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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
• Planning an engagement
• Materiality
• Debtor-creditor relationships
• Entity's internal control
• Specific areas of engagement risk

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

• Reporting on compliance
• Review service engagements
• Reports on attestation engagements
• Other reporting considerations
• Reports on auditing 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
• Contracts
• Government regulation of business
• Agency
• Business structure

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• Government-wide financial statements
• State and local government concepts
• 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%)

• Capital structure
• Financial valuation methods
• Working capital

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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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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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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.