CPA EXAM WITH CORRECT ANSWERS RATED 100%

How many parts does the current computerized CPA exam consist of? What are they? - Correct Solution: The CPA Exam consists of four, four-hour sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR) and Regulation (REG) In Virginia, what requirements must be met to keep the designation "CPA"? - Correct Solution: -Fulfill 120 hours of CPE every three years. 20 hours of CPE must be completed each year -Attend the appropriate forum for CPE credit -Maintain documentation of your CPE hours for at least three years in case you are audited In what year was the first national CPA exam administered? - Correct Solution: 1917 Is it possible to get an idea of what the exam looks like? Are they samples available? - Correct Solution: Yes Must all sections be taken at the same time? In any specific order? - Correct Solution: You must pass all four sections within 18 months, earning a minimum score of 75 on each part Once a part has been successfully completed, how much time does one have to pass the remaining parts of the exam? - Correct Solution: You must pass all four sections within 18 months Once, the candidate has passed all parts of the exam and completed the education requirements, what other requirements need to be met in Virginia in order to be able to use the designation "CPA"? - Correct Solution: Active CPAs must complete the required 120 CPE hours over a rolling three-year period, with a minimum of 20 hours annually. The CPE requirement also includes completing the two-hour Virginia-Specific Ethics Course annually and eight hours of A&A courses, if applicable. Since 2019, what is the renewal date for all CPA individual and firms' licenses? - Correct Solution: A license can be renewed within 90 days of expiration and therefore renewals in April and May 2019 will be valid until June 30, 2020. What are the current educational requirements to apply for the CPA license in Virginia? - Correct Solution: At least 150 semester hours of education. A baccalaureate or higher degree with an accounting concentration or equivalent. What are the current educational requirements to sit for the CPA exam in Virginia? - Correct Solution: At least 150 semester hours of education. A baccalaureate or higher degree with an accounting concentration or equivalent. What change(s) took place on July 1, 2020? - Correct Solution: Testing windows will be replaced by continuous testing, allowing candidates to take the Exam year-round, without restriction, other than waiting to receive scores from prior attempts of the same section or when there is a major change to the Exam What changes to the CPA exam took place on April 1, 2018? - Correct Solution: New Software and Microsoft Excel What impact did COVID-19 have on the administration of the CPA exam? - Correct Solution: Funding What is the content (material covered) & format (number & type of questions) of each part listed in question 6? - Correct Solution: AUD: Ethics, Professional Responsibilities and General Principles, Assessing Risk and Developing a Planned Response, Performing Further Procedures and Obtaining Evidence, Forming Conclusions and Reporting BEC: Corporate Governance, Economic Concepts and Analysis, Financial Management, Information Technology, Operations Management FAR: Conceptual Framework, Standard-Setting and Financial Reporting, Select Financial Statement Accounts, Select Transactions, REG: Ethics, Professional Responsibilities and Federal Tax Procedures, Business Law, Federal Taxation of Property Transactions, Federal Taxation of Individuals, Federal Taxation of Entities What is the cost of taking the exam (for each part and overall) in Virginia? - Correct Solution: The VBOA requires a non-refundable application fee of $120 upon submission of the online application. For each exam section the total CPA exam fees are $224.99 and paid directly to the National Association of State Boards of Accountancy.