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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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

• S corporations
• Tax-exempt organizations
• Limited liability companies
• Trusts and estates
• Partnerships
• Liquidation of business entities & tax treatment of formation
• C 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
• General-purpose financial statements
• Special purpose framework
• Public company reporting topics
• Standard setting for non-business entities
• Conceptual framework

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

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
• Financial risk management
• Economic business cycles

Financial Management (11 to 21%)

• Financial valuation methods
• Capital structure
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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.

One of the key problems faced by most candidates is to choose the right research materials for their exam preparation since they use the internet to find too much data that makes it difficult for them to trust, which would be helpful for them. CPA practice exam dumps are designed in such a way to make better preparatory material. Certified Public Accountant (CPA) Exam is not an easier one and can turn out to be a very difficult certification if not well prepared. We always recommend studying these exam dumps and then take the CPA practice exams before actually appearing for the exam. Applicants may, however, clear the exam with the right concentration and the right preparation material. PassLeader have the most up-to-date CPA exam dumps, having a fair understanding of the question trend being asked in real certification with the help of these questions. PassLeader also include practice testing, which proves to be an outstanding forum for testing the information gained. Refer to the links down below to access the study materials.

CPA AA Exam Syllabus Topics: