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Exam Contents

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FAQs and Guide

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%)

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

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

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

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

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

Reporting and Forming Conclusions (15 to 25%)

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

2. Regulation (REG)

Objectives covered by this section:

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

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

Business Law (10 to 20%)

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

Federal Taxation of Property Transactions (12 to 22%)

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

Federal Taxation of Individuals (15 to 25%)

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

Federal Taxation of Entities (28 to 38%)

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

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

Select Financial Statement Accounts (30 to 40%)

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

Select Transactions (20 to 30%)

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

State and Local Governments (5 to 15%)

• 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
• Government-wide financial statements

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

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

Economic Concepts and Analysis (17 to 27%)

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

Financial Management (11 to 21%)

• Capital structure
• Working capital
• Financial valuation methods

Information Technology (15 to 25%)

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

Operations Management (15 to 25%)

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

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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.

CPA AA Exam Syllabus Topics: