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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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
• Standard setting for non-business entities
• Public company reporting topics
• Conceptual framework

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

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

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Capital structure
• Financial valuation methods
• 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%)

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

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Who should take the Certified Public Accountant (CPA) Exam

To have a CPA designation, many businesses prefer their accountants. Applicants winning their CPA title will find themselves more hirable and will be better paid. People who wish to become business accountants and explore its dynamic culture to jump-start their certification and lifelong learning goals should take this exam. To become eligible for the exam, a candidate must have completed a 120 program approved by NYSED. As a non-official prerequisite, candidates must have studied the CPA exam dumps. Also, they must have completed their bachelor's degree with accounting as their major.

CPA AA Exam Syllabus Topics: