Sample Cpa Exam Questions

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• The CPA Exam has 276 Multiple-Choice Questions and 28 Task-Based Simulations Free sample cpa exam questions. Start your preparation with these free CPA Exam Questions. Improve your exam readiness by practicing with these free TBSs. In addition to these sample questions, you'll get detailed answer explanations. Free sample cpa exam questions.
• If a corporation issues a 10-year $100,000 8% bond, what is the total that the issuing corporation.

AUD can be sneaky; you'll notice many of the questions include in general or most likely. That's why having a thorough understanding of the material is key to passing the exam. According to the AICPA's Content and Skill Specifications, the six general concepts tested on the AUD CPA exam are fairly evenly weighted. To gain a better understand of what is on the AUD exam, check out this post.

Below we have sample CPA AUD practice questions (and solutions) that pertain to each of the six content sections tested on the exam.

This document includes a series of multiple-choice questions (MCQs) that were previously used on The Uniform CPA Examination®. These MCQs represent a one-time release of Exam content to the general public intended to provide examples of the types of MCQs used on the Exam.

Sample CPA AUD Practice Questions

Auditing and Attestation: Engagement Acceptance and Understanding the Assignment

In auditing the financial statements of Durmstrang Corp., Krum discovered information leading Krum to believe that Durmstrang's prior year's financial statements, which were audited by Malfoy, require substantial revisions. Under these circumstances, Krum should

1. Request Durmstrang to arrange a meeting among the three parties to resolve the matter.
2. Notify Durmstrang's audit committee and stockholders that the prior year's financial statements cannot be relied on.
3. Notify Malfoy about the information and make inquiries about the integrity of Durmstrang's management.
4. Request Durmstrang to reissue the prior year's financial statements with the appropriate revisions.

Auditing and Attestation: Understanding the Entity and Its Environment (including Internal Control)

For effective internal control, the accounts payable department generally should:

1. stamp, perforate, or otherwise cancel supporting documentation after payment is mailed.
2. ascertain that each requisition is approved as to price and quantity by an authorized employee.
3. obliterate the quantity ordered on the receiving department copy of the purchase order.
4. compare the vendor's invoice with the receiving report and purchase order.

Auditing and Attestation: Performing Audit Procedures and Evaluating Evidence

An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete or slow-moving inventory to support management's financial statement assertion of:

1. presentation and disclosure.
2. rights and obligations.
3. valuation or allocation.
4. existence or occurrence.

Auditing and Attestation: Evaluating Audit Findings, Communications, and Reporting

Under which of the following circumstances would a disclaimer of opinion not be appropriate?

1. The auditor is unable to determine the amounts associated with an employee fraud scheme.
2. Management does not provide reasonable justification for a change in accounting principles.
3. The chief executive officer is unwilling to sign the management representation letter.
4. The client refuses to permit the auditor to confirm certain accounts receivable or apply alternative procedures to verify
   their balances.

Accounting and Review Services Engagements

For what types of professional engagements is a practitioner required to get a representation letter from management of the reporting entity?

1. For an audit and a review, but not for a compilation.
2. For an audit, a review, and a compilation.
3. For an audit and a compilation, but not for a review.
4. For an audit only.

Professional Responsibilities

As a result of the Sarbanes-Oxley Act, the PCAOB has been created. Which of the following is false?

1. The PCAOB is a government agency.
2. The PCAOB comes under the oversight and enforcement authority of the SEC.
3. The PCAOB will be funded by fees charged to all registered accounting firms and publicly traded companies.
4. All accounting firms that participate in the preparation of an audit report for a company that issues securities must register with the PCAOB.

Sample CPA AUD Practice Question's Solutions

Auditing and Attestation: Engagement Acceptance and Understanding the Assignment

In auditing the financial statements of Durmstrang Corp., Krum discovered information leading Krum to believe that Durmstrang's prior year's financial statements, which were audited by Malfoy, require substantial revisions. Under these circumstances, Krum should

1. Request Durmstrang to arrange a meeting among the three parties to resolve the matter.
2. Notify Durmstrang's audit committee and stockholders that the prior year's financial statements cannot be relied on.
3. Notify Malfoy about the information and make inquiries about the integrity of Durmstrang's management.
4. Request Durmstrang to reissue the prior year's financial statements with the appropriate revisions.

