Intermediate accounting exam has different formats. There are several types of exams available in different universities and colleges:
* The “Intermediate Accounting Test” or IAT is a standardized exam. This type of test consists of ten multiple-choice questions to be answered by the candidate using a predetermined procedure. Candidates must pass the IAT with a grade of at least 70 percent to become eligible for admission into an intermediate accounting program.
* The “Intermediate Accounting Exam,” or IEE, consists of forty-five multiple-choice questions, which are to be answered by the candidate using a predetermined procedure. Candidates must pass the IEE with a passing grade to gain admission into an intermediate accounting program.
* The “Intermediate Accounting Test, II” consists of twenty-one multiple-choice questions, and it is intended to examine the candidate’s ability to write a convincing argument, as well as ability to understand financial statements and other financial documents. Candidates must pass the IIE with a passing grade to get an intermediate accountancy degree.
* The “Intermediate Accounting Examination,” or IIFE, is designed to test the candidate’s knowledge and abilities in areas such as financial reporting, managerial decision-making and financial management, and client accounting. Candidates must pass the IIFE with a passing grade to get admission to an intermediate accountancy program. In addition, applicants must pass the IEE with a passing grade to get a license to practice as an accountant in the state in which he plans to practice his profession.
* The “Intermediate Accounting Final Exam,” or IFEE, is designed to test the candidate’s knowledge in accounting principles, and knowledge in preparing reports for tax purposes. It requires candidates to use a variety of resources to prepare an examination based on a particular situation. Candidates must pass the IFEE with a passing grade to receive a license to practice as an accountant in the state in which he intends to practice his profession.
If you wish to take the intermediate accountancy exam, you should ensure you choose an accredited university or college for your intermediate exam. to avoid paying for examinations that are not accredited by the National Association of Schools of Accountants (NASCA). or another accrediting organization. or have an instructor that is not licensed to administer the exam.
* Once you have taken the exam, it is very important that you prepare properly for the exam. For example, you need to ensure that you have all of the necessary computer software, booklets and reference materials, and that you have enough time to study.
* The actual examination consists of questions that require you to apply your knowledge to various situations. In order to maximize your chances of getting the best possible score on the examination, you must prepare by reviewing the questions multiple times in advance, and studying the actual questions so you can answer them correctly.
* You will have to prepare for the Intermediate Accountancy Examination on a regular basis by reading through the examination, attending the exam center, taking a refresher course, and by taking the test. at least once a year.
* Take some time before taking the test to make sure that you have all of the necessary supplies, including the correct charts and the appropriate forms. This will help you be more organized.
* The Intermediate Accountancy Exam is not difficult to pass, but it does require a considerable amount of work on your part to prepare for. You will have to spend time researching, writing down notes, preparing, and taking tests in order to answer all of the questions correctly.