| The purpose of the CPA exam is to make sure | | | | is graded separately. Final results ranging on a |
| that individuals interested in the accounting | | | | scale of 0 to 99, are reported to a "board of |
| profession have the ability to demonstrate the | | | | accountancy." A passing score is above 75 |
| skills and knowledge necessary to protect the | | | | percent. |
| interest of the public in today's dynamic business | | | | The CPA exam is difficult, and in order to do well |
| and financial environment. The CPA exam can be | | | | one must come prepared. Planning ahead and |
| tamed, but it requires a disciplined approach. | | | | studying up-to-date material is essential to getting |
| FACTS: | | | | the best possible exam results. Approximately 12 |
| For all fifty states, the District of Columbia, Guam, | | | | percent of candidates successfully pass the exam |
| Puerto Rico, and the U.S. Virgin Islands, the CPA | | | | on the first attempt; a number that could increase |
| exam is given and graded only in English. The | | | | significantly by better preparation. |
| exam itself is the primary way of measuring an | | | | Applicants can expect several types of questions: |
| individual's technical accounting competence. | | | | those that may involve a true-false answer, |
| The CPA exam is given in four parts: | | | | essays, multiple choice, matching answers, |
| 1. Auditing and Attestation: Auditing and | | | | fill-in-the-blank, or numerical related questions. |
| attestation covers the knowledge of generally | | | | Objective questions may also be included. Pens, |
| accepted auditing procedures. | | | | pencils and erasers are the only comforts allowed |
| 2. Business Environment and Concepts: The | | | | in the examination area. |
| business environment and concepts section | | | | If you're interested in taking the CPA exam, fees |
| addresses the knowledge of general business | | | | may vary in a specific state or locality. You should |
| concepts and the business environment. | | | | make it a point to visit the appropriate Board of |
| 3. Financial Accounting and Reporting: The financial | | | | Accountancy in your area for more information |
| accounting and reporting section addresses | | | | on costs and available testing dates. |
| generally accepted accounting principles with | | | | Where you choose your accounting school can |
| respect to business enterprises. | | | | also make a big difference in how well you initially |
| 4. Regulation: The Regulation section addresses | | | | grasp the accounting concepts needed to prepare |
| federal taxation, accounting ethics, professional | | | | for the CPA exam and to become a success in |
| legal responsibilities and business law. | | | | the industry. |
| Test applicants should be aware that each section | | | | |