Foundation level structure

The foundation level represents the first eight exams (segments) of the full CPA Program. Each of the exams tests the core knowledge that is required before beginning the professional level of CPA Program. The order that you complete the exams is optional, however the following order is recommended:

1. Foundations of Accounting
   This exam tests the knowledge of fundamental accounting concepts including what accounting is, users of accounting information and an introduction to recording data and producing financial statements.
2. IT and Business Processes
   The primary objective of this exam is to assess the critical awareness of information, processes, controls and communication in the context of information technology and information systems in business.
3. Economics and Markets
   This exam tests quantitative methods, microeconomics and macroeconomics.
4. Fundamentals of Business Law
   This exam covers general legal knowledge relating to the business environment, a basic knowledge of the law of contracts, and an understanding of the responsibilities and risks that arise in business, with particular regard to the law relating to corporate entities.
5. Business Finance
   This exam tests understanding of business finance and treasury function (in terms of fundamental capital, investment, funding and risk decision concepts), the analysis and management of an entity’s financial position, and recent developments in the international financial/treasury scene.
6. Financial Accounting and Reporting
   This exam tests understanding of the form and function of financial statements and how financial transactions are recorded (both for individual businesses and company groups).
7. Management Accounting
   This exam tests an understanding of developments in management accounting including an understanding of the nature, functions, structures and operations of management.
8. Accounting Concepts and Principles
   This exam covers a critical awareness of accounting and analysis issues within an international context, and an understanding of the theoretical concepts and contemporary issues underlying accounting practice.