CPA Test Prep iOS App

CPA Test Prep iOS App

Excel in the CPA Exam with CPA Test Prep!

Ready to conquer the CPA exam and accelerate your accounting career? CPA Test Prep is crafted to make your study journey smarter and more efficient, equipping you with the expertise and tools to tackle every section of the exam with precision.

Our app offers expertly curated practice questions across all CPA sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). With in-depth explanations, you’ll not only learn the material but gain a comprehensive understanding of the underlying concepts, ensuring you're ready for real-world applications.

Customize your study sessions to suit your learning style. Track your progress, hone in on areas that need improvement, and sharpen your skills to ensure you’re fully prepared when exam day arrives.

Thousands of future CPAs trust CPA Test Prep to help them thrive on exam day. Take charge of your preparation and ensure you're poised for success!

Download now and begin your journey toward CPA certification with confidence and expertise!

Content Overview

Explore a variety of topics covered in the app.

Auditing and Attestation (AUD)

Audit principles and standards
Internal controls evaluation
Audit procedures and documents
Assessing audit risks and materiality
Ethics in auditing
Audit findings communication
Preparing audit reports
Audit considerations

Technology and Data Analytics

Technology in accounting
Data analytics & decision systems
Accounting automation (RPA)
Emerging tech in accounting
Big data in financial analysis
IT audits and controls assessments
Ethics in technology use
Cloud computing and its implications

Advanced Auditing Topics

Fraud and forensic accounting
Advanced financial statement audits
Sector-specific audits
Audit simulations and case studies
Professional skepticism and ethical judgment
Emerging audit technologies and tools
Audit quality control procedures
Contract and compliance audits

Tax Compliance & Planning

Individual and entity tax compliance
Estate, trust, and gift taxation
International tax considerations
State and local tax strategies
Tax implications of business transactions
Alternative minimum tax (AMT) issues
Tax-exempt organizations
Tax research and jurisprudence

Info Systems & Controls

IT governance and management
Data security measures
Systems development and infrastructure
Risk assessment in IT environments
Business continuity planning
Privacy regulations and compliance
SOC engagements and reporting

Business Analysis & Reporting

Cost accounting and variance analysis
Financial statement reporting
Strategic planning analysis
Economic concepts for strategic investment
Capital structure and financing decisions
Business analytics techniques
Budgeting and forecasting
Advanced managerial accounting

Business Env. & Concepts (BEC)

Corporate governance frameworks
Economic concepts for business
Financial management
Information systems and communications
Strategic planning
Operations management
Cost accounting and performance measurement
Risk management and insurance

Regulation (REG)

Federal taxation of individuals and entities
U.S. business law and legal implications
Ethics in tax practice
Federal tax procedures and tax planning
Property transactions and taxation issues
Compliance and due diligence
Entity selection and business structure
Representation before the IRS

Financial Acct. & Reporting (FAR)

Financial reporting framework
Typical items in financial statements
Advanced topics in financial transactions
Governmental and nonprofit accounting
U.S. GAAP and IFRS distinctions
Financial statement analysis
Special purpose frameworks
Accounting changes and error corrections

Prof. Ethics & Responsibilities

Ethical reasoning and professional judgment
AICPA Code of Professional Conduct
Legal responsibilities and liabilities of CPAs
Conflicts of interest and independence
Corporate ethics and governance
Ethics in tax and audit
Responding to ethical dilemmas
Continuing professional education (CPE) requirements

Example questions

Let's look at some sample questions

Which of the following is not an element of an unqualified audit opinion?

TitleAddresseeScope paragraphEmphasis of matter paragraph
An unqualified audit opinion typically includes a title, addressee, and a scope paragraph. An emphasis of matter paragraph is not a standard element of an unqualified audit opinion.

Which of the following is not a component of audit risk?

Inherent riskDetection riskControl riskFraud risk
Audit risk is composed of inherent risk, control risk, and detection risk. While fraud risk is a consideration in an audit, it is not a component of the audit risk model.

What is a derivative instrument?

A financial instrument that derives its value from the price of a physical assetA financial instrument that derives its value from the price of another financial instrumentA financial instrument that derives its value from the performance of an entityAll of the above
Derivative instruments derive their value from other variables such as the price of another financial instrument, the price of a physical asset, or the performance of an entity. Therefore, all options provided are correct.

How should a company report a correction of an error in previously issued financial statements?

As a prior period adjustmentIn the current period's income statementAs a change in accounting estimateNone of the above
A correction of an error in previously issued financial statements should be reported as a prior period adjustment, which involves restating the financial statements of prior periods to correct the error.

Which of the following entities are not subject to double taxation?

C CorporationS CorporationLimited Liability CompanyPartnership
S Corporations are not subject to double taxation. Income is passed through to the owners and reported on their personal tax returns.

Which entity type cannot have non-U.S. citizens as shareholders?

S CorporationLimited Liability CompanyPartnershipC Corporation
S Corporations cannot have non-U.S. citizens as shareholders. The other entities do not have this restriction.

What is Transfer Pricing in the context of international tax considerations?

The price at which divisions of a company transact with each otherThe price at which a company sells its assets to another companyThe price at which a company transfers its headquarters to another countryThe price at which a company buys a foreign company
Transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control.

Which of the following transactions would result in a taxable event for a limited liability company (LLC)?

Distribution of cash to membersDistribution of appreciated property to membersDistribution of depreciated property to membersNone of the above
In general, distributions of cash or property by an LLC to a member are not taxable events for the LLC. However, if the LLC distributes appreciated property, it must recognize a gain as if it had sold the property at its fair market value.

What is a unique aspect of auditing in the manufacturing sector?

Inventory valuationRevenue recognitionCost allocationAll of the above
Inventory valuation is a unique aspect of auditing in the manufacturing sector. This is because manufacturing companies typically have large amounts of inventory, which can be difficult to value accurately.

Which of the following is NOT a typical characteristic of a contract audit?

It focuses on the financial aspects of contractsIt ensures compliance with terms and conditions of contractsIt identifies areas of potential risk in contract managementIt determines the market value of the entity's stock
Contract audits focus on the financial aspects of contracts, ensuring compliance with their terms and conditions, and identifying areas of potential risk in contract management. They do not deal with determining the market value of the entity's stock.