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I took the financial accounting CLEP and I failed, mainly because there were a few things on the real test that were not in the official study guide or instantcert. Does anyone know of any website where I can study more before I take it again in six months?
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Take a look at principlesofaccounting.com.
There is a DSST in Financial Accounting so you can take that as well unless your school insists on the CLEP.
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Yea... maybe just study a bit more while it's fresh in your head and go for the DSST version? People say the CLEPs are easier but 4 answers DSST vs 5 answers CLEP per question is a big difference, especially if you're a good test taker and can eliminate 2 choices right away.
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If you don't want to wait the six months, you could always do the Straighterline courses. For 99 bucks plus 39 each course, you could probably get both Accounting I (Financial) and Accounting II (Managerial) done in a month if you needed them. I took them both through SL because I didn't think I could do accounting through self-study.
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burbuja0512 Wrote:If you don't want to wait the six months, you could always do the Straighterline courses. For 99 bucks plus 39 each course, you could probably get both Accounting I (Financial) and Accounting II (Managerial) done in a month if you needed them. I took them both through SL because I didn't think I could do accounting through self-study.
I concur. I went through straighterline after deciding to not CLEP. I'm glad I did. It took a lot of pressure off and allowed for 6 quick credits.
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So wait, are you going to use straighterline.com? You could take the DSST Financial Accounting while the information is still fresh in you head. I failed the CLEP also. I studied for one more week using freeclepprep.com (downloaded snazzlefrag's notes for it, they are a big help), I also brushed up on the IC's flash cards and checked the specific feedback forum. After all of that I got a 65!!! I felt like I really conquered it (I still hate the subject to this day!). It's a very boring subject, but if you put a little extra time and thinking into it, you can blow this exam out of the water!! Good luck!!
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I would like to do the DSST test for it, but we do not have a center where they do tests close to us.. There were a few big things on the test that I had never heard of before that were not covered in the instant cert material, for example weighted averages or double declining balance.
Goal - BA in History at Thomas Edison State College
Taking War and American Society and Liberal Arts Capstone at in August semester.
Information Systems and Computer Applications - 66
English Composition with Essay - 56
Freshman College Composition - 68
Analizing and Interpreting Literature - 67
Civil War and Reconstruction DSST
Vietnam War DSST
Intro to World Religions DSST - 470
Rise and Fall of the Soviet Union DSST
Western Europe since 1954 CLEP
Sociology DSST
Social Sciences and History CLEP
Sociology CLEP
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If you review the info I talked about, there's probably something in there about that stuff. I went from a 48/50 CLEP to 65/48 DSST. I think its more about immersing yourself in a subject and really understanding it.
To bad you don't have a center close by. Good luck on whatever option you take.
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I would go through the Principles of Finance Flash Cards as well. I know they cover weighted averages in those.
I'll be taking this in the next few weeks myself.
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I took the CLEP and DSST exams for this a few months ago. I failed the CLEP with a 47, went back and took the DSST a week later and got a 67.
I don't feel that there's a major difference in difficulty between the two- I just took the CLEP coming right off Xmas and while I had been studying for several weeks, I wasn't as fresh as I should have been.
With regard to prep, I used principlesofaccounting.com exclusively. Make sure that you answer all of the end of chapter questions for each chapter: Goals Achievement, fill in the blank, and the multiple choice. I really cannot stress this enough. You cannot just skim the book and pass- you have to have a good understanding of the concepts and be able to work problems in order to pass.
A couple of pointers:
Chapters 17 and after at P. of Acc. relate to managerial accounting. Ignore them- this test deals only with financial accounting.
Make sure you know how to calculate cost of goods sold. I cannot stress this enough.
The beginning of chapter 16 has a summary of all the various accounting ratios that were taught earlier in the book. This is very useful! Make sure that you memorize all of these. If I had to single out some as being most important, it would be the liquidity ratios(current and quick) and the turnover ratios(accts. receivable and inventory). But really, memorize them all.
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