The exam is a prerequisite for a license as a certified financial accountant. There are two types of examinations available for a potential candidate to take, written or real-life. The written exam has two parts: the topics on financial statements and the topics on internal control over financial reporting. The written exam also includes a number of financial accounting practice test questions.
The topics in the exam will include financial statements, bookkeeping, budgeting and forecasting, financial transactions and loans, inventory control, insurance matters, investment management, risk control, and many others. The written exam is divided into four parts, the first two being the topic on financial statement preparation and the third one covering the topics on financial reporting.
The financial statement preparation section of the exam will consist of the practice questions on the four topics and will be given to candidates who want to brush up their knowledge before taking the actual financial accounting exam. This part of the exam is designed to train the candidates on how to use different accounting software. The four topics covered in this section are the income statement, balance sheet, statement of cash flows, and statement of income. As you prepare to take the exam, you should ensure that you have a good understanding of the different concepts used in financial statements. You may also require help from a mentor in this area.
As you prepare for the exam, you should ensure that you have read the financial statement thoroughly. It is important that you understand the concepts involved in each financial statement and the effect it will have on your statement of financial position. After you understand the general format of the financial statement, you should prepare a budget that incorporates all financial information about your company. The financial report should be prepared with a view to preparing the most accurate financial reports possible.
The second part of the financial statement preparation section will focus on the topics on internal control over financial reporting. The topics covered in this section include the concepts of a statement of condition, statement of income and statement of cash flows. You will need to understand the concept of a balance sheet and its role in the preparation of a company’s financial statement. A discussion of the reporting process will also be given.
The third section of the exam is a study of the concepts related to income tax preparation. This section of the exam deals with the filing of your return and the preparation of an annual statement of income. Your accountant will explain the methods of calculating income tax and its effects on your tax returns. The preparation and submission of an annual statement of financial position will require you to obtain the necessary IRS forms and the necessary tax forms.
The last section of the exam deals with preparing the summary of the financial statement. It includes an explanation of the use of internal controls and the reporting methods for a full review of financial statements. It also explains the role of an accountant in financial management. Your financial manager will also be required to prepare an evaluation of your return and your tax return. If you wish to pass this exam, you must complete the exam without any late or missed sections.
