100+ Free FPAC Practice Questions

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Part I 51-63%; Part II 41-52% Pass Rate

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Question 1

Score: 0/0

On a classified balance sheet, which item is normally reported as a current liability?

Common stock

Bonds payable due in 7 years

Accounts payable

Deferred tax liability expected to reverse in 5 years

to track

2026 Statistics

Key Facts: FPAC Exam

140 + 55

Part I MC + Part II Simulations

AFP FPAC test specifications

3 + 4.5 hrs

Part I + Part II Time

AFP FPAC exam quick-look

500

Scaled Passing Score

AFP FPAC exam scoring page

$1,025

AFP Member Early Fee (2026)

AFP FPAC deadlines page

51-63%

Part I Pass Rate Range

AFP-published recent windows

2x/year

2026 Testing Windows

Feb 1-Mar 31, Aug 1-Sep 30

FPAC is a two-part exam administered by AFP: Part I (140 multiple choice, 3 hours) and Part II (55 task-based simulations and case items, 4.5 hours). Passing requires a scaled score of 500 on each part. Recent pass rates are 51-63% for Part I and 41-52% for Part II. 2026 testing windows: February 1 - March 31 and August 1 - September 30. The combined exam fee ranges from $1,025 (AFP member, early registration) to $1,520 (non-member, final deadline). Part I is weighted 52-55% Concepts of Business and Finance, 28-34% Business Partnering, 15-20% Systems and Technology. Part II is weighted 40-50% Analysis and Projections, 35-40% Models and Analytics, 13-17% Business Communication.

Sample FPAC Practice Questions

Try these sample questions to test your FPAC exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which equation correctly states the fundamental accounting identity?

A.Assets = Liabilities + Equity

B.Assets = Equity - Liabilities

C.Revenue = Expenses + Equity

D.Assets + Liabilities = Equity

Explanation: The fundamental accounting identity is Assets = Liabilities + Equity. Every transaction must keep the balance sheet in balance, which is why double-entry bookkeeping records equal debits and credits.

2On a classified balance sheet, which item is normally reported as a current liability?

A.Bonds payable due in 7 years

B.Accounts payable

C.Deferred tax liability expected to reverse in 5 years

D.Common stock

Explanation: Accounts payable are obligations due to suppliers within the normal operating cycle (typically under one year), so they are reported as current liabilities. Items expected to be settled in more than one year are non-current.

3Which financial statement reports cash inflows and outflows over a period?

A.Balance sheet

B.Income statement

C.Statement of cash flows

D.Statement of stockholders' equity

Explanation: The statement of cash flows reports cash inflows and outflows for a period, broken into operating, investing, and financing activities. The balance sheet is a point-in-time snapshot.

4Under the indirect method, how is depreciation expense handled in the operating section of the cash flow statement?

A.Subtracted from net income

B.Added back to net income

C.Reported in the investing section

D.Excluded entirely

Explanation: Depreciation is a non-cash expense that reduced net income on the income statement. Under the indirect method, it is added back to net income to reconcile to cash from operations.

5A company has current assets of $300,000 and current liabilities of $150,000. What is its current ratio?

A.0.5

B.1.5

C.2.0

D.3.0

Explanation: Current ratio = Current Assets / Current Liabilities = 300,000 / 150,000 = 2.0. A ratio of 2.0 indicates the company has twice the current assets needed to cover short-term obligations.

6Which ratio is also known as the acid-test ratio?

A.Current ratio

B.Quick ratio

C.Cash ratio

D.Working capital turnover

Explanation: The quick ratio, or acid-test ratio, excludes inventory from current assets: (Cash + Marketable Securities + Receivables) / Current Liabilities. It measures the firm's ability to pay short-term obligations without selling inventory.

7Which formula correctly calculates the Cash Conversion Cycle (CCC)?

A.DSO + DIO - DPO

B.DSO - DIO + DPO

C.DPO + DSO + DIO

D.DIO - DSO - DPO

Explanation: Cash Conversion Cycle = Days Sales Outstanding + Days Inventory Outstanding - Days Payable Outstanding. It measures how many days cash is tied up in operations before being collected from customers.

8A company has DSO of 50 days, DIO of 60 days, and DPO of 35 days. What is its cash conversion cycle?

A.25 days

B.75 days

C.85 days

D.145 days

Explanation: CCC = DSO + DIO - DPO = 50 + 60 - 35 = 75 days. The company's cash is tied up in operations for 75 days on average before being collected.

9Which ratio best measures a firm's ability to meet long-term debt obligations from operating earnings?

A.Quick ratio

B.Interest coverage ratio (EBIT / Interest)

C.Inventory turnover

D.Gross margin

Explanation: Interest coverage (Times Interest Earned) divides EBIT by interest expense, showing how many times operating earnings can cover interest on debt. Lenders and credit analysts use it as a primary solvency check.

10DuPont decomposition expresses ROE as the product of which three components?

A.Net margin, asset turnover, and equity multiplier

B.Gross margin, current ratio, and debt-to-equity

C.Net margin, interest coverage, and quick ratio

D.Asset turnover, inventory turnover, and DSO

Explanation: The DuPont identity decomposes ROE = (Net Income / Sales) × (Sales / Assets) × (Assets / Equity), i.e., net margin × asset turnover × equity multiplier. The decomposition separates profitability, efficiency, and leverage drivers of ROE.

