If you’re interested in becoming a Certified Public Accountant, or CPA, then you’ll first need to meet certain criteria. The first of which is to meet the standard academic requirements, which are usually at least 150 credit hours. Then, you’ll have to take the Uniform CPA Exam that’s given by the American Institute of Certified Public Accountants. If you want to pass the test you should probably take several CPA practice Exams during the course of your study.
When choosing a CPA practice Exam, you should look for one that most closely resembles the actual Uniform CPA Exam. The exam is really four different tests and you should study accordingly. Luckily all four tests don’t have to be taken at the same time or in any particular order, so you should practice with that in mind.
The four test sections are Auditing and Attestation, Financial Accounting and Reporting, Regulation, and Business Environment Concepts. The fees for these tests vary by state, but generally range from approximately $130 to $200 each. These fees don’t include any licensing fees or state Board of Accountancy fees.
The exam will be taken on a computer, and you can take it at Prometric testing centers just about anywhere in the United States.
The CPA exam uses a variety of question formats. You’ll find groundbreaking computer simulations that require you to apply the knowledge and skills that you’ve learned to reach solutions, as well as the more traditional essays and multiple choice questions. Now, onto the four sections and what they consist of.
1. The Auditing and Attestation section reviews the participants knowledge of generally accepted auditing standards, or GAAS. The topics covered in this section are:
-planning the engagement
-obtain and document information
In this section your given 4 hours and the format is 3 multiple choice sections and 7 simulations
2. The Financial Accounting and Reporting section goes over the knowledge and skills required to use generally accepted accounting principles, or GAAP, for non-profit organizations, businesses and government organizations. The topics gone over in this portion of the exam include:
-accounting and reporting government organizations
-non-profit reporting and accounting
-common items in financial statements
-specific transactions and events
Your given 4 hours to complete this section and it has 3 multiple choice sections and 7 simulations
3. The Regulation portion tests understanding of tax issues, legal implications of transactions in business, and common rules and regulations.
-federal taxation for individuals
-federal taxations for transactions involving property
-federal tax process, accounting and planning, and procedures
-professional responsibility and ethics
This section takes 3 hours and has 6 simulations and 3 multiple choice sections
4. The section on Business Environment and Concepts covers:
This section will take 3 hours and consists of 3 multiple choice sections and 3 written simulations
To pass the Uniform CPA Exam you’ll need a minimum score of 75 on a scale of 0 to 99. You should take the CPA practice Exam repeatedly until you can reach 75+ several times in a row. I generally like to think that if one can score 75+ on three consecutive occasions you are usually ready to take the actual test.by