CPA Examination Information
New Computer Based Test (CBT) Sections
1)
Auditing & Attestation
2)
Financial Accounting & Reporting
3)
Regulation
4)
Business Environment & Concepts
Auditing & Attestation
I.
Engagement
planning & evaluation, and deciding whether to accept an engagement (25%)
II.
Considering
internal control (15%)
III.
Obtaining
and documenting information (35%)
IV.
Reviewing
and evaluating the engagement (10%)
V.
Preparing
communications (15%)
Financial Accounting & Reporting
I.
Concepts
and standards for financial statements (20%)
II.
Typical
financial statement items per GAAP (30%)
III.
Specific
financial statement transactions and events per GAAP (30%)
IV.
Government
accounting and reporting (10%)
V.
Non-governmental
not-for-profit accounting and reporting (10%)
Regulation
I.
Ethics
and professional and legal responsibilities (17.5%)
II.
Business
law (22.5%)
III.
Federal
tax accounting issues (10%)
IV.
Federal
taxation - property (10%)
V.
Federal
taxation - individuals (15%)
VI.
Federal
taxation - entities (25%)
Business Environment & Concepts
I.
Business
structure (20%)
II.
Economic
concepts (10%)
III.
Financial
management (20%)
IV.
Information
technology (IT) (25%)
- Planning and measurement (25%)
January 2006 Window
Change
Very Important!
The implementation of
simulation version 1.5 software (previously scheduled for
January 2006) has been postponed. The new software has been fully
developed and successfully tested. However, a linking problem in a revised
version of authoritative literature has been detected in one examination
section. This issue must be resolved before the new software can be
implemented.
Because the software upgrade will
not take place in January, the first quarter 2006 testing window will begin
on January 2, 2006. CPA Examination candidates may now schedule test appointments
in the first week of January 2006.
|
Just Off the Wire
|
Archives
|
|
The AICPA uses IRT (Item Response Theory) for the objective portion of the
examination. IRT is a well-established psychometric approach to scoring used
by licensing and certification examinations that administer many different
test forms. IRT scoring ensures that scores and pass or fail decisions based
on scores from different examination forms are comparable. Based on the large
amounts of data that are collected in pretesting,
the difficulty level as well as other statistical characteristics of
examination questions are known and taken into account in scoring.
IRT scoring takes into
account differences in the difficulty of test questions in addition to other
statistical properties. IRT scoring uses statistical properties of items, and
the pattern of correct and incorrect responses, to calculate scores
representing candidates' knowledge and skill levels. These scores are
comparable because they have been calculated taking difficulty levels, as
well as other item statistics, into consideration.
|
|
Study Tip of the Week
|
Archives
|
|
This CPA Prep Tip concerns the Gleim Time
Management System.
As your exam begins, use a piece of scratch paper and write the numbers 1, 2,
3, 4, and 5 in a column on the left side. In the next column, write our
recommended start time for each of the 5 testlets,
which in Auditing is: 4 hours and 30 minutes for testlet
1; 3 hours and 40 minutes for testlet 2; 2 hours
and 50 minutes for testlet 3; 2 hours and 0 minutes
for testlet 4; and 1 hour and 10 minutes for testlet 5. In the next column, write the time you finished
each testlet. Consider making notes as you go, such
as the time remaining after answering 10 multiple-choice questions.
|
|
CPA Candidate Feedback
|
Archives
|
|
When you apply for a Notice to Schedule (NTS) you are given several options
for receiving your NTS. One convenient option is e-mail, but that option is
not without hazards. See the CPA exam candidate's comments below:
When I
registered to sit for the exam (first-time candidate), I said [that] the
chosen method of receiving information (i.e., NTS and any other questions
regarding my application) was my work/university email account. I never did
receive my NTS via e-mail and eventually called NASBA to discover that my NTS
had been sent out 2-3 weeks prior. Apparently, our e-mail server had a
firewall [that prevented me from] getting the NTS [e-mail]. This was very
frustrating.
