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
Materiality
Debtor-creditor relationships
Assessing and identifying the risk of material misstatement
Specific areas of engagement risk

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

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%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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
Comprehensive Annual Financial Report (CAFR)
Government-wide financial statements

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

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

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%)

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

Operations Management (15 to 25%)

Planning techniques
Cost accounting
Performance management
Process management

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.

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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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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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