Why? If during his audit the successor auditor becomes aware of information that leads him to believe that financial statements reported on by the predecessor auditor may require revision, he should request his client to arrange a meeting among the three parties to discuss the information and to resolve the matter.

Auditing and Attestation: Understanding the Entity and Its Environment (including Internal Control)

For effective internal control, the accounts payable department generally should:

1. stamp, perforate, or otherwise cancel supporting documentation after payment is mailed.
2. ascertain that each requisition is approved as to price and quantity by an authorized employee.
3. obliterate the quantity ordered on the receiving department copy of the purchase order.
4. compare the vendor's invoice with the receiving report and purchase order.

Why? Agreeing the vendor's invoice with the receiving report ensures that the company is only billed for what it receives. Agreeing the vendor's invoice with the purchase order ensures that the company was billed correctly for what it ordered. Upon favorable agreement, an accounts payable voucher is prepared and submitted for payment.

Auditing and Attestation: Performing Audit Procedures and Evaluating Evidence

An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete or slow-moving inventory to support management's financial statement assertion of:

1. presentation and disclosure.
2. rights and obligations.
3. valuation or allocation.
4. existence or occurrence.

Why? Assertions about valuation or allocation deal with whether asset, liability, revenue, and expense components have been included in the financial statements at appropriate amounts. Inquiries and other tests designed to determine if inventory is obsolete or slow-moving will help provide assurance that inventory, which should be adjusted to lower of cost or market, is properly valued on the financial statements.

Auditing and Attestation: Evaluating Audit Findings, Communications, and Reporting

Under which of the following circumstances would a disclaimer of opinion not be appropriate?

1. The auditor is unable to determine the amounts associated with an employee fraud scheme.
2. Management does not provide reasonable justification for a change in accounting principles.
3. The chief executive officer is unwilling to sign the management representation letter.
4. The client refuses to permit the auditor to confirm certain accounts receivable or apply alternative procedures to verify their balances.

Why? A disclaimer of opinion states that the auditor does not express an opinion on the financial statements. It is appropriate when the auditor has not performed an audit sufficient in scope to enable him to form an opinion on the financial statements. A disclaimer would not be appropriate when the auditor determines that the financial statements contain a departure from GAAP, such as when the client's management does not adequately justify a change in accounting principle. The other answers are incorrect because they are situations that could give rise to a disclaimer.

Accounting and Review Services Engagements

For what types of professional engagements is a practitioner required to get a representation letter from management of the reporting entity?

1. For an audit and a review, but not for a compilation.
2. For an audit, a review, and a compilation.
3. For an audit and a compilation, but not for a review.
4. For an audit only.

Why? A representation letter is a requirement for both an audit and a review engagement, but there is no such requirement when a practitioner performs a compilation.

Professional Responsibilities

As a result of the Sarbanes-Oxley Act, the PCAOB has been created. Which of the following is false?

1. The PCAOB is a government agency.
2. The PCAOB comes under the oversight and enforcement authority of the SEC.
3. The PCAOB will be funded by fees charged to all registered accounting firms and publicly traded companies.
4. All accounting firms that participate in the preparation of an audit report for a company that issues securities must register with the PCAOB.

Why? The Sarbanes-Oxley Act was set up in a manner such that the PCAOB would not be a government agency, but would operate as an independent, nonprofit body to oversee the reporting of financial results of public entities. To enable a proper degree of government control, the PCAOB is under the oversight and the enforcement authority of the SEC. The PCAOB is funded by fees charged to registered accounting firms and all publicly traded companies.

By the way, sign up for our 1 Week Free Trial to try out Magoosh GMAT Prep!

Looking to take the Uniform Certified Public Accountant Exam (CPA Exam) sometime in the near future? The CPA designation is one of the highest designations someone can earn in the field of accounting.

The CPA exam is very challenging and requires a ton of study time. There are 4 different tests that candidates must pass in order to earn their CPA designation.

