Accounting Placement Exam
To be accepted as an accounting major, you need a "B" average in your Introductory Financial Accounting and Introductory Managerial Accounting Courses. If you do not maintain a "B" average, but have at least a "C" in each of those classes, you may take the Accounting Placement Examination (APE) to gain acceptance into the major. All transfer students must take the APE or repeat Actg 210 Financial and Actg 211 Managerial Accounting here at UIC.
For APE Exemption Information - CLICK HERE
Note: For Transfer students
All transfer students must take the APE or repeat ACTG 210- Introductory Financial Accounting and ACTG 211- Introductory Managerial Accounting here at UIC. Both portions of the APE exam must be taken on the same test day. Please note that you may only take each part of the APE one time.
Students who have taken ONLY one of the classes mentioned above at their transfer institution are NOT ELIGIBLE to average out their grades (one from UIC with one from their transfer institution). You must either retake ACTG 210 or ACTG 211 here at UIC or take the corresponding section of the Accounting Placement Exam (APE) and obtain a PASS grade. Passing grades are considered as a 'B' grade (Not an 'A' grade).
Note: For Current Students
Register for the APE below. These placement exams are given by Testing Services in the Student Services Building and a fee will be charged to your student account for taking the exams.
Sign up for Tuesday, June 19, 2018 Accounting Placement Exams (APE) has been closed as of 9:30 am Friday, June 15, 2018.
Click here to sign up for Tuesday, August 14, 2018 Accounting Placement Exams (APE).
Sign up for Tuesday, August 14, 2018 Accounting Placement Exams (APE) will be closed as of 9:30 am Friday, August 10, 2018.Future APE exam dates listed below:
- No APE Exams will be given in the month of July 2018
- Tuesday, September 4, 2018
- Tuesday, October 2, 2018
- Tuesday, November 6, 2018
- Tuesday, December 18, 2018
Questions regarding the Accounting Placement Exams (APE) should be directed to the Department of Accounting at (312) 996-2650. Ask for Cheryl or email her at firstname.lastname@example.org.
Seating is limited, and on a first-come-first-served basis using the web signup.
If you sign up and a seat is not available, an e-mail notification will be sent.
Financial Exam Time: 9:30 a.m.
Managerial Exam Time: 12:00 p.m.
Student Services Building (SSB)
1200 West Harrison St, Room 1070
Chicago, IL 60607
Ph: (312) 996 - 3461
The APE 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
- 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
- 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 Pricing
- Decision Making Using Relevant Costs and Benefits: Accept/Reject Special Order; Make or Buy; Add/Drop Service or Product or Department
- Pricing Decisions
- Capital Budgeting Decisions
- Present Value Concepts: NPV and IRR Concepts; Payback, ARR, Profitability Index; After-Tax Cash Flows
Sample Exam Questions
If you are interested in viewing sample questions for the APE exam, please click here.
In each folder, you will find questions and answers for both the financial and managerial exams.