How To Pass The CPA ExamThe IPassTheCPAExam.com Guide for International Candidates
A CPA exam guide written specifically for international students The US CPA qualification exam is the most popular professional accounting qualification not just in the United States, but around the world as well. As international testing centers open across the globe, increasing numbers of non-American students are taking the exam, but lack a study resource written specifically for them. Author Stephanie Ng passed the exam in less than a year and operates a popular exam test-prep website at IPassTheCPAExam.com. In How to Pass the CPA Exam, Ng explains her techniques and study tactics specifically for students outside the United States. A comprehensive and practical study guide for CPA exam students outside the United States Written by the operator of a highly popular test-prep website for international students Includes practical and effective test-prep resources Packed with smart advice presented from an international perspective, How to Pass the CPA Exam is a must for international students preparing for the test.
Introduction 1 Chapter 1 Why CPA? 5 What Is CPA? 5 Five Reasons to Become a CPA 6 Five More Reasons to Become a CPA for International Candidates 9 What Are You Waiting For? 12 Chapter 2 What Is the CPA Exam? 13 Exam Coverage 13 Exam Schedule and Location 15 Exam Qualifications 16 Exam?]Taking Strategy 18 Exam Design and Navigation 20 After the Exam 22 Chapter 3 How to Get Qualified 25 An Overview 25 The Educational Requirements 26 The Experience Requirements 33 Citizenship and Residency Requirements 36 Taking Advantage of the Differences 37 Taking the Exam at International Sites: The Pros and Cons 47 CPA Exam Qualification Quiz 48 Final Thoughts 50 Chapter 4 Getting Ready 51 Budgeting 51 Submitting the Application 53 Scheduling the Exam 55 Travel and Accommodation 57 What to Bring on Exam Day 59 What to Expect at the Prometric Center 61 What to Expect after the Exam 63 Are You Ready? 63 Chapter 5 Creating a Study Plan 65 But I Can’t Afford to Plan. I Am So Busy! 65 Step 1: Aim to Complete the Exam within One Year 66 Step 2: Settle on the Sequence 66 Step 3: Estimate the Time Required for Study 67 Step 4: Plan to Complete Each Section in One Quarter 69 Step 5: Write It Down! 72 Chapter 6 How to Become More Efficient and Effective 73 Create 25 Hours in a Day 73 Transform Your Stress into Strength 78 Let’s Move On! 83 Chapter 7 Study Tips and Exam-Taking Strategies 85 Study Tips 85 Exam-Taking Strategies 95 Chapter 8 How to Overcome the Fear of Task-Based Simulations 99 Study Tips 100 Exam-Taking Strategies 101 Chapter 9 How to Ace the Written Communication Tasks 105 What Are the Examiners Looking For? 105 Seven Tips for Writing Success 106 Seven Steps to Creating a Great Piece of Business Writing 108 Chapter 10 Audit and Attestation (AUD) 113 What Does AUD Cover? 113 Pass Rate History and Trend 114 Study Tips 115 Exam?]Taking Strategies 117 Presenting the Outline 118 Module 1: Professional Responsibilities 118 Module 2: Engagement Planning and Assessing Risks 119 Module 3: Understanding Internal Control and Assessing Control Risk 121 Module 4: Responding to Risk Assessment 124 Module 5: Reporting 126 Module 6: Accounting and Review Services 127 Module 7: Audit Sampling 129 Module 8: Auditing with Technology 130 Reader’s Sharing 130 Chapter 11 Financial Accounting and Reporting (FAR) 133 What Does FAR Cover? 133 Passing Rate History and Trend 134 Study and Exam?]Taking Tips 134 Presenting the Outline 136 Module 9: Basic Theory and Financial Reporting 136 Module 10: Inventory 138 Module 11: Fixed Assets 140 Module 12: Monetary Current Assets and Current Liabilities 142 Module 13: Present Value 143 Module 14: Deferred Taxes 145 Module 15: Stockholders’ Equity 146 Module 16: Investments 148 Module 17: Statement of Cash Flows 150 Module 18: Business Combinations and Consolidations 151 Module 19: Derivative Instruments and Hedging Activities 153 Module 20: Miscellaneous 154 Module 21: Government (State and Local) Accounting 155 Module 22: Not?]for?]Profit Accounting 157 Readers’ Sharing 158 Chapter 12 Regulation (REG) 161 What Does REG Cover? 