Check out the guide below for everything you need to know about the CPA exam: who's eligible, what's on the exam, and how to pass the exam itself.

CPA Exam Overview

CPA stands for Certified Public Accountant, and the Uniform CPA Examination is a test that all aspiring CPAs need to take. It tests various skills and overall accounting knowledge to determine whether a professional accountant is ready for certification. This test is required to practice public accounting, and it's very long and intense compared to many other high-level tests required for lucrative positions.

The preparatory period for the CPA is comparatively long because there's a lot of material to cover. Below, you can find some recommended study materials to better your score on the CPA. You can also check test-guide.com to find more study materials for a variety of tests.

CPA Exam Resources

For more practice, check out our free CPA practice tests page.

CPA Prep Courses - If your career is riding on your success on the CPA exam and you have the budget, consider a CPA review course.

CPA Exam Content Outline

The CPA Exam is broken into four different sections. The test as a whole will require 16 hours to complete, with test-takers being allotted four hours per section. The four sections are:

1. Auditing and Attestation (AUD)
2. Financial Accounting and Reporting (FAR)
3. Regulation (REG)
4. Business Environment and Concepts (BEC)

Each of the exam sections tests specific knowledge in those arenas with tailored questions. Every exam section is further broken down into five 'testlets', contain different operational or pre-test questions. Furthermore, each section's content will vary between multiple-choice questions (MCQs) and task-based simulations (TBSs). Only one testlet requires written communication questions to be completed.

The AUD section has:

• 72 multiple-choice questions
• 8 task-based simulations

The BEC section has:

• 62 multiple-choice questions
• 4 task-based simulations
• 3 written communication questions

The FAR section has:

• 66 multiple-choice questions
• 8 task-based simulations

The REG section has:

• 76 multiple-choice questions
• 8 task-based simulations

Again, test-takers are given four hours for every test section. Multiple-choice questions are similar to those queries one can find on other tests. Task-based simulations are case studies that candidates respond to so they can prove their knowledge and skills. They need to generate unique and correct answers instead of selecting the correct answer from a preset collection.

The written communication tasks required test-takers to write letters, short passages, or memos that are relevant to the prompt.

All in all, the questions will challenge each applicant's:

• remembering and understanding for between 10% and 40% of the test
• application of skills for between 30% and 60% of the test
• ability to analyze public accounting information or questions for between 15% and 35% of the test
• evaluation skills for accounting problems for between 5% and 15% of the test

The content covered over the CPA Exam's four sections can vary based on current questions and focuses in the industry. But the test commonly derives questions from a few major fields:

• The AUD section provides questions that focus on professional responsibilities, ethics, assessing risk in developing plan responses, performing procedures and obtaining evidence, and forming conclusions and reporting accounting information
• The BEC section provides questions focusing on corporate governance, economic concepts and analysis, financial management, information technology, and operations management
• The FAR section is comprised of questions that emphasize conceptual framework and financial reporting, selecting financial statement accounts, selecting transactions, and state and local governments and how they apply to accounting work
• The REG section is made up of questions that focus on ethics, federal tax procedures, professional responsibilities, business law, federal taxation of property transactions, federal taxation of individuals, and federal taxation of entities

CPA Exam Administration

The American Institute of Certified Public Accountants (AICPA) is the organization responsible for developing the content of the examination, preparing the questions, and determining the method of scoring. They decide what's on the test and who can take it.

The National Association of State Boards of Accountancy (NASBA) is also important, as they are a centralized resource to whom jurisdictions (states or counties) submit information on candidates. They're also responsible for giving out examination data and advisory scores. Further, they promote uniformity across all testing locations.

The CPA Exam is proctored by Prometric, so testing windows are designated according to their schedule. This is the same organization that administers the GRE and GMAT tests for graduate students. They offer testing within eight months of the year, excluding the months of March, June, September, and December. In any other month, Prometric offers the test five or six days per week, with variation depending on where the test is administered.

