Terry Accounting Exam
Cost: Price for exams scheduled by 4:00 p.m. the prior business day: $20.
Test availability: Monday through Friday, 8:30 a.m. until 2:00 p.m. There are
specific date- windows when this exam is available.
This exam will be offered from April 1 - September 3.
Test Length: 3 hours
Summary: This examination is one factor considered in a student's application for
admission into the J.M. Tull School of Accounting. The test is based on the subject
matter covered in a principles-level financial accounting course (equivalent of
ACCT 2101 offered at UGA).
All students wishing to major in Accounting at the J.M. Tull School of Accounting
are required to take an Entrance Examination. This Entrance Examination is based on
the subject matter covered in a Principles-level Financial Accounting course
(equivalent of ACCT 2101 offered at the University of Georgia). The topics covered
will include:
1. An overview of Financial Statements (Income Statement, Balance Sheet and
Statement of Cash Flows).
2. Journalizing transactions, including adjusting and closing entries.
3. The revenue cycle, including accounting for bad debts.
4. Accounting for Inventory, including FIFO, LIFO and Average Cost methods.
5. Accounting for payroll, taxes and contingent liabilities.
6. Accounting for Investments in Property, Plant and Equipment and Intangible
Assets.
7. Accounting for Long-Term Liabilities, including leases and bonds.
8. Accounting for Equity Financing
9. Accounting for Investments in Financial securities (stocks and bonds)
10. The Statement of Cash Flows.
A student who has passed a Principles level Financial Accounting course (equivalent
of ACCT 2101 at UGA), should be able to perform satisfactorily in this test. The
examination will consist of 50 multiple-choice questions, covering all of the above
mentioned topics. The test will have numerical problems as well as conceptual
questions.
Below you may download a list of sample questions and their answers. These are
meant to give you a general idea of the type of questions you should expect on the
J. M. Tull School of Accounting Entrance Examination. The actual questions in your
examination will be different (and may test different concepts), and you should not
use this Practice Examination as your only study guide. The actual exam will have
only 50 questions.