Master Degree in Financial Accounting
Master Degree in Financial Accounting

Master Degree in Financial Accounting

The Financial Accounting examination covers skills and concepts that are generally taught in a first-semester undergraduate financial accounting course. Colleges may award credit for a one-semester course in financial accounting.The exam contains approximately 75 questions to be answered in 90 minutes. Some of these are pretest questions that will not be scored. Any time candidates spend on tutorials or providing personal information is in addition to the actual testing time.

Knowledge and Skills Required
Questions on the Financial Accounting examination require candidates to demonstrate one or more of the following abilities.
Familiarity with accounting concepts and terminology
Preparation, use, and analysis of accounting data and financial reports issued for both internal and external purposes
Application of accounting techniques to simple problem situations involving computations
Understanding the rationale for generally accepted accounting principles and procedures

The subject matter of the Financial Accounting examination is drawn from the following topics. The percentages next to the main topics indicate the approximate percentage of exam questions on that topic.

General Topics
Generally accepted accounting principles
Rules of double-entry accounting/transaction analysis/accounting equation
The accounting cycle
Business ethics
Purpose of, presentation of, and relationships between financial statements
Forms of business

The Income Statement
Presentation format issues
Recognition of revenue and expenses
Cost of goods sold
Irregular items (e.g., discontinued operations, extraordinary items, etc.)
Profitability analysis

The Balance Sheet
Cash and internal controls
Valuation of accounts and notes receivable (including bad debts)
Valuation of inventories
Acquisition and disposal of long-term assets
Intangible assets (e.g., patents, goodwill, etc.)
Accounts and notes payable
Long-term liabilities (e.g., bonds payable)
Owner's equity
Preferred and common stock
Retained earnings
Liquidity, solvency, and activity analysis

Statement of Cash Flows
Indirect method
Cash flow analysis
Operating, financing, and investing activities

Less than 5%
Contingent liabilities

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