CPA Certified Public Accountant AA

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Certified Public Accountant (CPA) Exam Certification Path

The certification path for the Certified Public Accountant (CPA) Exam consists of this Uniform CPA Examination with 4 sections that can be taken separately as in one section per test window or all sections at once. After clearing these 4 sections, an ethics exam must also be cleared before your license could be processed.

CPA Certified Public Accountant AA Audit & Insurance Exams

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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.

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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Reporting on compliance
• Review service engagements
• Reports on auditing engagements
• Reports on attestation 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
• Legal duties
• Responsibilities in tax practice
• Federal tax procedures

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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
• State and local government concepts
• 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
• Working capital
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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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