The CPA Exam

Financial Accounting and Reporting (Financial)

1. Concepts and standards for financial statements
2. Typical items in financial statements
3. Specific types of transactions and events
4. Accounting and reporting for governmental entities
5. Accounting and reporting for nongovernmental and not-for-profit entities

Exam Focus: This section covers skills and knowledge of generally accepted accounting principles for business enterprises, not-for-profit organizations and governmental entities.

Exam Format: 4 hours, 3 Multiple-Choice Question testlets, 2 Simulation testlets

Auditing and Attestation (Auditing)

1. Planning the engagement
2. Internal controls
3. Obtaining and documenting information
4. Reviewing the engagement and evaluating information
5. Preparing communications (reporting)

Exam Focus: This section covers knowledge of auditing procedures, generally accepted auditing standards and other standards related to attest engagements and the skills needed to apply that knowledge.

Exam Format: 4.5 hours, 3 Multiple-Choice Question testlets, 2 Simulation testlets

Regulation

1. Ethics and professional responsibility
2. Business law
3. Federal tax procedures and accounting issues
4. Federal taxation of property transactions
5. Federal taxation ? individuals
6. Federal taxation ? entities

Exam Focus: This section focuses on skills and knowledge of federal taxation, ethics, professional and legal responsibilities, and business law.

Exam Format: 3 hours, 3 Multiple-Choice Question testlets, 2 Simulation testlets

Business Environment and Concepts (Business)

1. Business structure
2. Economic concepts
3. Financial management
4. Information technology
5. Planning and measurement

Exam Focus: This test section encompasses knowledge of the general business environment and business concepts that candidates need to know for accounting.

Exam Format: 2.5 hours, 3 testlets of multiple-choice questions.