CPA AA Test Passed : Audit & Insurance

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. TestPassed 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. TestPassed 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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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
• Duration of Exam: 16 hours of total
• Passing score: 75 for each section

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
• Planning an engagement
• Debtor-creditor relationships
• 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
• Ethics and professional conduct
• Communication with component auditors
• Communication with management
• Engagement documentation

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

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

Reporting and Forming Conclusions (15 to 25%)

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

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%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

• Partnerships
• Limited liability companies
• Liquidation of business entities & tax treatment of formation
• S corporations
• Trusts and estates
• C 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%)

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

• 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%)

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

Operations Management (15 to 25%)

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

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CPA AA Exam Syllabus Topics: