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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Reports on auditing engagements
• Other reporting considerations
• Reports on attestation 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%)

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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%)

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

Financial Management (11 to 21%)

• Working capital
• Financial valuation methods
• Capital structure

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

• Performance management
• Cost accounting
• Planning techniques
• 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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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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