CPA test-takers can:

• take one exam section at a time per day
• schedule one, some or all sections of the test during a single window or scattered throughout several testing windows
• schedule exam sections in whatever sequence they desire
• cannot take the same section more than once during a single test window

CPA Exams are offered in all 50 US states, as well as US territories like Puerto Rico, the Virgin Islands, and Guam. All students must pay a fee depending on their state of residence, in addition to extra costs for transcript reviews or online license verification. Aspiring CPAs should expect to spend about $1000 to complete all four sections of the exam.

CPA Exam Schedule - Continuous Testing

Beginning July 1, 2020, continuous testing will replace testing windows. Visit AICPA's Testing Window and Score Release Dates page for more information.

CPA Exam Requirements

Any aspiring accountant who wants to sit for the CPA Exam needs to have significant postsecondary education in the accounting field. A bachelor's degree from an accredited institution used to be enough for most test administrators.

Free Sample Cpa Exam Questions

However, today's advancements in accounting technology and new compliance laws mean that the AICPA has adjusted the educational mandate to require both 120 semester hours in a bachelor's degree accounting program in addition to 30 hours of graduate-level education. These requirements are enforced in most US states. As a result, most aspiring accountants wanting to take this exam need a master's degree in the field or a related industry.

Acceptable degrees include master's in:

• Accounting
• Taxation
• Finance
• An MBA with a concentration in accounting

Additionally, some states' CPA requirements explicitly state a master's degree is needed to sit for the CPA Exam. Others may also demand proof of citizenship or residency. If you want to sit for the CPA Exam, be sure to check out your state's requirements ahead of time.

CPA Exam Scores

Every testlet has both operational and pretest questions; the latter are not scored, though they are indistinguishable from operational questions. Pretest questions are just used as 'test' questions for future versions of the CPA Exam.

Every testlet with multiple-choice questions can be one of two difficulties – medium or difficult. Additionally, individual question difficulty can vary dramatically, although 'difficult' tests are generally harder than those labeled 'medium'. All CPA candidates receive medium testlets at first, though the succeeding section could be the same difficulty or higher. This is relevant because your CPA scoring process takes the difficulty of all questions into account.

Sample Cpa Exam Questions And Answers Pdf

In auditing the financial statements of Durmstrang Corp., Krum discovered information leading Krum to believe that Durmstrang's prior year's financial statements, which were audited by Malfoy, require substantial revisions. Under these circumstances, Krum should

1. Request Durmstrang to arrange a meeting among the three parties to resolve the matter.
2. Notify Durmstrang's audit committee and stockholders that the prior year's financial statements cannot be relied on.
3. Notify Malfoy about the information and make inquiries about the integrity of Durmstrang's management.
4. Request Durmstrang to reissue the prior year's financial statements with the appropriate revisions.

Auditing and Attestation: Understanding the Entity and Its Environment (including Internal Control)

For effective internal control, the accounts payable department generally should:

1. stamp, perforate, or otherwise cancel supporting documentation after payment is mailed.
2. ascertain that each requisition is approved as to price and quantity by an authorized employee.
3. obliterate the quantity ordered on the receiving department copy of the purchase order.
4. compare the vendor's invoice with the receiving report and purchase order.

Auditing and Attestation: Performing Audit Procedures and Evaluating Evidence

An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete or slow-moving inventory to support management's financial statement assertion of:

1. presentation and disclosure.
2. rights and obligations.
3. valuation or allocation.
4. existence or occurrence.

Auditing and Attestation: Evaluating Audit Findings, Communications, and Reporting

Under which of the following circumstances would a disclaimer of opinion not be appropriate?

1. The auditor is unable to determine the amounts associated with an employee fraud scheme.
2. Management does not provide reasonable justification for a change in accounting principles.
3. The chief executive officer is unwilling to sign the management representation letter.
4. The client refuses to permit the auditor to confirm certain accounts receivable or apply alternative procedures to verify
   their balances.

Accounting and Review Services Engagements

For what types of professional engagements is a practitioner required to get a representation letter from management of the reporting entity?

1. For an audit and a review, but not for a compilation.
2. For an audit, a review, and a compilation.
3. For an audit and a compilation, but not for a review.
4. For an audit only.

Professional Responsibilities

As a result of the Sarbanes-Oxley Act, the PCAOB has been created. Which of the following is false?

