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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

Standard setting for non-business entities
Public company reporting topics
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
Intangible assets
Long-term debt
Investments
Property, plant, and equipment
Compensation benefits
Income taxes
Inventory

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

Capital structure
Working capital
Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

Cost accounting
Planning techniques
Performance management
Process management

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.

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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