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The CPA-FAR Exam section covers topics like financial transactions, financial statements, GAAP, reporting for nonprofits. Most of the CPA aspirants consider FAR to be the challenging one among the remaining CPA exam sections because of its length. This exam is also considered as difficult because it tests the candidate’s understanding of statement presentation, financial reports, and business transactions using IFRS, GAAP, and governmental accounting systems. There’s also common to see topics like benefits of the…

The Uniform Certified Public Accountant examination is a credentialing exam for professionals seeking to become CPAs. It is graded by AICPA (American Institute of Certified Public Accountants) and administered with NASBA (National Association of State Boards of Accountancy).  CPA Exam Format: The CPA exam consists of 4 sections. Auditing and Attestation (AUD) Regulation (REG) Financial Accounting and Reporting (FAR) Business Environment and Concepts (BEC) There are 3 types of questions in the CPA exam: Multiple-Choice…

Shortage of CPAs has been continuing for decades, and the survey of AICPA’s 2019 PCPS CPA firm says the primary issue for most public accounting firms is staff recruitment. The U.S. Bureau of Labour Statistics has reported that unemployment for auditors and accountants is under 2 percent. In recent years, record numbers are majoring in accounting, but the people sitting for the CPA exam are static, which results in “CPA gap.” An individual must pass…

NASBA has declared CPA exam results for September. One of the crucial parts of the CPA journey is waiting for your scores to be released!! Once the examination is taken, waiting for exam results is a nerve-wracking experience for most students since they have put an immense amount of hard work and time in order to prepare for the exam successfully.  CPA Exam Score Release Dates Testing Window: July 1 – December 31, 2020: If…

Full form of CPA: Full form of CPA is (Certified Public Accountant) is a designation given by AICPA to the individuals who have passed the Uniform CPA exam, met the required and relevant experience. The CPA designation enforces high professional standards in the field of accounting.  CPA Course Eligibility: To appear for the CPA exam, the candidate must have any of the following qualifications. Member of the “Institute of Costs & Works Accountants in India.”…

What are the Professional Courses? Professional courses refer to education and training which match the industry’s needs. These courses focus on career development and skill-building. For any organization, the entry-level requirements may vary depending on the sector, but these courses are mandatory for many industries and professions. After the completion of any specialized professional courses, job aspirants can easily find employment because of their wide acceptability in the organizations. To acquire advanced skills, many people…

Accounting is a process of recording, reporting and analyzing a company’s financials. Bookkeeping is the recording part of the accounting process, in which the business financial transactions are entered into a database. Both Accounting and Bookkeeping are essential for every business organization; it’s because they can deal with financial data and generate reports using financial transactions. Besides, both these processes have their own set of advantages. The major misconception regarding Accounting vs Bookkeeping is that…

FAR (Financing Accounting and Reporting) is one of the sections in the CPA exam. It covers topics like financial statements, GAAP, reporting, and financial transactions. The CPA aspirants consider FAR as a challenging section because of its length. CPA FAR Exam Format: The FAR section starts with two multiple-choice testlets containing 33 MCQs in each testlet. Later, you are allowed to start two testlets which contain 8 task-based simulations. Question Type No of Questions Multiple-Choice…

The difference between accounting and finance is that accounting is referred to as the flow of money in and out of an institute/company/organization. In contrast, finance is a term for the management of liabilities, assets and planning of future growth. Accounting is more about compliance with laws and standards. Finance is all about growing money and mitigating losses. Making a choice: Accounting vs Finance: Among accounting and finance, it’s hard to conclude which is best.…

The AICPA (American Institute of CPAs) has designed Task-Based Simulations (TBS) to test the processing abilities of candidates by combining many functions, applications, and areas of study. Don’t assume that the task-based simulations are a difficult part of the CPA exam.  Let’s know more about CPA task-based simulations. What are Task-Based Simulations in the CPA exam? Simulations are case-based problems that are required to make journal entries, research topics, match definitions, and also cite authoritative…