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Candidates have a total of four hours to complete an exam, regardless of the number of questions or perceived difficulty. Each exam is broken out into 5 testlets. Candidates are permitted to take a break between testlets. However, with the exception of a standardized 15-minute break between testlets three and four, the exam timer is not paused.
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Chartered Certified Accountant is the professional body's main qualification. Following completion of up to 13 professional examinations, three years of supervised, relevant accounting experience and an ethics module, it enables an individual to become a Chartered Certified Accountant.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Financial accounting reports the results and position of business to government, creditors, investors, and external parties. Cost Accounting is an internal reporting system for an organisation's own management for decision making.
Responsibility for the Uniform Certified Public Accountant Examination is shared between state boards of accountancy, the AICPA and NASBA: State boards of accountancy are responsible for assessing eligibility of candidates to sit for the CPA examination.
The accounting equation plays a significant role as the foundation of the double-entry bookkeeping system. The primary aim of the double-entry system is to keep track of debits and credits and ensure that the sum of these always matches up to the company assets, a calculation carried out by the accounting equation.
The test is four hours long, allows calculators, and is administered via a paper-and-pencil format. Multiple-choice questions account for 40% of the exam, and open-response questions account for 60% of the exam. Candidates may freely move between the two sections. The two sections are graded separately.