T/F Effects of unusual or infrequently occurring transactions and events that are material with respect to the operating results of the interim period must be reported separately. Such items must not be reported in the income statement net of taxes. These items must be recognized in full in the interim period in which they occur. They must not be prorated over the balance of the fiscal year.

The CPA Financial Accounting and Reporting (FAR) section covers US GAAP, IFRS, and governmental accounting, focusing on financial statement preparation, balance sheet accounts, and complex transactions.

Key concepts include revenue recognition (ASC 606), leases (ASC 842), business combinations, bonds, inventory, and governmental accounting, with a 50/50 mix of MCQs and simulations.