The book for the Accounting Assessment has changed. The new text required is The Survey of Accounting: Making Sense of Business by Katherene Terrell and Robert Terrell. This book is available via amazon.com. I have never tried it before, but decided to buy a used book from amazon.com for $5 plus shipping.
CPS handed out the following study outline for the test:
Financial Accounting:
* Cost recognition principles and calculations
* Accrual Accounting concepts
- Revenue recognition
- Matching Principle
* Assumptions and Objectives of the Accounting Profession as htey apply to Financial Statement preparation
* An understanding of terminology, categorization, calculation and classification for the
- Balance Sheet
- Income Statement
- Statement of Retained Earnings
- Cash Flow Statement
* A general understanding of financial ratio analysis (not required to calculate specific ratios)
Managerial Accounting:
* Cost categorization and definition:
- Product costs
- Period costs
- Manufacturing costs
- Variable costs
- Fixed Costs
* Understand and be able to calculate:
- Contribution Margin
- Break even point
- C-V-P analysis













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