Before candidates take the CPA exam, they must complete the accounting curriculum offered by an accredited college or university.
The Uniform Certified Public Accountants Examination (CPA Exam) is administered to test the accounting knowledge of qualified candidates. To qualify to take the exam, candidates must complete the educational requirement for their jurisdiction. According to the American Institute of CPAs, many states and jurisdictions require 150 semester hours of education to obtain CPA certification. There's no specific list of courses candidates must complete; accredited colleges or universities determine which ones are required.
Financial Accounting
Financial accounting courses provide students with accounting fundamentals. Typically, colleges and universities require all business majors to take financial accounting courses. Generally, the courses are provided in two parts and teach students about debits and credits, basic financial statements, and the concepts of generally accepted accounting principles. Financial accounting is the backbone of the accounting profession and is needed to perform bookkeeping duties, tax returns and financial statement audits.
Auditing
Auditing courses prepare students to evaluate whether financial statement accounts are presented in accordance with generally accepted accounting principles. Auditing courses review auditing standards, financial statement assertions, sampling techniques and the concept of materiality. They also cover the types and significance of an auditor's report. The CPA exam has a section, Auditing and Attestation, dedicated to the content of auditing curricula.
Taxation
Taxation courses commonly cover tax planning, research techniques and tax preparation. Students majoring in accounting are trained to interpret tax laws and apply them to common business transactions. For instance, a major university offers a course entitled, "Taxation of Business Entities and Transactions" that reviews tax laws that affect business entities and common business transactions.
Government and Not-For-Profit
Courses geared to the government and not-for-profit sectors focus on the types of entities, standards and reporting requirements necessary for those entities. They review the financial statements and auditor's reports typically issued for governmental and not-for-profit organizations as well as the expanded auditing requirements established by the federal government.
Economics and Business Law
Courses in economics and business law are sometimes offered on the graduate level and require students to master subjects that range from statistical methods to the Uniform Commercial Code. The CPA Exam tests candidates' knowledge of the subject matter in the Regulations and Business Environment and Concepts sections.
Tags: financial statement, must complete, accepted accounting, accepted accounting principles, accounting courses, accounting principles