1. The PCAOB is a government agency.
2. The PCAOB comes under the oversight and enforcement authority of the SEC.
3. The PCAOB will be funded by fees charged to all registered accounting firms and publicly traded companies.
4. All accounting firms that participate in the preparation of an audit report for a company that issues securities must register with the PCAOB.

Sample CPA AUD Practice Question's Solutions

Auditing and Attestation: Engagement Acceptance and Understanding the Assignment

In auditing the financial statements of Durmstrang Corp., Krum discovered information leading Krum to believe that Durmstrang's prior year's financial statements, which were audited by Malfoy, require substantial revisions. Under these circumstances, Krum should

1. Request Durmstrang to arrange a meeting among the three parties to resolve the matter.
2. Notify Durmstrang's audit committee and stockholders that the prior year's financial statements cannot be relied on.
3. Notify Malfoy about the information and make inquiries about the integrity of Durmstrang's management.
4. Request Durmstrang to reissue the prior year's financial statements with the appropriate revisions.

Why? If during his audit the successor auditor becomes aware of information that leads him to believe that financial statements reported on by the predecessor auditor may require revision, he should request his client to arrange a meeting among the three parties to discuss the information and to resolve the matter.

Auditing and Attestation: Understanding the Entity and Its Environment (including Internal Control)

For effective internal control, the accounts payable department generally should:

1. stamp, perforate, or otherwise cancel supporting documentation after payment is mailed.
2. ascertain that each requisition is approved as to price and quantity by an authorized employee.
3. obliterate the quantity ordered on the receiving department copy of the purchase order.
4. compare the vendor's invoice with the receiving report and purchase order.

Why? Agreeing the vendor's invoice with the receiving report ensures that the company is only billed for what it receives. Agreeing the vendor's invoice with the purchase order ensures that the company was billed correctly for what it ordered. Upon favorable agreement, an accounts payable voucher is prepared and submitted for payment.

Auditing and Attestation: Performing Audit Procedures and Evaluating Evidence

An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete or slow-moving inventory to support management's financial statement assertion of:

1. presentation and disclosure.
2. rights and obligations.
3. valuation or allocation.
4. existence or occurrence.

Why? Assertions about valuation or allocation deal with whether asset, liability, revenue, and expense components have been included in the financial statements at appropriate amounts. Inquiries and other tests designed to determine if inventory is obsolete or slow-moving will help provide assurance that inventory, which should be adjusted to lower of cost or market, is properly valued on the financial statements.

Auditing and Attestation: Evaluating Audit Findings, Communications, and Reporting

Under which of the following circumstances would a disclaimer of opinion not be appropriate?

1. The auditor is unable to determine the amounts associated with an employee fraud scheme.
2. Management does not provide reasonable justification for a change in accounting principles.
3. The chief executive officer is unwilling to sign the management representation letter.
4. The client refuses to permit the auditor to confirm certain accounts receivable or apply alternative procedures to verify their balances.

Why? A disclaimer of opinion states that the auditor does not express an opinion on the financial statements. It is appropriate when the auditor has not performed an audit sufficient in scope to enable him to form an opinion on the financial statements. A disclaimer would not be appropriate when the auditor determines that the financial statements contain a departure from GAAP, such as when the client's management does not adequately justify a change in accounting principle. The other answers are incorrect because they are situations that could give rise to a disclaimer.

Accounting and Review Services Engagements

For what types of professional engagements is a practitioner required to get a representation letter from management of the reporting entity?

1. For an audit and a review, but not for a compilation.
2. For an audit, a review, and a compilation.
3. For an audit and a compilation, but not for a review.
4. For an audit only.

Why? A representation letter is a requirement for both an audit and a review engagement, but there is no such requirement when a practitioner performs a compilation.

Professional Responsibilities

As a result of the Sarbanes-Oxley Act, the PCAOB has been created. Which of the following is false?

1. The PCAOB is a government agency.
2. The PCAOB comes under the oversight and enforcement authority of the SEC.
3. The PCAOB will be funded by fees charged to all registered accounting firms and publicly traded companies.
4. All accounting firms that participate in the preparation of an audit report for a company that issues securities must register with the PCAOB.

