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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Reports on auditing engagements
• Review service engagements
• Reporting on compliance
• 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%)

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• Specific types of transactions and events: calculation, measurement, presentation in a governmental entity, and valuation
• Government-wide financial statements
• 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
• 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%)

• Working capital
• Financial valuation methods
• Capital structure

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%)

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

CPA AA Exam Syllabus Topics: