Department of Accounting

Exam Topics

Scope of Exam

The AQE will cover principles of financial and managerial accounting as presented in introductory accounting textbooks. A review of the material covered is recommended.

Financial Accounting Topics

  • Measuring and Recording Business Transactions
  • Accounting Cycle

    •         Income Sheet format/ Balance Sheet
            Financial Statement Concepts (Going Concern, Separate Entity, etc.)
            Adjusting and closing entries
            Revenue recognition/ Expenses matching
            Statement of cash flows

  • Merchandising Accounting
  • Internal Control, Audits and Ethics
  • Internal Control, Audits and Ethics
  • Inventories

    •         Inventory methods (FIFO, LIFO, weighted average)
            Cost Flows
            Cost of goods sold determination
            Property, Plant and Equipment
            Depreciation methods
            Determination of gain/loss

  • Intangible Assets
  • Liabilities
  • Owners Equity
  • Forms of Business: Sole proprietorship, partnership, corporation

Managerial Accounting Topics

  • Cost Concepts: Job order costing; Product costing
  • Cost Behavior/ Management Systems: Estimation; Decision making
  • Cost Volume Profit Analysis
  • Operating Budget: Flexible budgeting; Overhead allocation; Responsibility accounting
  • Cost Systems:

    •          Standard costing; Normal costing; Variable and absorption costing; Variances and Variance
             Analysis

  • Investment Center Performance Measurement: Return on Investment/ Residual
  • Income; Transfer Pricin
  • Decision making using relevant costs and benefits:

    •          Accept/Reject Special Order; Make or Buy; Add/Drop Service or Product or D Department

  • Pricing Decisions
  • Capital Budgeting Decisions
  • Present Value Concepts: NPV and IRR Concepts; Payback, ARR, Profitability Index; After-tax cash flows
  • On the landing page, below the sentence/link about topics, please include the following title, content and link:

Sample Exam Questions

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