Professor Robert Libby

How to Exempt Financial Accounting
There are three ways to exempt NCC500, Financial Accounting.

1. If you are a CPA, CA, CMA, CFA (level 2), or equivalent, you are automatically exempt from NCC500 and MAY NOT ENROLL IN THE COURSE. - You may present evidence that you hold a professional designation such as those listed above or have passed the "practice" portion of the CPA examination. If you are unsure of the equivalency of your certification, please check with the registrar or the designated faculty member. You should not take the Accounting Exemption Exam. Bring a copy of your certificate or scores to 106 Sage Hall (Registrar's Office). You will not receive the 2.5 credits toward your graduation requirements.
2. Take approved Substitute Courses for NCC500 Financial Accounting. With six or more hours of prior accounting preparation, a student can satisfy the minimum accounting requirement by completing either Intermediate Accounting, NBA 500, Managerial Cost Accounting, NBA 502, or a more advanced course for which he/she has the prerequisites, instead of NCC 500. Most students will actually find both NBA 500 and NBA 502 to be valuable, but either one can satisfy the minimum requirement.
   Students with less than six hours of preparation and other students unsure of their real knowledge may want to take the exemption examination described below.
3. Take the exemption exam. The exam is a problem exam similar in structure to the examinations offered during the NCC 500 introductory course.

Preparation would be sufficient if the student is comfortable with the coverage in Horngren, Sundem and Elliott, Introduction to Financial Accounting, published by Prentice Hall, or Stickney and Weil, Financial Accounting, published by ITP, or Libby, Libby and Short, Financial Accounting, published by McGraw-Hill. Only a passing, not a perfect performance is necessary for exemption. A Sample Exam available in electronic form [10kB, 4pg] (requires Adobe Acrobat Reader).

A Sample Exam available in electronic form [10kB, 4pg] (requires Adobe Acrobat Reader).

Results of the Exam
For each student, the three possible results of the examination are:

1. Not Exempt: No exemption from NCC 500. You must take the course for a letter grade.
2. Optionally Exempt with substitution: student may take either the core course or an approved substitute to fulfill the core requirement. The selected course must be taken for a letter grade.
3. Exempt: student passed the exam and is not required to take additional classes in the field.

In no case will credit be given for an exempted course. With permission of the core course instructor, a student may choose to take the core course (for a letter grade or on a S/U basis) even after passing an exemption exam.