CPA FINANCIAL ACCOUNTING &REPORTING

The CPA exam is designed to test for the skills deemed necessary for entry-level CPAs which include Communication, Research, Analysis, Judgment, and Understanding, according to the AICPA. The exam of CPA consist of four areas which include Auditing & Attestation, Financial Accounting & Reporting, Regulation and Business Environment & Concepts but in this particular article we will discuss the CPA, Financial Accounting & Reporting area. In the exam, CPA, Financial Accounting & Reporting deals with the knowledge of accounting principles which is generally accepted in the United States (GAAP) for business enterprises, not-for-profit organizations and governmental entities, International Financial Reporting Standards, and the skills needed to apply that knowledge. In this section of the exam the question type is that of multiple-choice which cover about sixty percent of the exam where as the other forty percent is about task-based simulations which are actually the case studies which test the accounts based skill and knowledge of candidate using real work situations.

Of the fourteen hours of CPA exam this CPA, Financial Accounting & Reporting section is given four hours in which candidates have to answer the questions. CPA, Financial Accounting & Reporting section covers the following five topics which are as follows Concepts and standards for financial statements cover about seventeen to twenty three percent of the exam section which includes the making of financial statement according to the current international financial reporting standards and also presenting it the way it has been asked to that is Preparation and presentation of financial statements to comply with the Companies Acts 1963 to 2012,and standard international accounting practice.. Financial Statement Accounts cover about twenty seven to thirty three percent of the section for the exam it includes Recognition, Measurement, Valuation include Asset bases, Earnings bases, Discounted cash flow, Dividend yield, Dividend growth, and the preparation of reports thereon, Calculation, Presentation & Disclosures of financial statements to comply with the Companies Acts 1963 to 2012, and standard international accounting practice.

Specific Transactions, Events & Disclosures cover twenty seven to thirty three percent of this Financial Accounting & Reporting section of the exam it deals with specific type of transaction and event Accounting and Reporting for Governmental Entities cover eight to twelve percent of this section in this accounting and reporting for the government entities are to be discussed in detail. Accounting and Reporting for Non-Governmental and Not-for-Profit Organizations which is the last topic of this section cover about eight to twelve percent of the exam section.

CPA, Financial Accounting & Reporting comprises on three multiple-choice testlets and one task-based simulations testlet, where the multiple-choice testlets are accounting for fifty percent of the score and the task based stimulation will contain about six to seven tasks, one of which will be a research problem. A Candidate can sit for one or more parts of the exam during a test period but may not take a specific part of the exam more than once during that same test period. Each State Board can establish its own policy on the time frame in which a candidate must pass all four parts of the exam.

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