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.

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6 responses to “ATO1

  1. You are right, this course is no joke! I just passed the pre-assessment on my first try but I took the full time allotted and at the end of it I literally felt like my head was going to explode. It covers a lot of information.

  2. I am having a hard time understanding PV and FV and the info Ken (the new mentor) sent me is over my head. Any suggestions to were to get help for studying.

  3. OK. So, I’m an idiot. They changed the proctoring at home program/site and it took me over 20 minutes to finally start my test. By that time, I forgot everything. I failed by 1 pt. DO NOT FAIL THIS TEST! I now have to do ALL the quizzes, WGU’s study sheet (which is ridiculous), and all the problems at the end of chapters and turn them in. This is the only test I have ever failed in college. Really, this sucks.

  4. I took the pre-assessment for this class before I even looked at it and passed….I took the pre-assessment a second time after I had studied and failed :( My head is swimming and I feel totally lost! I have asked Judy for some help and have received very little. Does anybody have any helpful advice/practice questions/or know of any past students who tutor? This class is holding me up and I’m really struggling, frustrated and terrified I won’t be able to pass it.

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