School of Accountancy
All Reviews and Exams will be administered in BSN 1204. The following dates and times are available through the registration period:
Fall 2014 competency exam dates will be posted by the end of September.
Instructions for Competency Exam
Beginning in Fall 2013, students wishing to register for Intermediate I must successfully complete a competency exam with a pass rate of 75%. Each student will have a maximum of two attempts to pass the competency exam. The exam will consist of 60 multiple choice questions, with 40 questions based on concepts from Principles of Financial Accounting and 20 questions on concepts from Principles of Managerial Accounting. Students are not eligible to take the competency exam until they have successfully completed ACG 2021.
Students needing to register for the competency exam will contact Denise Gelia, Assistant for the School of Accountancy, at firstname.lastname@example.org to schedule an appointment. 30 spaces are available for each appointment time. Each student MUST have a USF Net ID in order to register, and a schedule for possible exam dates will be published on the School of Accountancy website. All exams will be administered in BSN 1204.
Once a student registers for the exam, an email will be sent to the student confirming the date and time they are scheduled and instructions on testing procedures. The student will also be added to an organization in Canvas entitled "Competency Exam", which will list instructions, tips on how to prepare, and links to review materials.
To prepare for the competency exam, the School of Accountancy strongly recommends students review key concepts from Principles of Financial Accounting and Principles of Managerial Accounting.
- Financial Accounting topics include: the accounting cycle, journal entries, adjusting and closing entries, financial statements, cash, accounts receivable, inventory, current and long term liabilities, bonds payable including effective interest method of amortization, time value of money, stockholder's equity, and Statement of Cash flows.
- Managerial Accounting topics include: differences between financial and managerial accounting, IMA code of ethics, cost flows for a manufacturer including cost of goods manufactured, job costing, ABC costing, and Cost Behavior.
If you do not pass the exam within two attempts, you must retake ACG 2021 at USF, retest and pass the competency exam on the second attempt after completion of ACG 2021. If you should not pass the competency exam at this time, you may not proceed with the Accounting major. Please speak with your academic advisor regarding your options within the College of Business.
Please feel free to contact Denise Gelia at email@example.com with scheduling questions, or contact Professor Jennifer Cainas at firstname.lastname@example.org with any questions regarding exam content or exam administration.