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Introduction to CPA Regulation Exam
Certified Public Accountant consists of four-part, 16-hour CPA Exam is a masters-level professional certification. Candidates are supposed to pass all four-part assessment with in time frame of 18 months in order to qualify for a CPA license.
The four parts are
- Financial Accounting and Reporting (FAR)
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Regulation (REG)
This exam is designed to test the minimum knowledge and skills required of a CPA. The Exam is managed by three main partners:
- The Exam is provided on behalf of Boards of Accountancy, which issue CPA licenses.
- The National Association of State Boards of Accountancy (NASBA) manages the National Candidate Database
- The AICPA develops, maintains, and scores the Exam.
- Pro metric is the company that delivers the Exam at its authorized test centers.
Before taking this exam, candidates should have a solid knowledge of the topics outlined in this preparation guide.
The Certified Business Manager (CPA) is a global, competency-based credential that is designed to validate the skills and knowledge of accountancy candidate who can operates at a global market.
After passing this exam, candidates get a certificate from AICPA that helps them to demonstrate their proficiency in managing Business to their clients and employers.
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How to Prepare For CPA Regulation Exam
Preparation Guide for CPA Regulation Exam
Introduction
The AICPA is committed to providing students and Certified Public Accountant, CPA Regulation candidates with the information and tools to guide them to successful entry into the accounting profession.
AICPA vision is to establish a standardized process to deliver in a cost-effective and time-efficient manner a superior quality higher education in accounts across the globe with the CPA Regulation Certifications.
AICPA's goal or objective is to ensure that a business manager who earns the CPA or CABM credential today will be knowledge-competent and ethical for throughout his/her career and that he/she will then broaden these core knowledge proficiencies and ethical values to tomorrow when he/she becomes a business executive (e.g., CEO) or a corporate director. To this end, AICPA represents a single and collective voice for the entire business management profession, which symbolizes self-regulation by the profession.
Certification is evidence of your skills, expertise in those areas in which you like to work. If candidate wants to work in Public Accountant and prove his knowledge, Certification offered by AICPA. This CPA Regulation Exam Certification helps a candidate to validates his skills in Public Accountant.
In this guide, we will cover the CPA Certification exam, CPA Certified professional salary and all aspects of the CPA Certification.
Reference: http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/computer_faqs_2.aspx
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AICPA CPA-Regulation Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Federal Taxation of Property Transactions | 12-22% | - Recognition of gains and losses - Like-kind exchanges and involuntary conversions - Capital vs ordinary asset classification - Cost recovery: depreciation, amortization, depletion - Asset basis and holding periods |
| Federal Taxation of Entities | 23-33% | - Partnerships and LLCs - Tax-exempt organizations - C corporations and S corporations - Gift, estate, and trust taxation - Book-tax differences |
| Ethics, Professional Responsibilities, and Federal Tax Procedures | 10-20% | - Ethics and responsibilities in tax practice - Privileged communications and disclosure rules - Federal tax audit and appeal procedures - Treasury Department Circular 230 - Tax preparer penalties and due diligence |
| Business Law | 15-25% | - Business structure legal characteristics - Employment and federal business regulations - Contract formation and performance - Agency relationships and authority - Uniform Commercial Code (UCC) articles - Debtor-creditor relationships and bankruptcy |
| Federal Taxation of Individuals | 22-32% | - Gross income inclusions and exclusions - Adjustments, deductions, and exemptions - Tax credits and alternative minimum tax - Filing status and dependency rules - Loss limitations and carryovers |
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