Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
Take the free CPA BAR diagnostic quiz →
Instant readiness score in about 6 minutes. No signup to start.
Sample Questions
Question 1
Easy
What is the purpose of a fiduciary fund?
Solution
C is correct.
Fiduciary funds are used to report resources held by a government in a trustee or custodial capacity for external parties. These resources cannot be used for the government's own programs or operations. Examples include pension trust funds, investment trust funds, private-purpose trust funds, and custodial funds. This fund classification is established by GASB standards.
Fiduciary funds are used to report resources held by a government in a trustee or custodial capacity for external parties. These resources cannot be used for the government's own programs or operations. Examples include pension trust funds, investment trust funds, private-purpose trust funds, and custodial funds. This fund classification is established by GASB standards.
Question 2
Medium
What distinguishes a cash flow hedge from a fair value hedge?
Solution
B is correct.
Under ASC 815, a cash flow hedge designates a derivative to hedge exposure to variability in cash flows (e.g., floating rate debt, forecasted commodity purchases). Effective portions of gains/losses on the hedging instrument are deferred in OCI and reclassified to earnings when the hedged transaction affects earnings. A fair value hedge designates a derivative to hedge changes in fair value of a recognized asset or liability (e.g., fixed-rate debt). Both the derivative and the hedged item are marked to fair value through earnings.
Under ASC 815, a cash flow hedge designates a derivative to hedge exposure to variability in cash flows (e.g., floating rate debt, forecasted commodity purchases). Effective portions of gains/losses on the hedging instrument are deferred in OCI and reclassified to earnings when the hedged transaction affects earnings. A fair value hedge designates a derivative to hedge changes in fair value of a recognized asset or liability (e.g., fixed-rate debt). Both the derivative and the hedged item are marked to fair value through earnings.
Question 3
Hard
Under SEC filing rules, how does a similar expense in either preceding year affect a proposed non-recurring adjustment?
Solution
D is correct, because similar expenses in either of the preceding two years preclude the specified non-recurring description in a filing. This labeling restriction does not independently prohibit an otherwise permissible adjustment under an accurate label. Recurring costs still require scrutiny for economic relevance and potentially misleading exclusion.
Authority: Regulation S-K, Item 10(e), Non-GAAP Financial Measures, as explained in the BAR I.A2 lesson, section 5.4.
Authority: Regulation S-K, Item 10(e), Non-GAAP Financial Measures, as explained in the BAR I.A2 lesson, section 5.4.
What CPA BAR candidates are saying
“I practised the Lease questions subtopic by subtopic in Area 3F, and it was honestly a great experience. Learning felt much easier, faster, and more organised. It was especially helpful when I got a question wrong, because I could immediately connect the mistake to the exact concept.”
“I have been finding the FreeFellow materials incredibly helpful. The way you break down complex topics is making a real difference in my CPA prep.”
“I really liked the access the free tier has. The amount of questions you made is incredible and very accurate to the real deal.”
Free practice questions, worked solutions, and written lessons.
The full original question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your CPA BAR prep are free forever. Full access requires a free account and is subject to usage limits. No trial period, no credit card. Every task-based simulation has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($79/qtr) only if you want mock exams, flashcards, analytics, AI simulation grading, and a personalized study plan.
What's Free, and What Fellow Unlocks
The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Full access requires a free account and is subject to usage limits. Fellow adds mock exams, flashcards, analytics, and a personalized study plan.
Free forever
$0 · no credit card
- 1,325 practice questions with detailed solutions
- Copy-to-AI simulation prompts for your own ChatGPT or Claude
- Mixed practice sessions across all topics
- Formula sheet and reference materials
- Readiness tracking based on practice history
- No paywalls on original questions · no trial period · no credit card
Fellow unlock
$39 / mo · $79 / qtr per track · $199 / yr as Fellow Plus
- Timed mock exams with weighted scoring
- Spaced-repetition flashcards backed by memory science
- Topic-level practice to drill weak areas
- Performance analytics by topic and difficulty
- AI grading for task-based simulations using the practice item's rubric and reference solution
- Personalized study plan that adapts to your exam date
Compare prep prices and exam coverage.
Practice tools for your exam
Fellow ($79/qtr) adds the pacing tools.
1,325+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
Diagnostic QuizFREE
12 questions, an instant readiness score, no signup. Start the CPA BAR diagnostic.
Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
Readiness TrackingFREE
An estimate based on your practice history for each exam.
Copy-to-AI Simulation PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded simulation feedback.
Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
AI Grading for SimulationsFELLOW
Instant AI-graded feedback on task-based simulations using the practice item's rubric and reference solution.
Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
Personalized Study PlanFELLOW
Adapts to your exam date and weakest topics.
