CPA Exam Cheat Sheet

Cheat sheet CPA Exam Cheat Sheet Practice Questions Study Guide Print / Save PDF

AUD Core 25% of exam Ethics Risk Evidence Reporting Audit Picker

FAR Core 25% of exam Reporting Balance Sheet Transactions Cash Flows FAR Picker

REG Core 25% of exam Tax Procedures Business Law Individuals Entities Tax Picker

Chosen Discipline 25% of exam BAR ISC TCP Discipline Picker MCQ vs TBS

Quick Facts Model 3 Core + 1 Discipline Sections 4 passed sections Time 4 hours each Total time 16 hours Pass 75 scaled Scale 0-99 Vendor Prometric Testing Continuous testing Blueprint Jan 1 2026

Audit Risk AU IR and CR drive DR. Inherent Control Detection Audit risk

Controls vs Substantive AU

Controls Operating effectiveness Reduce control risk Reperformance useful

Substantive Detect misstatement Details/analytics Always required Prevent vs detect

Audit Picker AU Assess control design → Walkthrough Test operating controls → Reperformance Verify receivables → Confirmation Find unusual trends → Analytics Management claim → Assertion Scope limitation → Qualified/disclaimer

AUD Blueprint AU Ethics 15-25% Risk response 25-35% Evidence 30-40% Reporting 10-20% Analysis 15-25% Evaluation 5-15%

COSO Components AU CRIME controls the system. Control environment Risk assessment Information Monitoring Existing activities

Qualified vs Adverse AU

Qualified Material issue Not pervasive Except for

Adverse Material issue Pervasive Not fair Limited vs pervasive

AUD Core AU Independence Attest objectivity Materiality User decision threshold Audit risk IR x CR x DR Assertions Management claims Sampling Population inference Going concern One-year doubt Specialist Expert evidence Subsequent events After date evidence

Audit Reports AU Unmodified Fairly presented Qualified Except for issue Adverse Not fairly presented Disclaimer No opinion Emphasis Properly disclosed matter CAM Critical audit matter

Audit Procedures AU Inspection Examine records/assets Observation Watch process Inquiry Ask knowledgeable persons Confirmation External response Recalculation Check math Reperformance Redo control Analytics Expectation comparison Cutoff Proper period

Revenue Steps FA Contract, obligations, price, allocate, recognize. Contract Obligations Price Allocate Recognize

Accrual vs Cash FA

Accrual Earned/incurred GAAP basis Receivables/payables

Cash Received/paid Tax-friendly Simpler timing Economic vs cash

FAR Picker FA Customer contract → ASC 606 Lease over year → ROU model Bond discount → Effective interest Indirect CFO → Adjust net income NFP restriction → Donor categories Government fund → Modified accrual

FAR Blueprint FA Financial reporting 30-40% Balance accounts 30-40% Transactions 25-35% Application 45-55% Analysis 35-45% Remembering 5-15%

Cash Flows FA OIF separates business cash stories. Operating Investing Financing

Operating vs Financing FA

Operating Net income activities Interest paid GAAP Working capital

Financing Debt/equity flows Dividends paid Treasury stock Earnings vs capital

Financial Statements FA Balance sheet A = L + E Income statement Performance period OCI Bypasses net income Cash flows Operating investing financing EPS Earnings per share Segments 10% thresholds Interim Integral period NFP Donor restrictions

Balance Accounts FA AR Net realizable value Inventory Cost or NRV PPE Capitalize long-lived assets Intangibles Amortize finite lives Leases ROU asset/liability Bonds Amortized cost Equity Ownership claims Contingencies Probable and estimable

Select Transactions FA ASC 606 Five revenue steps Income taxes Deferred tax effects FX Remeasure or translate Derivatives Fair value focus Stock comp Grant-date fair value Business combos Acquisition method Governmental Fund accounting Research costs Generally expensed

Contract Elements RE Offer, acceptance, consideration create contracts. Offer Acceptance Consideration Capacity Legality

Deduction vs Credit RE

Deduction Reduces taxable income Rate dependent Above/below line

Credit Reduces tax Dollar-for-dollar Refundable possible Income vs tax

Tax Picker RE Individual return → Form 1040 Partnership return → Form 1065 C corporation → Form 1120 S corporation → Form 1120-S Tax authority → IRC first Client representation → Circular 230

REG Blueprint RE Tax procedures 10-20% Business law 15-25% Property tax 5-15% Individuals 22-32% Entities 23-33% Application 35-45%

S Corp vs Partnership RE

S corp Stock basis Debt basis limited Reasonable comp

Partnership Outside basis Liabilities included Guaranteed payments Shareholder vs partner

Individual Tax RE Gross income All income unless excluded AGI Above-line adjusted income Itemized Schedule A deductions Credits Tax dollar reduction Capital gains Holding-period driven Passive losses Activity limitations AMT Parallel tax system NIIT Investment surtax

Entity Tax RE C corp Entity tax S corp Pass-through election Partnership Form 1065 Schedule K-1 Owner allocation Basis Loss/distribution limit QBI Section 199A Payroll Employment taxes Exempt org Form 990

Business Law RE Contract Offer acceptance consideration Agency Principal-agent authority Suretyship Answer for debt UCC sales Goods contracts Secured Attachment perfection priority Bankruptcy Creditor priority Commercial paper Negotiable instruments Ethics Professional responsibilities

Discipline Map DI BAR-FAR, ISC-AUD, TCP-REG. BAR ISC TCP Choose one

MCQ vs TBS DI

MCQ Discrete selection Scaled difficulty Two testlets

TBS Applied scenario Document review Three testlets Recall vs application

Discipline Picker DI Strong FAR → BAR ( Accounting depth ) Strong AUD/IT → ISC ( Systems controls ) Strong REG/tax → TCP ( Tax planning ) Need easier scoring → Check pass rates Public audit path → AUD then ISC Tax path → REG then TCP

Exam Structure DI AUD 78 MCQ, 7 TBS FAR 50 MCQ, 7 TBS REG 72 MCQ, 8 TBS BAR 50 MCQ, 7 TBS ISC 82 MCQ, 6 TBS TCP 68 MCQ, 7 TBS

Core vs Discipline DI

Core AUD FAR REG

Discipline Choose one BAR/ISC/TCP Same CPA license Required vs chosen

Score Weights DI AUD score 50 MCQ, 50 TBS FAR score 50 MCQ, 50 TBS REG score 50 MCQ, 50 TBS BAR score 50 MCQ, 50 TBS ISC score 60 MCQ, 40 TBS TCP score 50 MCQ, 50 TBS

BAR Blueprint DI Business analysis 40-50% Technical accounting 35-45% State governments 10-20% Forecasting Prospective analysis Ratios Performance diagnostics Governmental Fund reporting

ISC Blueprint DI Systems/data 35-45% Security/privacy 35-45% SOC 15-25% ITGC General controls Cybersecurity Protect systems/data Privacy Personal data rules

TCP Blueprint DI Individuals 30-40% Entity compliance 30-40% Entity planning 10-20% Property 10-20% Planning After-tax optimization Transactions Gain/loss character

Common Traps

Score Is Not Percent 75 scaled score ≠ 75% correct

ISC Scoring Differs 60% MCQ ≠ 50% MCQ

NTS Is Required Valid NTS entry ≠ Application alone

Eligibility Is Local Jurisdiction rules ≠ One national rule

Audit Risk Model Auditor changes DR ≠ Auditor changes IR

Compilation Not Audit No assurance ≠ Reasonable assurance

GAAP Interest Paid Operating activity ≠ Financing activity

Tax Basis Limits Losses need basis ≠ Losses always deductible

Last Minute 1 . Pass AUD FAR REG plus one 2 . Each section is four hours 3 . Passing score equals 75 scaled 4 . ISC uses 60/40 scoring 5 . Blueprints set tested content 6 . AUD evidence weighs most 7 . FAR application dominates 8 . REG entities slightly edge individuals 9 . BAR builds on FAR 10 . TCP pairs naturally with REG

CPA Certified Public Accountant Practice Questions 200 questions Study Guide 143 topics Cheat Sheet 118 facts Flashcards 50 cards Shorts 1 short Videos 2 videos Blogs 2 blogs 2 Job Wiki Free CE Podcast

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