What is the minimum educational requirement to become a CPA?
a) Associate’s degree
b) Bachelor’s degree
c) Master’s degree
d) Doctorate degree
Answer: b) Bachelor’s degree
Which organization oversees the certification process for CPAs?
a) American Institute of Certified Public Accountants (AICPA)
b) National Association of State Boards of Accountancy (NASBA)
c) Internal Revenue Service (IRS)
d) Securities and Exchange Commission (SEC)
Answer: b) National Association of State Boards of Accountancy (NASBA)
Which of the following services can a CPA provide?
a) Legal advice
b) Medical diagnosis
c) Financial reporting
d) None of the above
Answer: c) Financial reporting
What type of examination must individuals pass to become a CPA?
a) Bar exam
b) CPA exam
c) Medical board exam
d) None of the above
Answer: b) CPA exam
How long does a CPA license typically last before it needs to be renewed?
a) 1 year
b) 2 years
c) 3 years
d) 4 years
Answer: c) 3 years
What is the primary responsibility of a CPA?
a) To provide legal advice to clients
b) To prepare financial statements and reports for clients
c) To diagnose medical conditions for clients
d) None of the above
Answer: b) To prepare financial statements and reports for clients
What is the minimum age requirement to become a CPA?
a) 18 years old
b) 21 years old
c) 25 years old
d) 30 years old
Answer: b) 21 years old
What is the passing score for the CPA exam?
a) 70%
b) 75%
c) 80%
d) 85%
Answer: b) 75%
What is the experience requirement to become a CPA?
a) 1 year of relevant experience
b) 2 years of relevant experience
c) 3 years of relevant experience
d) 5 years of relevant experience
Answer: b) 2 years of relevant experience
What is the maximum number of times an individual can take the CPA exam in a year?
a) 1
b) 2
c) 3
d) 4
Answer: b) 2
Which of the following is not a section of the CPA exam?
a) Financial Accounting and Reporting (FAR)
b) Business Environment and Concepts (BEC)
c) Auditing and Attestation (AUD)
d) Marketing and Sales (MAS)
Answer: d) Marketing and Sales (MAS)
What is the minimum passing score for each section of the CPA exam?
a) 50%
b) 60%
c) 70%
d) 80%
Answer: c) 70%
What is the annual salary range for a CPA?
a) $50,000 – $75,000
b) $75,000 – $100,000
c) $100,000 – $150,000
d) $150,000 – $200,000
Answer: c) $100,000 – $150,000
Which of the following is not a state requirement for CPA certification?
a) Passing the CPA exam
b) Meeting the education requirement
c) Passing a background check
d) Being a citizen of the United States
Answer: d) Being a citizen of the United States
What is the purpose of the NASBA?
a) To develop and grade the CPA exam
b) To oversee the certification process for CPAs
c) To provide continuing education for CPAs
d) None of the above
Answer: b) To oversee the certification process for CPAs
Which of the following areas is covered in the CPA exam’s Regulation (REG) section?
a) Financial Accounting and Reporting (FAR)
b) Business Environment and Concepts (BEC)
c) Auditing and Attestation (AUD)
d) Federal taxation and business law
Answer: d) Federal taxation and business law
What is the minimum score required to pass all sections of the CPA exam?
a) 70%
b) 75%
c) 80%
d) 85%
Answer: b) 75%
What is the work experience requirement for a CPA to be eligible to sign audit reports?
a) 1 year
b) 2 years
c) 3 years
d) 4 years
Answer: c) 3 years
Which organization provides the study materials for the CPA exam?
a) American Institute of Certified Public Accountants (AICPA)
b) National Association of State Boards of Accountancy (NASBA)
c) Becker Professional Education
d) None of the above
Answer: c) Becker Professional Education
What is the fee to take the CPA exam?
a) $250 per section
b) $500 per section
c) $750 per section
d) $1,000 per section
Answer: b) $500 per section
Which section of the CPA exam covers topics such as economics, financial management, and information technology?
a) Financial Accounting and Reporting (FAR)
b) Business Environment and Concepts (BEC)
c) Auditing and Attestation (AUD)
d) Regulation (REG)
Answer: b) Business Environment and Concepts (BEC)
Which of the following is not a common type of audit performed by CPAs?
a) Financial statement audit
b) Tax audit
c) Internal audit
d) Marketing audit
Answer: d) Marketing audit
What is the maximum number of times an individual can take a failed section of the CPA exam?
a) 2
b) 3
c) 4
d) There is no maximum number of attempts.
Answer: a) 2
Which organization grants the CPA license to individuals who meet the requirements?
a) American Institute of Certified Public Accountants (AICPA)
b) National Association of State Boards of Accountancy (NASBA)
c) State Board of Accountancy
d) Internal Revenue Service (IRS)
Answer: c) State Board of Accountancy