NCC 5000 Financial Accounting
Professor Kristina Rennekamp
How to Exempt Financial Accounting
There are three ways to exempt NCC 5000 Financial Accounting.
Have a prior certification
If you are a CPA (or have passed the Financial Accounting and Reporting section of the CPA examination), CA, CMA, CFA (Level II), or equivalent, you are automatically exempt from NCC 5000 and may not enroll in the course.
You should not take the Accounting exemption exam and you will not receive the 2.5 credits toward your graduation requirements. You may present evidence that you hold a professional designation such as those listed above. If you are unsure of the equivalency of your certification, please check with the Johnson Registrar or the designated faculty member.
You should then bring a copy of your certificate or scores to 106 Sage Hall (Johnson Registrar Office).
Take approved substitute courses for NCC 5000 Financial Accounting
With six or more hours of prior accounting preparation, a student can satisfy the minimum accounting requirement by completing either NBA 5000 Intermediate Accounting, NBA 5020 Managerial Accounting and Reporting, or a more advanced course for which he/she has the prerequisites, instead of NCC 5000.
Most students will actually find both NBA 5000 and NBA 5020 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.
Take the exemption exam
The exam is a problem exam similar in structure to the examinations offered during the NCC 5000 course.
Preparation will be sufficient if the student is comfortable with the coverage in Financial Accounting by Libby, Libby and Hodge, published by McGraw-Hill, or any modern, user-oriented Financial Accounting text. Only a passing, not perfect, performance is necessary for exemption.
A Sample Exam is available HERE.
Results of the Exam
For each student, the three possible results of the examination are as follows.
Not Exempt: no exemption from NCC 5000. You must take the course for a letter grade.
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.
Exempt: student passed the exam and is not required to take additional classes in the field.
Once exempt, a student will not be enrolled in the course and will not receive course credit. If a student decides after passing the exemption exam that they wish to take the core course, s(he) may do so only with the permission of the core course instructor. If the instructor agrees to enroll the student, s(he) will be enrolled in the course for a letter grade and will be required to complete all course deliverables and exams.