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As college graduates, some want to become certified public accountants. But most don’t the how to prepare for CPA testing. This article will help with some information on how best to prepare for this challenge. The Uniform Certified Public Accountant Exam is given two times a year, in May and November. It is a 14-hour test, and demands a score of 75 or higher on each segment to pass. Anyone wanting to become a CPA must pass the test.
Apply
First, contact the local state board of accountancy. Each state’s requirements vary. Most states require an application, references, and a sealed college transcript. Each state will have different requirements such as completing 150 college credit hours before applying.
After the state board approves the application, apply to the AIPCA for each section the applicant wants to take. The applicant will receive a confirmation number after the AICPA approves the section application. The number is needed to schedule the exam locally.
Practice
Taking a practice exam before studying and then taking exams one at a time can help break up sessions so they don’t become too tedious. There is a lot of information to memorize and master before sitting for the exam. It is prudent to study in a manner that best works for the applicant. Most people benefit from studying on a regular schedule, at times when they won’t be disturbed. For the type of person who learns well in a group, seek out other people to study with. Even if not, everyone will benefit from having others to work with when preparing for the test.
Study
An excellent way to get ready for the exam is to prepare for one section at a time. Applicants have 18 months after passing the first section, so there is enough time to prepare. It is wise to study, study, and study some more. The test is meant to be challenging. The main goal is to find the best accountants.
Know how the exam is organized. It has four parts: auditing and attestation, financial accounting and reporting, regulation, and business environments and concepts. The test has multiple choice questions, objective questions and essays.
Select an appropriate review program. Taking a review course will help applicants focus and understand the material. If studying alone, use up-to-date review books.
Study the material for the auditing and attestation section. It requires knowledge of auditing procedures, standards and all standards related to attest engagements. It has multiple choice questions, objective questions and essays to write.
Study the material needed for the financial accounting and reporting segment. Study the accounting principles used in business ventures, government bodies and not-for-profit organizations. Practice with multiple choice questions and objective questions using accounting principles. No essays are given in this part.
Study for the regulation portion. This tests ones knowledge of federal taxation, ethics, business law and legal and professional tasks. This section uses all forms of questions.
Study for the business environments and concepts segment. Prepare for all three types of questions. This will cover the process of completing financial statement audits.
Preparing for the exam is a hard job. Unless an applicant has a natural flair for the material, they’ll benefit from serious studying and practice before taking the CPA test.
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