School of Accountancy
Students wishing to register for Intermediate I must successfully complete the competency exam with a pass rate of 75%. Each student will have a maximum of two attempts to pass the competency exam. The exam consists 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 with a grade of C or higher, and are currently enrolled or have completed ACG 2071 with a grade of C or higher.
To register for the competency exam, contact Denise Gelia at firstname.lastname@example.org with your date preference and Net ID. Thirty spaces are available for each appointment time. Each student MUST have a USF Net ID in order to register. All competency exams will be administered in BSN 1204.
The Lynn Pippenger School of Accountancy will also hold 3-hour reviews for students, to help prepare for the competency exam. Students are strongly advised to attend. To register for these reviews, please email Denise Gelia at email@example.com.
The following dates and times are available:
Competency Exam Review Sessions
- Friday, August 21, 2015 3:00-4:00 p.m. in BSN 1204
2015 Competency Exam Times (all exams administered in BSN 1204)
- Tuesday, August 18
5:00 - 6:30 p.m.
- Wednesday, August 19 (reserved for transfer students)
4:00 - 5:30 p.m.
- Friday, August 21
4:00 - 5:30 p.m.
Instructions for Competency Exam
Once a student registers with Denise Gelia 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 titled "Competency Exam," which will list instructions, tips on how to prepare, and links to review materials.
To prepare for the competency exam, the Lynn Pippenger 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.
The Lynn Pippenger School of Accountancy will hold 3-hour reviews for students, to help them prepare for the competency exam. Students are strongly advised to attend. Register for these reviews with Denise Gelia firstname.lastname@example.org.
Students who do not pass the competency exam on the first attempt, will be REQUIRED to attend one of the reviews before they will be permitted to register for a second attempt.
Students who do not pass the exam within two attempts, must retake ACG 2021 at USF, retest, and pass the competency exam on or before their second attempt. Those who do not pass the competency exam at this time, may not proceed with the accounting major. Please speak with an academic advisor regarding other options within the Muma College of Business.