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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.

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.

The benefit of obtaining the Certified Public Accountant (CPA) Exam Certification

Many accountants joining the profession are curious about the advantages of being a certified public accountant (CPA) so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

The qualification process helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue in the near future. Accountants winning their CPA earn 10 percent more on average than non-CPA colleagues and have more chances to grow their careers. In job searching, being a CPA can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, CPA certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Working capital
• Financial valuation methods
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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