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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

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%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

• C corporations
• Partnerships
• Trusts and estates
• Limited liability companies
• S corporations
• Tax-exempt organizations
• 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%)

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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%)

• Internal control frameworks
• Regulatory frameworks and provisions
• ERM (Enterprise Risk Management) frameworks

Economic Concepts and Analysis (17 to 27%)

• Economic business cycles
• Financial risk management
• Market influences on business

Financial Management (11 to 21%)

• Working capital
• Capital structure
• Financial valuation methods

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%)

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

The benefit of obtaining the Certified Public Accountant (CPA) Exam Certification

Many accountants joining the profession are curious about the advantages of being a certified public accountant (CPA) so that they can determine if the time and energy to undertake this achievement are worth devoting. The certification process may undoubtedly be rigorous and difficult, but for those employed in industry or finance, success offers some notable advantages. In the US, several states have their board that regulates the certification in their jurisdiction of public accountants.

The qualification process helps both new and seasoned accountants to test their qualifications, develop their abilities, and enhance their understanding of the overall discipline. Via their local state board, prospective applicants can learn more about the licensing process specifics and visit the NASBA website for information about the standardized CPA test. The growing demand for CPAs across the job market is motivated by many factors, so the trend is likely to continue in the near future. Accountants winning their CPA earn 10 percent more on average than non-CPA colleagues and have more chances to grow their careers. In job searching, being a CPA can also be a big boon as it shows professional dedication and makes the candidate stand out from others. Among several other specialist fields, CPA certification demonstrates qualification for auditing, business strategy, bookkeeping, and forensic accounting. Becoming accredited opens the doors to hundreds of various career paths and is essential for foreign positions in particular.

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How to book the Certified Public Accountant (CPA) Exam

Follow the steps mentioned below to book the Certified Public Accountant (CPA) Exam:

• Step 1: Determine your eligibility from the NASBA website by clicking here
• Step 2: Select a jurisdiction where you want to become a licensed CPA
• Step 3: Access the application by clicking here
• Step 4: Complete the application, prepare from the CPA exam dumps and submit all required documents
• Step 5: Schedule your exam by following this link

For more info read reference:

Study Guide

Exam Contents

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