161 Passing Rate History and Trend 162 Study and Exam?]Taking Tips 162 Presenting the Outline 163 Module 23: Professional and Legal Responsibilities 163 Module 24: Federal Securities Acts 166 Module 25: Business Structure 168 Module 26: Contracts 169 Module 27: Sales 171 Module 28: Commercial Paper 172 Module 29: Secured Transactions 174 Module 30: Bankruptcy 176 Module 31: Debtor?]Creditor Relationships 178 Module 32: Agency 180 Module 33: Regulation of Business Employment, Environment, and Antitrust 181 Module 34: Property 184 Module 35: Individual Taxation 185 Module 36: Transactions in Property 188 Module 37: Partnership Taxation 189 Module 38: Corporate Taxation 191 Module 39: Other Taxation Topics 191 Reader’s Sharing 192 Chapter 13 Business Environment and Concepts (BEC) 193 Passing Rate History and Trend 193 Study and Exam?]Taking Tips 194 Presenting the Outline 196 Module 40: Corporate Governance, Internal Control, and Enterprise Risk Management 196 Module 41: Information Technology 198 Module 42: Economics, Strategy, and Globalization 200 Module 43: Financial Risk Management and Capital Budgeting 202 Module 44: Financial Management 204 Module 45: Performance Measures 205 Module 46: Cost Measurement 206 Module 47: Planning, Control, and Analysis 208 Reader’s Sharing 211 Chapter 14 What If I Fail? 213 Perform a Self?]Evaluation 213 Review the Diagnostic Report 216 Recharge and Get Back the Momentum 216 The CPA Exam Is Not Rocket Science 217 Chapter 15 Final Words 219 Appendix A Countdown Plans 221 Appendix B Packing for the Exam Trip 223 Glossary 225 Acknowledgments 229 About the Author 231 Index 233
STEPHANIE NG is a CPA (not in public practice). She received a bachelor of arts in economics with a second concentration in public policy studies from the University of Chicago. She began her career as an investment banker at Lehman Brothers and Morgan Stanley before joining her client to work in the Group Finance department, where she spent five years specializing in corporate finance, mergers and acquisition, and debt refinancing and obtained her CPA qualification. Stephanie launched a CPA exam preparation website, IPassTheCPAExam.com, in January 2010 to help accountants around the world obtain the U.S. CPA qualification, providing information on CPA exam requirements, review courses comparison, and exam taking strategies. She welcomes readers' questions through her Facebook page at www.facebook.com/ipassthecpaexam.
"Ms. Ng provides aspiring CPAs a great service with this book. Intended for accountants educated outside the United States, this resource helps users navigate the daunting U.S. certification and examination process from beginning to end. It is easy to follow with information that is both honest and inspiring." —Susan Bedil, Executive Director International Education Research Foundation, USA "This work will contribute significantly to AICPA's stated goal of expanding its international recognition and influence. It will achieve this by filling the existing vacuum of authoritative and concise guidance for international AICPA students like myself. "Stephanie has combined concise and commonsense advice, first, to understand the incredibly varied, individual state rules surrounding the '3 Es'—education, exam, and experience; and second, in the form of a well-presented guide, to master the mechanics of the uniform AICPA exam. "She is to be commended in spotting this market need and addressing it so professionally!" —Roy N. Lawton, FCMA, CGMA, and AICPA student "Here is the book for which we have been waiting . . . the best guidance to help accounting professionals get ready and pass the CPA exam. Stephanie, the owner of the website IPassTheCPAExam combines all of her knowledge on becoming a CPA, includes readers' experience and Wiley CPA Review content, bringing you to the journey of the CPA exam: WHAT is a CPA? WHY do you want to become a CPA? WHEN should you schedule an exam? WHERE do you go for the exam? HOW do you get qualified? "The CPA exam is one of the most challenging professional examinations in the world. Passing the exam is a huge achievement for any accounting professional. As a CPA candidate who passed all the exams in my first attempt and just got a promotion based on my credential, I greatly recommend that you read this book, as you will find all the answers to your concerns and get all the support you need: the CPA exam is passable! It's time to go for it!" —Yan Tan, a successful CPA exam candidate who passed four sections on the first try with scores of 80, 91, 91, 89