About the FPAC Exam

The FPAC (Certified Corporate FP&A Professional) is AFP's global certification for corporate financial planning and analysis professionals. It is a two-part computer-based exam: Part I Financial Acumen tests foundational knowledge through 140 multiple choice items across Concepts of Business and Finance, Systems and Technology, and Business Partnering. Part II Financial Analysis and Business Support is 55 task-based simulations and case items across Analysis and Projections, Models and Analytics, and Business Communication. Candidates earn the credential by passing both parts within five years of enrollment.

Questions

195 scored questions

Time Limit

Part I: 3 hours; Part II: 4.5 hours

Passing Score

Scaled 500

Exam Fee

$1,025-$1,520 (covers both parts) (Association for Financial Professionals (AFP))

FPAC Exam Content Outline

52-55%

Part I - Concepts of Business and Finance

Financial statements analysis, ratio analysis, time value of money, capital budgeting (NPV, IRR, payback, profitability index), cost of capital (WACC, CAPM), capital structure, working capital management, and macro/micro economics fundamentals

15-20%

Part I - Systems and Technology

ERP and EPM systems, data warehouses, financial data integration, spreadsheet design and controls, business intelligence tools, dashboards, and process automation in FP&A

28-34%

Part I - Business Partnering

Stakeholder management, influence without authority, ethics and AFP Standards of Ethical Conduct, governance, project management, change management, and aligning finance with operating partners

40-50%

Part II - Analysis and Projections

Driver-based budgeting, rolling forecasts, scenario analysis, sensitivity analysis, variance analysis, KPIs (DSO, DPO, DIO, CCC), long-range planning, and zero-based budgeting

35-40%

Part II - Models and Analytics

Financial model architecture, three-statement integrated models, DCF and comparable valuation, statistical methods including regression, Monte Carlo, and model audit/quality control

13-17%

Part II - Business Communication

Executive reporting, data visualization principles, narrative storytelling around numbers, presentation design, written recommendations, and ethics in communication

How to Pass the FPAC Exam

What You Need to Know

Passing score: Scaled 500
Exam length: 195 questions
Time limit: Part I: 3 hours; Part II: 4.5 hours
Exam fee: $1,025-$1,520 (covers both parts)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

FPAC Study Tips from Top Performers

1Master the core formulas first: NPV, IRR, WACC, CAPM, payback, and key working capital ratios (DSO, DPO, DIO, CCC) before tackling scenarios

2Practice driver-based forecasting in spreadsheets: build a small revenue model with volume, price, and mix drivers, then layer rolling forecasts and sensitivities

3For Part II, drill three-statement model linkage so income statement, balance sheet, and cash flow always tie under any assumption change

4Memorize the AFP Standards of Ethical Conduct framework and practice applying it to gray-area business partnering scenarios

5Build dashboard mockups by hand: choose the right chart type (bar for comparison, line for trend, waterfall for variance) before automating in BI tools

Frequently Asked Questions

What is the format of the FPAC exam?

FPAC is a two-part computer-based exam administered by AFP through Prometric. Part I Financial Acumen has 140 multiple choice questions in 3 hours. Part II Financial Analysis and Business Support has 55 task-based simulations and case items in 4.5 hours. Both parts mix multiple choice with spreadsheet-based questions.

What is the FPAC pass rate?

In recent testing windows, Part I has passed at 51-63% and Part II at 41-52% per AFP-published data. The passing standard is criterion-referenced: each candidate is judged against the standard, not against other candidates, so the pass rate can swing window to window.

How much does the FPAC exam cost in 2026?

The new applicant fee covers both parts of the exam. For the 2026 testing windows, AFP members pay $1,025 (early registration) or $1,125 (final deadline). Non-members pay $1,420 early or $1,520 final, which includes one year of AFP membership. Corporate members pay $825 early or $925 final.

What are the FPAC eligibility requirements?

There are four eligibility routes (A-D). Route A is a bachelor's in accounting/finance/economics/business plus 3 years of FP&A experience. Route B is any bachelor's plus a related master's plus 2 years. Route C requires 12 semester hours of finance coursework plus 3 years. Route D is a non-finance bachelor's plus an approved accounting/finance credential plus 3 years. Currently enrolled undergraduates within two years of graduation may also apply.

When are the 2026 FPAC testing windows?

AFP runs two testing windows each year. The 2026 windows are February 1 to March 31 and August 1 to September 30. For the August-September 2026 window, the early application deadline is May 13, the final application deadline is June 10, and the cancellation/refund deadline is July 18.

How long should I study for the FPAC exam?

AFP recommends most candidates spend 6-12 months preparing for and completing both parts, with 100 or more hours of total study time. Heavier study is typically needed for Part II's task-based simulations, which require model-building under time pressure rather than recall.

What is the passing score for FPAC?

Candidates must obtain a scaled score of 500 or higher on each part. AFP uses statistical equating across exam forms so a scaled score reflects the same level of content mastery regardless of which form was administered. The raw number of correct answers needed to hit 500 is not published.