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.

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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

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%)

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

Operations Management (15 to 25%)

Performance management
Process management
Planning techniques
Cost accounting

Difficulty in Writing Certified Public Accountant (CPA) Exam

In the accounting industry, any aspiring accountant who wants to sit for the CPA Exam must have significant post-secondary education. For most test managers, a bachelor's degree from an accredited institution used to be enough.

However, today's developments in accounting technology and new compliance laws mean that in addition to 30 hours of graduate education, the AICPA has changed the educational requirement to include 120 semester hours in a bachelor's degree accounting program. In most US nations, these standards are implemented. As a result, a master's degree in the field or a similar industry is required for most aspiring accountants wanting to take this exam.

One of the key problems faced by most candidates is to choose the right research materials for their exam preparation since they use the internet to find too much data that makes it difficult for them to trust, which would be helpful for them. CPA practice exam dumps are designed in such a way to make better preparatory material. Certified Public Accountant (CPA) Exam is not an easier one and can turn out to be a very difficult certification if not well prepared. We always recommend studying these exam dumps and then take the CPA practice exams before actually appearing for the exam. Applicants may, however, clear the exam with the right concentration and the right preparation material. BraindumpsIT have the most up-to-date CPA exam dumps, having a fair understanding of the question trend being asked in real certification with the help of these questions. BraindumpsIT also include practice testing, which proves to be an outstanding forum for testing the information gained. Refer to the links down below to access the study materials.

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