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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.

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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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 and conceptual framework for nonbusiness entities
• Standard setting for non-business entities
• Special purpose framework
• Conceptual framework

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

• Working capital
• Capital structure
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

How to study the Certified Public Accountant (CPA) Exam

In order to study for the Certified Public Accountant (CPA) Exam, use the exam blueprints and study resources by accessing the links at the bottom of this document. Use the material on the internet to learn all the exam contents in detail and then take the practice sample tests through the AICPA website. The “Help” button on each sample test provides a link to tutorial topics that can be further used to gain more in-depth knowledge. Students are highly encouraged to join AICPA's Certification community where they can join students from all over the world and learn together. CPA exam dumps are highly recommended for candidates as they are the best study materials. For further exam self-study materials, refer to the links down below.

As always, We recommend a combination of hands-on experience, completion of the training course, and self-study in the areas described in the Exam Outline section of this exam guide as preparation for this exam. After all sorts of study, test your understanding by taking the CPA practice exams. Hover on to AICPA's Website and take a look at study materials provided for the exam. Check for the topics mentioned in the Exam Outline section of this guide to review the online documentation, tip sheets, and user guides and study the details relevant to those topics. Refer to the links at the end of this document for more study material.

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.

CPA AA Exam Syllabus Topics: