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Prerequisite for students enrolling in ACCT 301, Intermediate Financial Accounting I, is a passing score on the ACCT 301 Pretest which is administered by the Testing Center. The ACCT 301 pretest consists of thirty (30) multiple choice questions covering double entry bookkeeping and the accounting cycle. Students have ninety (90) minutes to complete the test. The passing score is 70% or 21 correct answers. Students may prepare for the pretest by studying any introductory financial accounting textbook which includes material on the double entry bookkeeping system (i.e., debits and credits). Most introductory financial accounting textbooks cover this material. A more efficient method of preparation is studying the review chapter, usually chapter three, of any intermediate financial accounting textbook. Top of the Page|Testing Center Homepage|Test Calendar

Table of Contents Sample Questions For Dates and Fees Accounting Dept Web site Online Registration   (SECURE ENCRYPTED) If your browser does not support security/SSL, a non-secure, non-encrypted version is also available.

1. Debits:


a. increase expenses and decrease assets.
b. increase equities and decrease liabilities.
c. decrease liabilities and increase expenses.
d. increase assets and increase revenues.



Answer to Question 1


2. If a company borrows money in the form of an interest bearing note receivable, then at the end of the accounting period the company is likely to make an adjusting entry:


a. debiting interest receivable and crediting interest payable.
b. debiting interest receivable and crediting cash.
c. debiting interest expense and crediting cash.
d. debiting interest expense and crediting interest payable.




Answer to Question 2

3. The matching principle states that


a. for every debit there is an equal credit.
b. total assets must match total liabilities and owners' equity.
c. expenses should be recognized in the same accounting period in which they generated revenue.
d. total debits equal total credits.


Answer to Question 3

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