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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Review service engagements
• Reports on attestation 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%)

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

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%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Capital structure
• Financial valuation methods
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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.

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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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