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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:

• Regulation (REG)
• Business Environment and Concepts (BEC)
• Auditing and Attestation (AUD)
• 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.

As the deadline of exam approaching, all candidates must be experiencing a bewildering of emotions just like you. Many of them may hold nervous thoughts stuck in their mind and afraid may fail the exam unfortunately. Here we introduce our Audit & Insurance practice materials to you with high quality and accuracy. With useful content arrayed by experts and specialist we can give you full confidence to deal with it successfully. Now let us take a look of AA training pdf together.

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How to book the Certified Public Accountant (CPA) Exam

Follow the steps mentioned below to book the Certified Public Accountant (CPA) Exam:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application, prepare from the CPA exam dumps and submit all required documents
• Step 5: Schedule your exam by following this link

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.

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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
• Entity's internal control
• Planning an engagement
• Materiality
• Debtor-creditor relationships

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Capital structure
• Financial valuation methods
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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