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Who should take the Certified Public Accountant (CPA) Exam

To have a CPA designation, many businesses prefer their accountants. Applicants winning their CPA title will find themselves more hirable and will be better paid. People who wish to become business accountants and explore its dynamic culture to jump-start their certification and lifelong learning goals should take this exam. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. As a non-official prerequisite, candidates must have studied the CPA exam dumps. Also, they must have completed their bachelor's degree with accounting as their major.

Introduction to Certified Public Accountant (CPA) Exam

Passing all four sections of the Uniform CPA Test is one of the first steps to being a licensed CPA. The CPA Exam is a computer-based examination conducted by the AICPA, consisting of four parts evaluating the minimum knowledge and skills needed by a CPA. The new version of the exam takes 16 hours in total.

While each state/jurisdiction has its particular criteria for obtaining a CPA license, they all require the CPA Exam to be passed by an applicant, and you have 18 months to complete all four sections of the CPA Exam (the clock starts ticking after you pass the first section), so be aware of scheduling and preparing.

The exam contains the following four main parts which are further described in details in the following section:

• Auditing and Attestation (AUD)
• Regulation (REG)
• Business Environment and Concepts (BEC)
• Financial Accounting and Reporting (FAR)

See the CPA practice exams to get a know-how of how these sections are divided. The AUD section offers questions based on professional obligations, ethics, risk assessment in the production of plan responses, the performance of procedures and facts, and drawing conclusions and reporting of accounting information. The BEC chapter discusses topics related to corporate governance, economic concepts, and interpretation, financial management, IT, and operations management. The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. The REG section consists of topics that concentrate on ethics, federal tax practices, professional obligations, business law, federal property transaction taxation, federal individual taxation, and federal agency taxation.

Difficulty in Writing Certified Public Accountant (CPA) Exam

In the accounting industry, any aspiring accountant who wants to sit for the CPA Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough.

However, today's developments in accounting technology and new compliance laws mean that in addition to 30 hours of graduate education, the AICPA has changed the educational requirement to include 120 semester hours in a bachelor's degree accounting program. In most US nations, these standards are implemented. As a result, a master's degree in the field or a similar industry is required for most aspiring accountants wanting to take this exam.

One of the key problems faced by most candidates is to choose the right research materials for their exam preparation since they use the internet to find too much data that makes it difficult for them to trust, which would be helpful for them. CPA practice exam dumps are designed in such a way to make better preparatory material. Certified Public Accountant (CPA) Exam is not an easier one and can turn out to be a very difficult certification if not well prepared. We always recommend studying these exam dumps and then take the CPA practice exams before actually appearing for the exam. Applicants may, however, clear the exam with the right concentration and the right preparation material. Prep4sureExam have the most up-to-date CPA exam dumps, having a fair understanding of the question trend being asked in real certification with the help of these questions. Prep4sureExam also include practice testing, which proves to be an outstanding forum for testing the information gained. Refer to the links down below to access the study materials.

Topics of Certified Public Accountant (CPA) Exam

The CPA Exam test consists of four, four-hour sections. You must clear all four sections within 18 months with a minimum score of 75 on each part. The core topics for each of the four sections are listed below. These contents are likely to be used for the examination. However, on any particular delivery of the test, other similar topics could also appear.

It is recommended that, where possible, the applicant uses these contents and/or other resources to provide background information on the exam objectives. The syllabus for the Certified Public Accountant (CPA) Exam is listed below with detail of each section and their topics:

1. Auditing and Attestation (AUD)

Objectives covered by this section:

Developing a Planned Response & Assessing Risk (20 to 30%)

• Entity's internal control
• Materiality
• Debtor-creditor relationships
• Assessing and identifying the risk of material misstatement
• Planning an engagement
• Specific areas of engagement risk

Professional Responsibilities, Ethics & General Principles (15 to 25%)

• Nature and scope
• Communication with component auditors
• A firm's system of quality control
• Engagement documentation
• Ethics and professional conduct
• Communication with management

Obtaining Evidence & Performing Further Procedures (30 to 40%)

• Internal control deficiencies and misstatements
• Written representation
• Performing specific procedures to get evidence
• Sampling techniques
• Subsequent events
• Acquisition and disposition of assets

Reporting and Forming Conclusions (15 to 25%)

• Reporting on compliance
• Review service engagements
• Reports on attestation engagements
• Reports on auditing engagements
• Other reporting considerations

2. Regulation (REG)

Objectives covered by this section:

Federal Tax Procedures, Professional Responsibilities, and Ethics (10 to 20%)

• Licensing and disciplinary systems
• Federal tax procedures
• Legal duties
• Responsibilities in tax practice

Business Law (10 to 20%)

• Government regulation of business
• Debtor-creditor relationships
• Contracts
• Business structure
• Agency

Federal Taxation of Property Transactions (12 to 22%)

• Gift tax annual exclusion
• Determination of taxable estate
• Cost recovery
• Gift tax deductions
• Estate and gift taxation
• Acquisition and disposition of assets

Federal Taxation of Individuals (15 to 25%)

• Alternative Minimum Tax
• Reporting items from pass-through entities
• Passive activity losses
• Gross income
• Filing status
• Computation of tax and credits
• Computation of tax and credits

Federal Taxation of Entities (28 to 38%)

• S corporations
• Tax-exempt organizations
• Trusts and estates
• Partnerships
• Liquidation of business entities & tax treatment of formation
• Limited liability companies
• C corporations

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

Standard-Setting, Conceptual Framework, and Financial Reporting (25 to 35%)

• Standard setting and conceptual framework for nonbusiness entities
• Public company reporting topics
• General-purpose financial statements
• Special purpose framework
• Standard setting for non-business entities
• Conceptual framework

Select Financial Statement Accounts (30 to 40%)

• Intangible assets
• Property, plant, and equipment
• Compensation benefits
• Income taxes
• Investments
• Inventory
• Long-term debt
• Cash and cash equivalents

Select Transactions (20 to 30%)

• Fair value measurements
• Business combinations
• Differences between IFRS and U.S. GAAP
• Foreign currency transaction and translation
• Leases
• Software costs
• Subsequent events
• Research and development costs
• Derivatives and hedge accounting
• Contingencies and commitments
• Accounting changes and error corrections
• Nonreciprocal transfers

State and Local Governments (5 to 15%)

• Comprehensive Annual Financial Report (CAFR)
• Government-wide financial statements
• Specific types of transactions and events: calculation, measurement, presentation in a governmental entity, and valuation
• State and local government concepts

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

• ERM (Enterprise Risk Management) frameworks
• Internal control frameworks
• Regulatory frameworks and provisions

Economic Concepts and Analysis (17 to 27%)

• Economic business cycles
• Financial risk management
• Market influences on business

Financial Management (11 to 21%)

• Financial valuation methods
• Working capital
• Capital structure

Information Technology (15 to 25%)

• Systems development of maintenance
• Processing integrity
• Role of information technology business
• Information security/availability
• IT governance

Operations Management (15 to 25%)

• Process management
• Performance management
• Planning techniques
• Cost accounting

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CPA AA Exam Syllabus Topics: