The Exemption by Examination test is intended for students who do not have the required academic background but who believe they have the necessary knowledge for a co-requisite or prerequisite to a program offered through Career and Professional Development (CPD).

Exemption by Examination tests are for Career and Professional Development students only. Tests are optional and are not applicable to required or complementary course(s) within a program.

There are no re-reads or reassessment, and a candidate cannot review the written test.

Students who fail the Exemption by Examination test will not be permitted to retake the test. Instead, they must enroll in the course for which the particular test was taken.


This Exemption by Examination test applies to the following programs:

  • Diploma in Accounting
  • Diploma in Applied Finance

Topics Covered

The following textbook is used in the current semester, and is available in the McGill Library:

Book Title: Financial Accounting: Tools for Business Decision-Making, 7th Canadian Edition 


  • Chapter 1: The Purpose and Use of Financial Statements

  • Chapter 2: A Further Look at Financial Statements

  • Chapter 3: The Accounting Information System

  • Chapter 4: Accrual Accounting Concepts

  • Chapter 5: Merchandising Operations (Includes Appendix 5A)

  • Chapter 6: Reporting and Analyzing Inventory (Includes Appendix 6A)

  • Chapter 7: Internal Control and Cash

  • Chapter 8: Reporting and Analyzing Receivables

  • Chapter 9: Reporting and Analyzing Long-Lived assets

  • Chapter 10: Reporting and Analyzing Liabilities (Includes Appendix 10A – Bonds Payable)

  • Chapter 11: Reporting and Analyzing Shareholder’s Equity

  • Chapter 13: Statement of Cash Flows

  • Chapter 14: Performance Measurement


The results of the test are valid for one year.

The School reserves the right to re-schedule test dates.

Prerequisite(s) and Corequisite(s)

  • You must have applied and/or been admitted to a CPD program
  • Students are not eligible to take the Exemption by Examination test if they are registered, did not receive a passing grade, or have already attempted the course (a grade of W is considered as having attempted the course). In this case students are required to take the course
  • Students are not eligible to write an Exemption by Examination test for a course that has been assigned as a "Qualifying Course"
Section(s) offered
Section Title
Exemption by Examination Test for Concepts of Financial Accounting (CACC 521)
Language of Delivery
6:00PM to 9:00PM
Aug 14, 2024
Schedule and Location
Contact Hours
  • Downtown, Montreal
Course Fee(s)
Testing Fee non-credit $129.52
Drop Request Deadline
Nov 19, 2021
Transfer Request Deadline
Nov 19, 2021
Withdrawal Request Deadline
No withdrawal request allowed after enrollment
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