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The purpose of the CPA exam is to ensure that individuals interested in the accounting profession have the ability to demonstrate the skills and knowledge necessary to protect the public interest in today’s dynamic business and financial environment. The CPA exam can be tamed, but it requires a disciplined approach.
FACTS:
For all fifty states, the District of Columbia, Guam, Puerto Rico, and the US Virgin Islands, the CPA exam is administered and scored in English only. The exam itself is the primary way to measure an individual’s technical accounting competency.
The CPA exam is given in four parts:
one. Audit and Certification: Audit and attestation encompass knowledge of generally accepted audit procedures.
2. Business environment and concepts: The business environment and concepts section addresses knowledge of general business concepts and the business environment.
3. Accounting and financial reports: The financial accounting and reporting section addresses generally accepted accounting principles with respect to business enterprises.
Four. Regulation: The Regulation section addresses federal taxes, accounting ethics, professional legal responsibilities, and business law.
Test takers should know that each section is scored separately. The final results, which go on a scale of 0 to 99, are reported to an “accounting board.” A passing score is greater than 75 percent.
The CPA exam is difficult, and to do it well one must come prepared. Planning ahead and studying up-to-date material is essential to getting the best possible test results. Approximately 12 percent of candidates successfully pass the exam on the first try; a number that could increase significantly with better preparation.
Applicants can expect several types of questions: those that may involve a true or false answer, essays, multiple choice, matching answers, fill-in-the-blank, or number-related questions. You can also include objective questions. Pens, pencils, and erasers are the only amenities allowed in the testing area.
If you are interested in taking the CPA exam, fees may vary in a specific state or locality. You should be sure to visit the appropriate Board of Accountancy in your area for more information on costs and available test dates.
Where you choose your accounting school can also make a big difference in how well you initially understand the accounting concepts needed to prepare for the CPA exam and succeed in the industry.
