Exam Preparation

Boot Camp

Beta Alpha Psi is hosting a Boot Camp from 10:00am-3:00pm on Saturday, July 27th. The Boot Camp is a great way to prepare for the exam, network with peers, and get to know Beta Alpha Psi! We will cover topics and example problems essential to entrance exam success.

To participate, please complete registration at the BAP Boot Camp website: https://forms.gle/5SKqeirp8TrmW1oQ6

The deadline to register for the boot camp is July 25, 2024.

Have questions? Email us at bayunt@gmail.com

Preparing for the Exam

For most students, extensive preparation and study will be required to pass this comprehensive exam. As a first step, students should review their Principles of Accounting textbook, identify areas of weakness, and focus their study efforts on areas where they do not fully understand the accounting concepts. Starting with a review of the textbook will provide a great foundation for success on the exam and in the ACCT 3110 course.

In addition to spending time with the textbook, Pearson has provided study materials via the My Accounting Lab software. The pass rate on the exam is over 90% for students who are spending more than 20 hours practicing sample multiple choice questions in the Study Plan module in My Accounting Lab. As this is a difficult exam, similar to a final exam for UNT's Principles of Accounting course, the overall pass rate is only around 50% so the Study Plan has been very beneficial to students. In order to pass the exam, please plan on studying for this exam like you would for a final exam. You will need to set aside an appropriate amount of time to study, take advantage of all of the materials available to you, and rigorously prepare for the exam. The cost of these study materials is included in the $20 exam registration fee. An access code for the on-line study materials will be provided to the student via an e-mail from the Accounting Department when the student registers for the exam. Information about the study materials is provided in the following link: https://cob.unt.edu/acct/registration-instructions.

Topics Covered on the Exam

Please note that percentages in parentheses represent an approximate estimation of points allocated to that topic.

Overview Material (10%)
1. Purpose of accounting and GAAP
2. Basic accounting terms and accounting equation
Accounting Cycle (45%)
- External transaction journal entries
  1. Posting to ledgers (t-accounts)
  2. Trial balances
  3. Adjusting journal entries (prepaid expenses, unearned revenues, accrued expenses, and accrued revenues)
  4. Four basic financial statements (Income Statement, Balance Sheet, Statement of Cash Flows, and the Statement of Stockholders; Equity)
  5. Closing entries
Cash and Receivables (10%)
- Accounts receivable and the allowance for doubtful accounts
  1. Notes receivable and interest revenue
  2. Bank reconciliation
Inventory (10%)
- Valuation methods (FIFO, LIFO, and Average cost)
  1. Purchase and sale of inventory.
Long-Term Assets (10%)
- Acquisition and sale of long-term assets
  1. Depreciation and amortization
Liabilities (5%)
- Notes payable and interest expense
Stockholders' Equity (10%)
- Invested capital (Common Stock)
  1. Retained earnings and dividends

Pearson Study Plan Focus

The best way to pass the exam is to utilize Pearson's My Accounting Lab Study Plan that has been provided free of charge with the special access code included in your registration confirmation e-mail from the Accounting Department.

In order to pass the exam, students should plan on 30 to 40 hours of focused study. Relevant chapters in Pearson's My Accounting Lab Study Plan include Chapters 1-3 (excluding internal controls), Chapters 4-8, and Chapter 10. Chapters 1-7 comprise 85% of the exam.