Firewalls, junk-mail
filters, spam traps and other e-mail filtering services may prevent candidates
from receiving their NTS via e-mail. E-mail is a convenient method of
receiving your NTS. However, be sure you know exactly how your specific
e-mail services function.
Anonomously share your CPA exam experiences
by filling out our CPA
Exam Feedback Form.
|
|
Candidate Question of the Week
|
Archives
|
|
Question: On the CPA exam, can I access the professional literature
from any tab within the Simulation?
Answer: Yes, you can access the
professional literature from any tab in the Simulation. However, you should
answer as many questions as you can before consulting the professional
literature. You will not have time to look up every question.
|
|
CPA Exam Questions
|
|
|
Test Yourself Now!
These CBT questions were taken directly from the AICPA website. Select the
best answer by clicking on the corresponding letter and then read the answer
explanation that appears. Make sure to click on all the answer choices for
additional insight. This valuable information will help you learn from
questions you answer incorrectly, or answer correctly with uncertainty.
|
AUD
During an engagement to review the financial statements of a nonpublic
entity, an accountant becomes aware that several leases that should be
capitalized are not capitalized. The accountant considers these leases to
be material to the financial statements. The accountant decides to modify
the standard review report because management will not capitalize the
leases. Under these circumstances, the accountant should
A. Issue an adverse opinion because of the departure from
GAAP.
B. Express no assurance of any kind on the entity's
financial statements.
C. Emphasize that the financial statements are for
limited use only.
D. Disclose the departure from GAAP in a separate
paragraph of the accountant's report.
|
BEC
Which of the following statements concerning the similarities between a
general partnership and a corporation is correct?
A. Corporate stockholders and general partners have
limited personal liability.
B. Corporations and general partnerships have perpetual
existence.
C. Corporations and general partnerships can declare
bankruptcy.
D. Corporations and general partnerships are recognized
as taxpayers for federal income tax purposes.
|
|
FAR
During the year, Jones Foundation received the following support:
A cash
contribution of $875,000 to be used at the board of directors' discretion;
A promise to contribute $500,000 in the following year from a supporter who
has made similar contributions in prior periods;
Contributed legal services with a value of $100,000, which Jones would have
otherwise purchased.
At what amounts would Jones classify and record
these transactions?
|
|
Unrestricted
Revenue
|
Temporarily
Restricted Revenue
|
|
A.
|
$875,000
|
$500,000
|
|
B.
|
$975,000
|
$500,000
|
|
|
C.
|
$975,000
|
$0
|
|
|
D.
|
$1,375,000
|
$0
|
|
|
REG
If a corporation's charitable contributions exceed the limitation for
deductibility in a particular year, the excess
A. is not deductible in any future or prior year.
B. may be carried back to the third preceding year.
C. may be carried back or forward for one year at the
corporation's election.
D. may be carried forward to a maximum of five
succeeding years.
|
|
|
CPA Review: A System for Success
|
|
|
|
|
|
|
|
|
|
|
|
The
purpose of this book is to help you develop and implement a system for
success on the CPA exam, which includes:
1.
Understanding the CPA exam process, including subject matter
coverage, preparation, format, administration, and grading
2.
Learning and understanding the subject matter tested
3.
Perfecting your question answering techniques by answering recent
exam questions
4.
Planning and practicing exam execution
5.
Developing the confidence you need to succeed
Each of these five
steps is discussed and illustrated in the book. Gleim
removes the "mystique" of the CPA exam by providing you with the
answers, information, and tools you need to arrive at the exam site with a
head start, plus the confidence necessary to PASS. A System for Success is
an essential part of Gleim's CPA Review system.
"CAPITALIZE
YOUR MONEY AND TIME WITH GLEIM."
To view
the document "CPA Review: A System for Success" you must have a Gleim online account and be logged in. If you have a Gleim online account and would like to log in, please
click the "Login" button below. If you do not have a Gleim online account, please click the
"Register" button below to sign up for one.
LOGIN
REGISTER
|
|