Why? The Sarbanes-Oxley Act was set up in a manner such that the PCAOB would not be a government agency, but would operate as an independent, nonprofit body to oversee the reporting of financial results of public entities. To enable a proper degree of government control, the PCAOB is under the oversight and the enforcement authority of the SEC. The PCAOB is funded by fees charged to registered accounting firms and all publicly traded companies.

By the way, sign up for our 1 Week Free Trial to try out Magoosh GMAT Prep!

Looking to take the Uniform Certified Public Accountant Exam (CPA Exam) sometime in the near future? The CPA designation is one of the highest designations someone can earn in the field of accounting.

The CPA exam is very challenging and requires a ton of study time. There are 4 different tests that candidates must pass in order to earn their CPA designation.

Check out the guide below for everything you need to know about the CPA exam: who's eligible, what's on the exam, and how to pass the exam itself.

CPA Exam Overview

CPA stands for Certified Public Accountant, and the Uniform CPA Examination is a test that all aspiring CPAs need to take. It tests various skills and overall accounting knowledge to determine whether a professional accountant is ready for certification. This test is required to practice public accounting, and it's very long and intense compared to many other high-level tests required for lucrative positions.

The preparatory period for the CPA is comparatively long because there's a lot of material to cover. Below, you can find some recommended study materials to better your score on the CPA. You can also check test-guide.com to find more study materials for a variety of tests.

CPA Exam Resources

For more practice, check out our free CPA practice tests page.

CPA Prep Courses - If your career is riding on your success on the CPA exam and you have the budget, consider a CPA review course.

CPA Exam Content Outline

The CPA Exam is broken into four different sections. The test as a whole will require 16 hours to complete, with test-takers being allotted four hours per section. The four sections are:

1. Auditing and Attestation (AUD)
2. Financial Accounting and Reporting (FAR)
3. Regulation (REG)
4. Business Environment and Concepts (BEC)

Each of the exam sections tests specific knowledge in those arenas with tailored questions. Every exam section is further broken down into five 'testlets', contain different operational or pre-test questions. Furthermore, each section's content will vary between multiple-choice questions (MCQs) and task-based simulations (TBSs). Only one testlet requires written communication questions to be completed.

The AUD section has:

• 72 multiple-choice questions
• 8 task-based simulations

The BEC section has:

• 62 multiple-choice questions
• 4 task-based simulations
• 3 written communication questions

The FAR section has:

• 66 multiple-choice questions
• 8 task-based simulations

The REG section has:

• 76 multiple-choice questions
• 8 task-based simulations

Again, test-takers are given four hours for every test section. Multiple-choice questions are similar to those queries one can find on other tests. Task-based simulations are case studies that candidates respond to so they can prove their knowledge and skills. They need to generate unique and correct answers instead of selecting the correct answer from a preset collection.

The written communication tasks required test-takers to write letters, short passages, or memos that are relevant to the prompt.

All in all, the questions will challenge each applicant's:

• remembering and understanding for between 10% and 40% of the test
• application of skills for between 30% and 60% of the test
• ability to analyze public accounting information or questions for between 15% and 35% of the test
• evaluation skills for accounting problems for between 5% and 15% of the test

The content covered over the CPA Exam's four sections can vary based on current questions and focuses in the industry. But the test commonly derives questions from a few major fields:

• The AUD section provides questions that focus on professional responsibilities, ethics, assessing risk in developing plan responses, performing procedures and obtaining evidence, and forming conclusions and reporting accounting information
• The BEC section provides questions focusing on corporate governance, economic concepts and analysis, financial management, information technology, and operations management
• The FAR section is comprised of questions that emphasize conceptual framework and financial reporting, selecting financial statement accounts, selecting transactions, and state and local governments and how they apply to accounting work
• The REG section is made up of questions that focus on ethics, federal tax procedures, professional responsibilities, business law, federal taxation of property transactions, federal taxation of individuals, and federal taxation of entities

CPA Exam Administration

The American Institute of Certified Public Accountants (AICPA) is the organization responsible for developing the content of the examination, preparing the questions, and determining the method of scoring. They decide what's on the test and who can take it.

