Quality CPAs in Reno, Nevada are a direct result of the effort and requirements it takes to pass the CPA Exam. In order to become a certified public accountant in Reno, Nevada, a candidate must possess the right prerequisites and must possess a depth and breadth of knowledge that is just not found in the average accountant. This exam is not easy to pass, nor is it designed to be so. However, those who pass can assure the public that they do indeed know what they are doing.
The CPA Exam is a standardized test. All of the questions are created and approved by experienced certified public accountants and are subjected to rigorous testing verifications. This helps to ensure that anyone sitting for the exam must demonstrate knowledge of scenarios that will be faced in the real world. All 50 states plus the District of Columbia and several territories such as Puerto Rico and the U.S. Virgin Islands require this exam.
Do not make the mistake of thinking that the CPA Exam is a simple multiple-choice test; it is not. The test itself takes 14 hours and contains simulated case studies. The four sections can be taken in any order and over the course of 18 months. This allows those seeking to take the test to focus on the individual sections which provides a greater depth of knowledge. However, keep in mind that each quarter there is only a two month window to take the exam, and no test may be repeated within that window.
Before an accountant in Reno, Nevada can sit for the CPA Exam, he or she must have the right background. In general this means a degree in accounting or a related field such as finance. Since many states require 150 credit hours, most applicants have a master’s degree. States also require course work in specified areas such as financial accounting, auditing and business law. However, keep in mind that requirements do vary by state so it is a good idea to check with your state.
Not only are the prerequisites rigorous, but the time required to prepare for the CPA Exam is also demanding. Candidates wishing to become a certified public accountant must be willing to devote hours of concentrated time studying the different areas of the test. It is even a good idea to find a CPA examination prep course at a local university. For a list of accredited ones, visit the websites of AICPA (American Institute of Certified Public Accountants) or NASBA (National Association State Boards Association).
Components of the Test
Anyone taking the CPA Exam must demonstrate not only depth of knowledge but breadth as well. The test covers four sections. The first is AUD, or Auditing and Attestation, which covers auditing procedures and standards related to attestation. BEC, or Business Environment and Concepts, applies business concepts and reasoning to real life transactions. FAR, or Financial Accounting and Reporting, concerns accounting principles for private business organizations, not-for-profit organizations, and government agencies. Finally, REG, or Regulations, pertains to regulations such as federal taxation.
For those seeking to become a CPA, the path is a long and arduous one. It requires a college degree and long hours of study and preparation. That’s because a candidate must prove that they have expertise in a wide range of accounting principles that can be applied to real life situations. This means the client knows that his or her situation will be taken care of. That’s the assurance that comes from hiring a quality Certified Public Account in Reno, Nevada.