How to pass the CPA-FINANCIAL examination

For many professionals passing the CPA-FINANCIAL is such a struggle. This is one of the sections given when taking the CPA examination. Anyone who wants to obtain the certification should not only complete the Accounting degree but also pass the CPA Financial Accounting and Reporting exam. It is the biggest and perhaps the most intimidating section in the entire examination coverage.

This section evaluates the understanding and knowledge of the candidate about financial reporting framework utilized by organizations, government entities and business enterprises. The difficulty of the examination should not hinder you from taking the test. In fact, despite of the difficulty, thousands of professionals became successful in passing the CPA Financial Accounting and Reporting exam. All you need is a solid strategy, confident and courageous.

Topics covered in the CPA- FINANCIAL examination

The examination is composed of several content and level of difficulties as follows:

• Financial accounting - 80%
• Governmental accounting - 10%
• Non-profit entities - 10%

The topics are tough, that is why in order to ensure passing the CPA-FINANCIAL exam the candidate should have adequate knowledge about the topics. Likewise, it is also important to have good command and understanding of the financial accounting standards issued by FASB, GASB and other accounting entities. On the other hand, the candidate should also know the sections included in the examination as follows:

1. Intermediate accounting – This section includes topics such as income statement, balance sheet, current liabilities and current assets, inventory, fixed assets and other money issues.
2. Intermediate accounting – This is different from the first section because this one tackles accounting for bonds, accounting for pension, investments, deferred income taxes as well as stockholder’s equity. The candidate should also be familiar about the statement of cash flows and statement of comprehensive income. Likewise, it is also vital to recognize accounting changes, accounting errors and revenue.
3. Advanced accounting – In this section, the topics include intercompany transaction and consolidated financial statement reporting.
4. Non-profit and governmental accounting – This section is a part of the advanced accounting course.

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Indeed, at first glance it is difficult to pass the CPA Financial Accounting and Reporting exam. However, as long as you are armed you with sufficient knowledge can ensure that it will be easier to pass the examination. This makes sense of finding review materials that can help in getting updated and accurate information related to the topics.

It is good to choose study materials that contain practice tests. In this way you can do practice problems that can help you in gauging how far you understand the topics. As you browse the internet, you will find websites offering reviews materials for CPA review. However, make sure that the study materials are designed by certified professionals. Spend more time working with the formulas in uncovering the answers.

It is possible to pass the CPA-FINANCE as long as you will use the review materials with the key concepts, formulas and algorithms as well as other accounting principles. Likewise, you should avoid studying those that are not included in the CPA exam otherwise it will gobble your mind.

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