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The CPA-FAR Exam section covers topics like financial transactions, financial statements, GAAP, and reporting for nonprofits. Most 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 employee,…

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…

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…

The NASBA (National Association of State Boards of Accountancy) and the state board of accountancy govern the eligibility rules of CPA. The CPA exam requirements vary by state jurisdiction. Every state board of accountancy has a different set of requirements, but most states have a core set of qualifications for a candidate to be eligible for the CPA exam.  Let’s go through the CPA license requirements. In general, many states ask for 150 credit hours…

The regulation (REG) section in the CPA exam consists of federal taxation, business law, legal and professional responsibilities. The candidate has three hours to complete the section. It is broken into 3 testlets containing MCQs (multiple-choice questions) and TBS (task-based simulations). The REG section is considered tough because 60% of the exam focuses on taxation. Over the last few years, the CPA-REG section has had poor pass rates, so it shouldn’t be taken easily.  REG…