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.

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How to Prepare For Certified Public Accountant (CPA) Exam

Preparation Guide for Certified Public Accountant (CPA) Exam

Introduction

For practitioners aspiring to become CPAs, the Standardized Certified Public Accountant test is a credentialing exam. The CPA exam tests are graded and governed by the American Institute of Certified Public Accountants (AICPA) and by the National Association of State Accountancy Boards (NASBA).

The American Institute of Certified Public Accountants (AICPA) is the United States' national professional association of Certified Public Accountants (CPAs), with more than 418,000 members in business and industry, public practice, government, education, student affiliates, and foreign associates in 143 countries. Established in 1887, the association sets ethical guidelines for audits of private businesses, non-profit organizations, federal, state, and local governments for the profession and U.S. auditing standards. It also establishes the Standardized CPA Test and rates it. The AICPA has offices in New York City; Durham, NC; Washington DC; and Ewing, NJ.

This exam guide is intended to get you to know about the exam details and help you to prepare for the Certified Public Accountant (CPA) Exam successfully. This guide includes information on the certification test target audience, recommended preparation and documentation, and a full list of exam targets, all to help you obtain a passing grade. To increase your chances of passing the test, AICPA strongly recommends a mix of on-the-job experience, a study of CPA exam dumps, course attendance, and self-study.

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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• Government-wide financial statements
• Comprehensive Annual Financial Report (CAFR)
• 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%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Working capital
• Capital structure
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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