlet. Interfund activity, including transfersĮach candidate is presented with a multiple choice testlet of ‘medium’ difficulty first.General and proprietary long-term liabilities.Capital assets and infrastructure assets.Typical items and specific types of transactions and events: measurement, valuation, calculation, and presentation in governmental entity financial statements.Deriving government-wide financial statements and reconciliation requirements.Required supplementary information (RSI).Governmental funds financial statements.Format and content of the financial section of the comprehensive annual financial report (CAFR).
Measurement focus and the basis of accounting.To help you better understand what specific topics the AICPA will test on, we’ll go over the specific content groups within each area of FAR. Candidates will likely face more application and analysis within the task-based simulation portions of the FAR CPA Exam.
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Level I: Remembering and Understanding 10-20%Ĭandidates looking to take the FAR CPA Exam should not only have a strong understanding of certain concepts but know how to apply them to specific situations.Within these content areas, different skill levels are tested, which are listed below with their exam content allocation percentage: Area IV: State and Local Governments 5-15%.Area II: Select Financial Statement Accounts 30-40%.Area I: Conceptual Framework, Standard-Setting, and Financial Reporting – 25-35%.
FAR questions are based on four content areas, listed below with related exam content percentages:
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