CPA AA - Audit & Insurance

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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.

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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.

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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

• S corporations
• Trusts and estates
• Tax-exempt organizations
• Limited liability companies
• Partnerships
• Liquidation of business entities & tax treatment of formation
• 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
• Standard setting for non-business entities
• Public company reporting topics
• Special purpose framework
• Conceptual framework
• General-purpose financial statements

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

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

Financial Management (11 to 21%)

• Working capital
• Financial valuation methods
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

CPA AA Exam Syllabus Topics: