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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)
• Business Environment and Concepts (BEC)
• Regulation (REG)
• 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.

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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%)

• 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
• Capital structure
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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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.

For more info read reference:

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Exam Contents

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