CPA FR

Not sure whether Dumpkiller is right for you? Download the free FR demo and review a sample of our 80 CPA Financial Reporting practice questions before you spend a cent.

CPA FR Exam Overview:

CPA FR Exam Syllabus Topics:

Your FR Exam Questions, Answered

What is the FR exam all about?

The CPA Financial Reporting exam (code: FR) is the official CPA exam that leads to the ACCA Qualification certification. It sits at the Professional level of the CPA certification track. It is also connected with related credentials such as ACCA Applied Knowledge, ACCA Applied Skills, Financial Accounting (FA), Strategic Business Reporting (SBR). Passing it proves to employers that your skills have been validated by CPA itself, which is why the FR credential keeps showing up in job postings.

How many questions are in the FR exam, and how long does it take?

The CPA Financial Reporting exam gives you 180 minutes to work through Variable (Section A OTQ + Section B multi-part constructed response questions). Pacing matters more than most candidates expect, so before exam day, run at least one full timed session in the Dumpkiller test engine to learn how long you can afford per question. If an item stalls you, flag it and move on — coming back later beats burning five minutes on a single question.

What score do I need to pass the FR exam, and how much does it cost?

The passing score for the CPA Financial Reporting exam is 50%, and the official registration fee is Varies by country and exam entry period (typically £100–£200 equivalent). Remember that a failed attempt means paying that fee in full again, so a timed self-assessment with Dumpkiller practice questions about a week before your exam date is a cheap way to confirm you are scoring comfortably above 50%.

Are there any prerequisites for the FR exam?

According to CPA, the following applies: Recommended: ACCA Financial Accounting (FA) or equivalent basic accounting knowledge. Certification policies do change from time to time, so confirm the latest requirements on the official exam page at https://www.accaglobal.com before you register.

How do I register for the FR exam?

You can book your CPA Financial Reporting exam through the official channels below:

• ACCA Official Registration
• ACCA Exams Booking

Depending on availability in your region, the exam is delivered as Computer-based exam delivered at approved ACCA exam centers or remote CBEs where available.

What official training does CPA recommend for the FR exam?

CPA lists the following training options for CPA Financial Reporting candidates:

• ACCA Study Hub
• ACCA Approved Learning Providers

Official courses build a solid foundation, and pairing them with the 80 practice questions from Dumpkiller shows you how ready you really are before you spend money on the exam itself.

Can I try the FR practice questions before buying?

Yes. Dumpkiller offers a free FR PDF demo so you can review the question style, difficulty, and explanations before committing to anything. After purchase, your CPA Financial Reporting material includes 365 days of free updates, and if your product expires after that, you can extend the update service at a 50% discount from your member zone.

What happens if I do not pass the FR exam, and how is my order delivered?

If you take the corresponding FR exam within 60 days of your purchase and do not pass, you can apply for a full refund under our 100% Money Back Guarantee, subject to a few conditions: the failed exam must be the one matching your purchase; sitting the exam within 3 days of purchase does not qualify, since that leaves too little preparation time; downloading the material without actually taking the exam does not qualify; free materials and expired orders are excluded; and the candidate name must match the payer name. To apply, send a scanned copy of your enrollment slip together with your official Score Report (PDF) within 2 days after the exam, and claims are processed within 7 days. If you would rather not take a refund, you can exchange your purchase for two free products of equal value while keeping the update service on the product you originally bought. As for delivery, everything is an instant download: your products are sent to your email within one minute of payment — contact customer service if nothing arrives within 2 hours — and there is no limit on the number of computers you can install the software on.

What topics are covered in the FR exam?

The official CPA Financial Reporting syllabus is organized into 5 main domains. The first three are Financial Statements Preparation, Group Financial Statements, and Analysis and Interpretation. For the full domain-by-domain breakdown, see the complete Exam Topics outline above.

CPA Financial Reporting Sample Questions:

Question #1

The management of Sage Ltd is considering in liquidating the company. The following assets and liabilities as at 31 March 2013 is in company's books:
(i)Plant and machinery: It represents carrying amount of $30,000 and can berealizedfor $15,000. The Plant and machinery had an estimated useful life of 10 years and have been used in business for 4 years.
(ii)Goodwill: A professional accountant has estimated the goodwill as $12,000.
(iii) Receivables: Receivables are all trade related which amounted to $15,000. It is estimated that an allowance against receivable of $1,000 would need to be made.
(iv) Cash at bank: The bank account shows a positive balance of $5,000.
(v)Payables: Trade accounts payable amounted to $6,000.
Which ONE of the following options, under breakup basis, is the correct amount that should be stated as net assets in the statement of financial position of Sage Ltd at 31 March 2013?

A. $28,000
B. $46,000
C. $42,000
D. $40,000

Question #2

Consider the following statements:
(i)Some operating segments meet all the aggregation criteria.
(ii)Identified reportable segments account for 75 percent of the entity's revenue.
How these should be reported under IFRS 8 Operating Segments?

A. (i) Reportable segments to be disclosed provided that they meet the quantitative thresholds.
(ii)
Aggregate remaining segments into 'all other segments' category.
B. (i) Aggregate remaining segments into 'all other segments' category.
(ii)
Reportable segments to be disclosed provided that they meet the quantitative thresholds.
C. (i) Aggregate remaining segments into 'all other segments' category.
(ii)
This is not a reportable segment to be disclosed.
D. (i) This is not a reportable segment to be disclosed.
(ii)
Aggregate remaining segments into 'all other segments' category.

Question #3

IAS 19 is intended to prescribe when the cost of employee benefits should berecognizedas a liability or an expense and the amount of the liability or expense that should berecognized.
Which of the following statements regarding IAS 19 is correct?
i)A liability should berecognizedwhen an employee has provided a service in exchange for benefits to be received by the employee at some time in the future.
ii)An expense should berecognizedwhen the entity enjoys the economic benefits from a service provided by an employee regardless of when the employee received or will receive the benefits from providing the service.

A. (i) is correct but (ii) is incorrect
B. (i) and (ii) both are correct
C. (i) is incorrect but (ii) is correct
D. (i) and (ii) both are incorrect

Question #4

NORMAN plc has one subsidiary. On 1 January 2012 NORMAN plc purchased 30% of the ordinary share capital of SEA Ltd for $12 million. Thesummarizedstatement of financial position of SEA Ltd as at 31 December 2012 was as follows.
$m
Net asset (at carrying amount)30
Ordinary share capital ($1 share)10
Retained earnings 1 January 201215
Net profit for the year ended 31 December 20125
At 1 January 2012 the fair value of the net assets of SEA Ltd was $5 million greater than their carrying amount. The difference, which has not been recorded in SEA Ltd's books, relates to land which is still owned by SEA Ltd at 31 December 2012.
At what amount should the investment in SEA Ltd be included in NORMAN plc's consolidated statement of financial position as at 31 December 2012?

A. $17 million
B. $13.5 million
C. $12 million
D. $9 million

Question #5

The requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
result in the separation of the financial position and financial performance of those activities which will continue into the future from those which will not. This provides a clearer base for projections into the future than if the position and performance of both types of activity were merely amalgamated.
Which of the following qualitative characteristics has been reflected in the formulation of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations?

A. Reliability
B. Relevance
C. Comparability
D. Understandability

Solutions: