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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

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%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

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
• Filing status
• Gross income
• Passive activity losses

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

• Regulatory frameworks and provisions
• ERM (Enterprise Risk Management) frameworks
• 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%)

• Working capital
• Capital structure
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

What is the duration, language, and format of the Certified Public Accountant (CPA) Exam

• Format: Multiple choice, Task-based, communication tasks
• Language of Exam: English
• Passing score: 75 for each section
• Duration of Exam: 16 hours of total

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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.

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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CPA AA Exam Syllabus Topics: