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CPA Course Review?

A certified public accountant is a professional who has obtained a CPA license from any of the 55 US State Boards of Accountancy, all of which are part of the (NASBA) National Association of the State Boards of Accounting. Each state board has rights to grant a CPA license. One must compulsory to meet all state board requirements including education, experience and exams.

Due to the widespread awareness and acceptance of the CPA credential, it is understood that a CPA has the required knowledge of all accounting areas such as financial planning, income tax, financial statement analysis, , tax preparation, internal auditing, and other accounting specialties. In short, a CPA is someone who has knowledge of all elements of the accounting profession. This is also one of the many reasons why professional organizations look to CPAs for complex accounting and financial tasks.

CPA Eligibility Criteria

The CPA exam is administered by AICPA, the world’s largest accounting institution. AICPA offers membership to any candidate who completes all 4 CPA exams. However, CPA licenses are issued in the USA by the 55 state board of accountants that are part of the NASBA. Each state board has different eligibility criteria that require candidates to take the CPA exam.

General rule:

  • You must Master’s degree in business, economics or finance.
  • You need 120 points to take the CPA exam and 150 points to obtain a CPA license .
  • This is  equivalent of one year of university study in India . 30 credits USA education
  • But in some cases, the first-year graduation of a three-year degree from an NAAC-A accredited university in India is also eligible to take the CPA exam.

Exam Pattern and Passing percentage

What  is the percentage that is required to pass CPA Exam?

A CPA aspitrant must bring  75 or more to clear CPA exam. According to AICPA, the CPA exam must be scored on a scale of 0-99. CPA Aspirants usually get confused about those 75 scores are considered as 75 percent or points. So, fo your kind information that aspirant needs to get 75 points to crack the CPA exam.

Multiple-Choice Question Scoring:

The MCQ testlets, called a multi-stage testing approach. This means that as the candidate keeps performing through each section, the level of difficulty of the next changes accordingly. If you perform really well in the first set of questions, the next set will be difficult ones. Difficult MCQs are weighted more than easy MCQs. Thus, one correctly answered difficult MCQ would improve your score more than several correctly answered easy MCQs.

Task-Based Simulation scoring:

These are problems that you need to solve based on situations and concepts. They are matching or fill in the blank kind of questions.

Written Communication Scoring:

This checks your ability to perform communication skills like demonstration and creative writing. Most of the time the BEC section of the CPA exam has written communication and in this section you have to type out the answer in a blank word document.

License

The NASBA (National Association of State Boards of Accountancy) and the state board of accountancy governs 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 in some specific courses from a university or an accredited institute under NASBA.
  • The candidate should pass the Ethics exam.
  • Must have 2,000 hours of work experience in taxation, auditing, accounting and management consultancy (need not be under a CPA supervisor.
  • Age limit: 18+ years.
Besides the above requirements, the candidate must have a bachelor’s degree in Commerce/Accounting/Business with any of the below qualifications:
  • Member of the “Institute of Costs & Works Accountants in India.”
  • Member of the “Institute of Chartered Accountants of India.”
  • Member of the “Company Secretaries in India.”
  • MBA.
  • Master of Commerce.

Career

  • Financial Planning
  • Consulting Services
  • Assurance Services
  • Information Technology Services
  • International Accounting
  • Taxation Services
  • Litigation Services
  • Business Valuation
  • Non-Profit Organizations
  • Forensic Accounting

FAQs (Frequently Asked Questions)

1. Is it easy to crack CPA exam?
  • To be Very frank, US CPA won’t be served on a platter to you. Yes, you’ll have to earn it! Yes, it’s gonna be a lot of hardwork, it will need a lot of commitment. But the silver lining, the CPA course is only 4 exams that you can pass in 12-16 months (with an effort of approx. 20 hours/week).
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1. Following details are related to a firm’s banking transactions at 31st March, 2019. Balance as per bank statement Rs. 22,650; uncleared lodgements Rs. 3,110; unpresented cheques Rs. 6,290. Bank credit recorded twice by bank in error as Rs. 650.
Which balance for cash at bank should appear in the Balance Sheet as at 31st March, 2019?

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2. Overdraft as per Cash Book is Rs. 10,000. Cheques deposited but not credited Rs.2,500. Cheques issued but not encashed Rs.3,500. What is the balance as per Pass Book?

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3. A bank reconciliation statement is prepared by

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4. Payment done by the account holder through issuing a cheque is entered in

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5. A business receives its bank statement showing the closing balance as Rs. 8,500 overdrawn. It is found that there were unpresented cheques amounting to Rs. 2,000 and uncredited deposits amounted to Rs. 1,500. Overdraft as per Cash Book is:

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6. Pass Book of the account holder is a copy of

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7. Customer’s copy of the account provided by the bank to the depositor to record deposits and withdrawals is called:

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8. Uncollected checks are also known as?

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9. Bank statement also called?

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10. VRC Ltd. receives a check for Rs. 100 records it in cash book and deposits it on the same day. A statement sent by the bank that day does not show this Rs. 100. How is this shown on the bank reconciliation statement?

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11. If balance in the bank statement shows Rs. 3,000 (Dr.) and there are deposits of Rs. 800 not yet credited and unpresented cheques totalling Rs. 500, the balance in the Cash Book should be:

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12. Passbook is a copy of:

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13. Bank Reconciliation Statement is prepared:

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14. A bank reconciliation statement is mainly prepared for:

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15. A Bank Reconciliation Statement is:

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16. Unfavourable bank balance means

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17. Cash book balance was Rs. 1,790 (Dr.). When compared with the bank statement, it was identified that unpresented cheques were Rs. 1,040 and deposits not credited were Rs. 820. Balance of the bank statement will

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18. The cheque which is issued to creditor but is not presented for payment is called?

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19. Unfavourable bank balances means:

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20. ‘NSF’ marked in cheque sent back by the bank indicates

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21. Ravi’s bank reconciliation statement shows cheques deposited but not credited by bank of Rs. 3,800 and cheques issued but not presented by suppliers of Rs. 3,500. His bank balance as per Cash Book is Rs. 25,000. Balance as per pass book statement is

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22. Current account shows Rs. 1,000 as overdrawn. When bank statement is received, it was identified that one of debtors has deposited Rs. 400 into the account and bank charges of Rs. 20 had been debited to the account. Bank Statement balance is

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23. Find out the Bank Balance as per Cash Book from the following particulars :
(i) Overdraft as per Pass Book = Rs. 5,000.
(ii) Cheques deposited into the bank but not credited = Rs.2,000

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24. When check is not paid by the bank, it is called?

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25. Bank charges Rs.5,000 debited twice in pass book. What should be done in BRS if overdraft as per cash book is starting point?

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26. The balance on the debit side of the bank column of cash book indicates?

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