The National Association of State Boards of Accountancy (NASBA) is also important, as they are a centralized resource to whom jurisdictions (states or counties) submit information on candidates. They're also responsible for giving out examination data and advisory scores. Further, they promote uniformity across all testing locations.

The CPA Exam is proctored by Prometric, so testing windows are designated according to their schedule. This is the same organization that administers the GRE and GMAT tests for graduate students. They offer testing within eight months of the year, excluding the months of March, June, September, and December. In any other month, Prometric offers the test five or six days per week, with variation depending on where the test is administered.

CPA test-takers can:

• take one exam section at a time per day
• schedule one, some or all sections of the test during a single window or scattered throughout several testing windows
• schedule exam sections in whatever sequence they desire
• cannot take the same section more than once during a single test window

CPA Exams are offered in all 50 US states, as well as US territories like Puerto Rico, the Virgin Islands, and Guam. All students must pay a fee depending on their state of residence, in addition to extra costs for transcript reviews or online license verification. Aspiring CPAs should expect to spend about $1000 to complete all four sections of the exam.

CPA Exam Schedule - Continuous Testing

Beginning July 1, 2020, continuous testing will replace testing windows. Visit AICPA's Testing Window and Score Release Dates page for more information.

CPA Exam Requirements

Any aspiring accountant who wants to sit for the CPA Exam needs to have significant postsecondary education in the accounting field. A bachelor's degree from an accredited institution used to be enough for most test administrators.

Free Sample Cpa Exam Questions

However, today's advancements in accounting technology and new compliance laws mean that the AICPA has adjusted the educational mandate to require both 120 semester hours in a bachelor's degree accounting program in addition to 30 hours of graduate-level education. These requirements are enforced in most US states. As a result, most aspiring accountants wanting to take this exam need a master's degree in the field or a related industry.

Acceptable degrees include master's in:

• Accounting
• Taxation
• Finance
• An MBA with a concentration in accounting

Additionally, some states' CPA requirements explicitly state a master's degree is needed to sit for the CPA Exam. Others may also demand proof of citizenship or residency. If you want to sit for the CPA Exam, be sure to check out your state's requirements ahead of time.

CPA Exam Scores

Every testlet has both operational and pretest questions; the latter are not scored, though they are indistinguishable from operational questions. Pretest questions are just used as 'test' questions for future versions of the CPA Exam.

Every testlet with multiple-choice questions can be one of two difficulties – medium or difficult. Additionally, individual question difficulty can vary dramatically, although 'difficult' tests are generally harder than those labeled 'medium'. All CPA candidates receive medium testlets at first, though the succeeding section could be the same difficulty or higher. This is relevant because your CPA scoring process takes the difficulty of all questions into account.

Sample Cpa Exam Questions And Answers Pdf

All section scores are reported on a scale that goes from 0 to 99. Test-takers must reach total reported scores of 75 in order to pass that section. This is not a percentage – just a point total. Additionally, the total score from the FAR, REG, and AUD sections will be weighted as a combination of scaled scores from both the MCQs and TBSs. The BEC section is graded as a weighted combination of the scaled scores from all of their questions, including the written communication tasks.

The scaled scores described above are calculated using formulas that account for the difficulty of the questions.

Multiple-choice questions contribute:

• 50% of the score for all sections

Task-based simulations contribute:

• 50% of the score for the AUD, FAR, and REG sections
• 35% of the score for the BEC section

Written communication tasks contribute:

• 15% of the score for the BEC section

Furthermore, every section of the CPA Exam needs to be passed within an 18-month window. This window officially begins when the candidate passes the first exam. If the window goes by without all four sections being passed, the applicant must start again.

CPA FAQs

What are the four CPA exams?

Does it matter how many times you take the CPA exam?

Sample Cpa Exam Questions And Answers

What are the best CPA review courses?

Audit Cpa Exam Sample Questions

Practice Cpa Exam Questions

What is CPA exam for?

How much are CPA prep courses?

Far Cpa Exam Sample Questions

Last Updated: 1/13/2021