The Financial Accounting and Reporting section of the Certified Public Accounting exam is the longest section of the CPA certification process. This section is often considered the most difficult because it covers more topics than the other sections of the test. The four hour test is 60 percent multiple choice, 40 percent constructed response, and covers 150 Financial Accounting Standards Board topics, in addition to governmental standards. It is important to prepare for the test in advance to avoid paying seating fees more than once.
Instructions
1. Select a review plan or preparation course. There are several review courses that can be purchased. Select a study course that works with your learning style. Look for a program that not only gives basic information, but also shows how that information is applied. Also look for a program that has test simulations so that you get some real test taking experience.
2. Develop a studying schedule. Have a plan for when and where you will study. Build the schedule a week at a time. You do not need to study the same amount of time daily; be realistic about the amount of time you can set aside. It is important to make time to study every day, however, so that the material remains fresh in your mind and becomes part of your routine.
3. Devote yourself to studying the material. Do not allow distractions to enter your study time. When studying try to avoid computers, phones, television and other media that will distract you from the study materials.
4. Study all of the FASB topics and governmental standards evenly. It is better to know some things about all of the topics that will be tested that to know everything about some standards and nothing about others.
5. Practice taking the test. Find practice questions and test simulators and practice taking the test. Take the practice test under timed conditions so that you know what the time restraints will feel like and you can time about how long you have to answer each question.
6. Continue reviewing all the way up to the day of the test. Take a list of 10 items to the test with you to review while you wait for the examination to begin.
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