Accounting Placement Exam

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.

    Exam Signup


    Sign up for Tuesday,November 07, 2017 Accounting Placement Exams (APE) has been closed as of 9:30 am Friday, November 03, 2017. 

    Click here to sign up for Tuesday, December 19, 2017 Accounting Placement Exams (APE).
    Sign up for Tuesday, December 19, 2017 Accounting Placement Exams (APE) will be closed as of 9:30 am Friday, December 15, 2017. 

    No APE Exams will be given in the month of January 2018

    Click here to sign up for Tuesday, February 06, 2018 Accounting Placement Exams (APE).
    Sign up for Tuesday, February 06, 2018 Accounting Placement Exams (APE) will be closed as of 9:30 am Friday, February 02, 2018. 

     Future APE exam dates listed below:
    • Tuesday, March 06, 2018
    • Tuesday, April 10, 2018
    • Tuesday, May 15, 2018
    • Tuesday, June 05, 2018
    • Tuesday, June 19, 2018
    • No APE Exams will be given in the month of July 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 cherylw@uic.edu.


    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.

    Exam Times:

    • Financial Exam        Time: 9:30 a.m.

    • Managerial Exam     Time: 12:00 p.m.

    Location:
    Student Services Building (SSB)
    Testing Services
    1200 West Harrison St, Room 1070
    Chicago, IL 60607
    Ph: (312) 996 - 3461

    Topics Covered

    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   
    • 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 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.