ATO1 – Concepts in Financial Accounting and Tax (8 cu’s)
A.k.a. – CGC1
The beast was slain.
I passed this course this morning and was thrilled to have this course behind me. For me this course was no joke, with my non existent business background, it was like learning a foreign language. The test seemed to be never ending as I went through the 70+ questions. I was nervous to take the final because I have heard of others failing due to the fact that the final was much different from the pre-assessment. The final is a bit different but not completely, it still has the same concepts. I can understand how people struggle with the test because it is a monster. I recommend taking your time and make sure you absorb what you can as far as reading and understanding the content.
Content Covered on this Exam:
- Basic taxation concepts
- S.E.C. and FASB
- Bonds (Interest Expense)
- Stocks (Common, preferred, treasury)
- Revenue Recognition
- Diluted EPS
- Leases (Capital Leases and nonoperating Leases) – Calculating lease payments with and without residual value
- Pensions (Defined Benefit and Defined Contribution)
- Accounts receivable (bad debts expense and factorization)
- Inventory (LIFO Dollar)
- Payroll Expense
Be familiar with the time value of money and using present value and future value factors because there are a few questions that require you to know how to use them.