CAP Accounting Paraprofessional Preparation and Exam Resources 3

Question 1

How many sections does the CAP exam typically consist of?

Accepted Answer

4 sections aligned with core competency areas

Answer

The CAP exam is structured around four core competency areas: Accounting, Payroll, QuickBooks, and Tax.

Question 2

What is the passing score threshold commonly required for the CAP exam sections?

Accepted Answer

75%

Answer

Candidates must typically score 75% or higher on each CAP exam section to earn a passing grade.

Question 3

A candidate fails one section of the CAP exam. What is the typical retake policy?

Accepted Answer

They may retake only the failed section after a waiting period

Answer

Candidates who fail a section may retake only that specific failed section, and sections already passed remain valid.

Question 4

In the context of CAP exam preparation, what does 'accrual basis accounting' mean?

Accepted Answer

Revenue is recorded when earned and expenses when incurred, regardless of cash flow

Answer

Accrual basis accounting records revenues when earned and expenses when incurred, regardless of when cash actually changes hands.

Question 5

Which depreciation method allocates equal expense amounts each year over an asset's useful life?

Accepted Answer

Straight-line depreciation

Answer

Straight-line depreciation spreads the cost of an asset evenly over its useful life, resulting in equal annual depreciation expense.

(CAP) Certified Accounting Paraprofessional Practice Test