PACE FAQs

Frequently Asked Questions About PACE

I took ACC 200 (Principles of Financial Accounting) at USM. Do I need to take the exam?
All students registered for ACC 325 Intermediate Accounting I are required to pass the PACE.
I am a finance major who just needs Intermediate I to graduate. Why should I have to take the exam?
A strong foundation in accounting is necessary for success in Finance. All students registered for ACC 325 Intermediate Accounting I are required to pass the PACE.
I took accounting principles years ago. Do you really expect me to remember it?
YES! You are among the demographic driving the need for the PACE. Students may enroll in ACC 325 Intermediate Accounting I unprepared for the level of rigor and later regret the decision. We want you to know your potential for success early in the semester. If you do not understand the concepts taught in accounting principles, you will be starting at a definite disadvantage in ACC 325 Intermediate Accounting I. We want you to succeed. We don’t want you to waste your money on tuition for a class when you’re as yet unprepared for the class.
I made an “A” in my accounting principles class. Isn’t that good enough?
We’re very proud of you and want you to succeed! You should be positioned to pass PACE with minimal effort. All students registered for ACC 325 Intermediate Accounting I are required to pass the PACE.
What if I don’t have time to study and take this test?
We understand that many of our students are employed, have families, and have other demands on their time. Never forget that your education is an investment in your future. We have made this process as painless as possible by offering a wide variety of study/learning aids. Everything, except the prep sessions, is available online.
I’ve heard that you can’t pass the exam without taking the prep sessions. Is that true?
Absolutely not! The prep sessions are a learning aid for students who need the face-to-face interaction in reviewing accounting principles. There is nothing taught in the prep sessions that is not available in a financial accounting textbook, the Canvas study information, the video lectures, an accounting principles class, or other study guides referenced on the Canvas PACE course.
How will the exam be scored and how will I know my grade?
The exam will be scored “pass” or “fail.” You must earn 75% of the available points on the exam to earn a “pass.” Your score will be communicated to you via your Canvas Inbox (click on ‘Inbox’ in Canvas) as soon as it is determined.
If I fail the exam, how can I get information on my weak areas?
You will not have access to your scored exam. An extensive menu of study options is available on the Canvas PACE course.
If I took the exam and passed last semester, but I need to retake Intermediate Accounting I, do I have to take it again to retake the class?
Yes. Beginning Spring 2018, PACE exam scores are valid only for the semester for which you took the exam.  For example, if you took the PACE exam in January 2018, exam scores are valid for only the spring 18 term. This is a change from previous years.

The following applies to fall 17 test takers: those students who took the PACE in FALL 17 and passed, but did not take or fail ACC 325, will NOT need to retake the PACE for Spring 18.  You have been grandfathered into the old policy.  This applies ONLY to those students who took and passed the PACE in Fall 17.