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Introduction to CPA Regulation Exam
Certified Public Accountant consists of four-part, 16-hour CPA Exam is a masters-level professional certification. Candidates are supposed to pass all four-part assessment with in time frame of 18 months in order to qualify for a CPA license.
The four parts are
- Regulation (REG)
- Auditing and Attestation (AUD)
- Financial Accounting and Reporting (FAR)
- Business Environment and Concepts (BEC)
This exam is designed to test the minimum knowledge and skills required of a CPA. The Exam is managed by three main partners:
- Pro metric is the company that delivers the Exam at its authorized test centers.
- The Exam is provided on behalf of Boards of Accountancy, which issue CPA licenses.
- The National Association of State Boards of Accountancy (NASBA) manages the National Candidate Database
- The AICPA develops, maintains, and scores the Exam.
Before taking this exam, candidates should have a solid knowledge of the topics outlined in this preparation guide.
The Certified Business Manager (CPA) is a global, competency-based credential that is designed to validate the skills and knowledge of accountancy candidate who can operates at a global market.
After passing this exam, candidates get a certificate from AICPA that helps them to demonstrate their proficiency in managing Business to their clients and employers.
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Who should take the CPA Regulation Exam
The Regulation (REG) section of the CPA Exam tests a CPA candidate's knowledge and skill level on federal taxation, business law, business ethics and professional and legal responsibilities. In order to take an CPA Exam, anyone who is interested in making their career in business management then they can go ahead and appear to all the 4 segments of this exam.
All the candidates appearing exam must have security number.
CPA exam is excellent opportunity for all below professionals to validate their skills in accountancy. As this exam is administered by the AICPA, which is the world's largest accounting body.
- CS
- M.com and Commerce Graduates who aspire for an International Certification.
- MBA (Finance)
- LLB
- Chartered Accountant
- ICWA
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Reference: http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/computer_faqs_2.aspx
How to book the CPA Regulation Exam
These are following steps for registering the CPA Regulation-Exam.
You can take the Exam (and qualify as a CPA Regulation) only if you meet the requirements of a Board of Accountancy in one of the 55 U.S. jurisdictions.
- Step 1: You must first decide on the jurisdiction to which you will apply.
- Step 2: After selecting your jurisdiction, you can obtain application materials and submit your completed applications as directed.
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AICPA CPA-Regulation Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Federal Taxation of Entities | 23-33% | - Entity Tax Compliance - Limited Liability Companies - Trusts and Estates - S Corporations - Partnerships - C Corporations |
| Topic 2: Federal Taxation of Individuals | 22-32% | - Deductions - Tax Credits - Property Transactions - Gross Income - Individual Tax Computation |
| Topic 3: Business Law | 15-25% | - Business Structure - Agency - Contracts - Debtor-Creditor Relationships - Federal Securities Regulation |
| Topic 4: Federal Taxation of Property Transactions | 5-15% | - Gains and Losses - Property Tax Basis and Cost Recovery - Like-Kind Exchanges and Involuntary Conversions |
| Topic 5: Ethics, Professional Responsibilities and Federal Tax Procedures | 10-20% | - Ethics and Professional Responsibilities - Legal Duties and Responsibilities - Federal Tax Procedures |
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