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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Other reporting considerations
• Reports on auditing engagements
• 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%)

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• State and local government concepts
• Comprehensive Annual Financial Report (CAFR)
• 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
• Market influences on business
• Economic business cycles

Financial Management (11 to 21%)

• Capital structure
• Working capital
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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How much Certified Public Accountant (CPA) Exam Cost

The cost of this exam differs according to the state of but roughly it costs around USD 200 per section and a total of around USD 800 for all four sections. Hover on to the official website of AICPA and choose your state for more pricing information. Other costs may also incur like buying the CPA exam dumps pdf and then practicing for the exam via the CPA practice test.

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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.

CPA AA Exam Syllabus Topics: