9 Top Questions and Answers help passing the CPA exam

Help Passing the cpa exam

 

 

help passing the cpa exam
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Help passing the CPA exam

Before passing the CPA exam there are many Questions you asking to help  passing the CPA exam collected to you the most Common  Questions and Answers help passing the CPA exam.

 

Q 1- What is the CPA?

(Certified Public Accountant) who is licensed by a state board of accountancy. To earn the prestige associated with the CPA license, you are required to demonstrate knowledge and competence by meeting high educational standards, passing the CPA exam and completing a specific amount of general accounting experience.

 

Q 2-What does a CPA do exactly?

CPAs help individuals and companies with financial planning, investments, taxes, mergers and acquisitions, and much more.

Gives an accountant higher standing in the eyes of business contacts, professional peers, regulators, and clients alike

  1. Tax services: These services include preparing and filing federal, state, and local tax returns and working with organizations and individuals during the year to minimize their tax obligations. In case of an IRS audit or questions by state and local tax authorities, a CPA firm can represent their clients.
  2. Audit/assurance services: Assurance services are independent professional services that improve the quality or context of both financial and non financial information for decision makers. Auditing is an objective evaluation of financial and economic information to make sure it is correct and meets criteria such as generally accepted accounting principles (GAAP).
  3. Management services: These services provide assistance with supervising and managing an organization’s or individual’s day-to-day activities and providing strategic and long-range planning. Such services may include cash management, budgeting, and financial planning; preparing financial statements; insurance coordination and risk management; investment guidance; and estate planning.

 

Q 2- How to become a CPA?

Step 1: Complete a Degree Program in Accounting

Most states require aspiring CPAs to complete at least 150 semester hours of study to become licensed. Students generally accrue 120 hours via a traditional bachelor’s degree program. To earn the required 150 hours, some schools offer the option of a combined 5-year bachelor’s and master’s degree program in accounting.

Step 2: Consider Graduate Degree Options

A graduate degree is usually not required to become a CPA, but for students who have only completed a traditional 4-year bachelor’s degree program, it may help them meet credit hour requirements to become a CPA. Options include a Master of Science in Accounting, Master of Arts in Accounting or Master of Business Administration (MBA) with a specialization in accounting. Although coursework varies depending on the chosen program, most curricula cover advanced topics from tax planning to financial controls.

Step 3: Enter the Workforce

Prior to taking the certification examinations, state boards typically require accountants to complete at least two years of work experience. Aspiring CPAs may find work with public and private accounting firms or in an accounting department of any type of company. Duties may range from verifying financial documents to preparing tax returns and may include implementing financial measures to reduce mismanagement of products and services.

Step 4: Take the Exams

Once education and work experience requirements are met, accountants may begin taking the certification exams. The American Institute of Certified Public Accountants (AICPA) has developed four exams that must be successfully complete in order to earn the CPA designation.

Upon completing the first exam, candidates must complete the rest within 18 months. Those who pass all exams within the allotted time earn their license and become CPAs.

Step 5: Continue Education

In order to stay current with laws and practices, most states mandate CPAs to renew their licenses. CPAs may meet renewal requirements by completing continuing education coursework. Some states may require CPAs to include ethics courses as part of their continuing education.

 

 

Q 3- Do i need an accounting degree to become a CPA?

The Bachelor in Accounting is not the only degree required to become a CPA. While the Bachelor in Accounting is a top choice among many individuals who find themselves working in the field of accounting, it is not the only degree that is acceptable.

Related business degree programs such as business management, business administration, finance, and economics are all acceptable undergraduate degrees for future CPAs to hold. Simply holding an undergraduate degree however is not enough to become a CPA in many cases.

 

Q 4- What is CPA Requirements?

While requirements vary from state to state, most fall within the following guidelines:

  • You must have BA degree with a state specific minimum number of hours of accounting and related business courses.
  • Take and pass all four sections of the CPA Examination.
  • Take and pass the American Institute of CPAs (AICPA) professional ethics exam with a score of 90%.
  • Send letters of recommendation to your State Board of Accountancy.
  • Submit college transcripts showing completion of required credit hours. Most states will allow candidates to sit for the CPA Exam with 120 credit hours and a bachelor’s degree. 150 credit hours are required for licensing.
  • Provide certification of experience for jobs as a CPA. Check with your State Board of Accountancy for exact requirements.
  • Submit the application, fees and a passport-type photo to your State Board of Accountancy.

 

Click here for CPA Exam Requirements By State

 

Q 5- What is a CPA salary range?

A CPA career is one of the most well paid in the United States. In 2015 the CPA profession is also predicted to continue to grow and is a great opportunity for someone entering the job market. However,

The overall average salary for college graduates in 2011 was $41,701, but those graduating with a degree in accounting averaged $50,500 according to the 2012 National Association of Colleges and Employers survey. Those who go on to earn their CPA license can expect a median salary of $73,800, with top salaries around $124,000.

Your starting CPA salary of course, will vary based on your education and experience. If you have your CPA license you will most likely be paid a premium, whether you’re at a public accounting firm or working as a management accountant or consultant. If you only have a college degree in accounting, you will not be paid as much. Additionally, your salary is affected by geographic location. Salaries are higher in metropolitan areas, as is the cost of living. Your salary may also be affected by how many years of experience you have in the field, specialty credentials, specific area of practice and type of business.

 

Q 6- What time are CPA scores released?

2016 CPA Exam Score Release Timetables  are here! Keep in mind that the CPA Exam score release timetables are updated biannually on AICPA Insights.

January/February (Q1) Testing Window

If you take your test by:And the AICPA receives your examination data files from Prometric by 11:59 PM EST on:Your score will be released by the target release date:
January 20January 20February 4
February 14February 14February 23
February 29March 1March 9
February 29After March 1March 18

 

 

April/May (Q2) Testing Window

If you take your test by:And the AICPA receives your examination data files from Prometric by 11:59 PM EST on:Your score will be released by the target release date:
April 20April 20May 5
May 15May 15May 24
May 31June 1June 9
May 31After June 1June 21

 

 

 

Q 7-How much does it cost to take the CPA exam?

Costs to Become a CPA
ItemCost
Apply for 2 sections ($175.00 application fee + $190.35 for AUD + $171.25 for BEC)$536.60
Apply for 2 sections ($175.00 application fee + $190.35 for FAR + $171.25 for REG)$536.60
Re-apply for REG ($100.00 registration fee + $171.25 for REG)$271.25
Self-study ethics exam$125.00

 

 

Q 8- How to register for CPA exam?

  • You may apply to any state or jurisdiction, but may only register to take the exam in one jurisdiction at a time.
  • Application and exam fees for first-time candidates vary by state, but range from $900 to $1,000 for all four parts of the exam.
  • Applications can be submitted at any time during the year.
  • The application process usually takes from four to six weeks for first-time candidates.
  • After your application is approved, you’ll receive a Notice to Schedule (NTS). You must have the NTS to reserve an actual test date at one of the 300Prometric Test Centers where the exams are given.

 

 

Q 9- What is the best CPA exam prep course?

Before you decide on a CPA review course, which requires a big financial and time commitment, think about taking the following steps:

 

Take Free Assessment

Find out where you are on the learning curve before you begin. Take a free assessment test (not easy!) to analyze your unique strengths and weaknesses. Customize the perfect study schedule with our student planner and achieve the CPA scores you want.

Preview Student Portal

View a preview showing you step by step what it means to have lectures, textbooks, and software fully integrated with each other. We make sure everything is in sync and ready for you to customize to your precise needs. Achieve the CPA scores you want.

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