Here’s What You Need to Know About Authoritative Literature and Research on the CPA Exam
Though it doesn’t get much coverage in CPA exam study guides (for a reason, which we’ll get to later), your ability as a CPA exam candidate to tackle research on each exam section might make or break your overall performance.
When planning out the amount of time you will spend on each exam section (i.e. 45 minutes on each simulation as a general rule), you can rest easy if you save the research portion of each sim for the very end. It is believed to be worth only one point so if you can’t get to it, don’t worry about it too much. Focus on the written communications as those are worth 10 points – or one of them is, and you don’t know which one so take care of both and save the research for last only if you have the time.
As for practicing, newer CPA Review practice software already has this function built in.
If you would like to practice manually, you’ll have to take your active NTS to register for 6 months’ worth of access to the professional literature from cpa-exam.org. With this, you can search through AICPA Professional Standards and FASB Pronouncements to familiarize yourself with accounting regs, though you are still encouraged to take the tutorial CPA exam on the cpa-exam.org website as the research on its own is not exactly representative of the research function in the exam environment.
If that is not enough practice, book a 30 minute test run with Prometric to check out your testing center and the computer you’ll be using.
Anyway, don’t obsess too much over the literature. Like the tax code, a lot of your “answers” will be provided in the questions, it’s just up to you to look into what the questions are asking.
Think about it: CPAs have access to volumes of regs and standards in their careers, it is not imperative that they memorize each one. The CPA exam is meant to test your understanding of accounting fundamentals, not how well you can memorize 200 FASBs and spit them back out.