02-13-2007, 11:16 PM
Accounting honestly doesn't involve a lot of math beyond the basics: addition, subtraction, multiplication, and division. Its more about understanding the process behind 'balancing the book' and memorization of formulas.
InstantCert was my primary source for study material. I ended up taking about 30 pages of notes. Principlesofaccounting.com is another awesome resource.
Accountingcoach.com can also be invaluable, although I never got around to really utilizing it.
My biggest hurdle with accounting was learning the very basics. You really do have to abandon 'common sense' and everything you learned about math.
Accounting at its most basic is all about balance. One aspect of the accounting equation must be equal to the other half.
I'm not going to lie. Preparing for this test was an ordeal. 3 weeks of constantly telling myself that all will come to fruition, and this to shall pass.
But for 6 credits it was worth it. The Peterson's practice exams are an awesome indication of your success. If you have any background experience with accounting you may find this test easier than I did. Your mileage may vary. I passed it and can safely say I have never hated any educational topic as much as I hate and loathe accounting. But I get it, and I passed it. I just don't like it. And I did it in 3 weeks while attending brick and mortar school full time and working in the Navy.
As far as the actual test goes, I didn't find it that difficult. Between my notes and the Perterson's practice exams, I was adequatly prepared for it. Just watch your time, because I do honestly believe it is the biggest killer in this test.
Best strategy for the CLEP is to get yourself to the point where you are breaking 60% on the Peterson's tests, then when you are actually taking the CLEP click your way through the test. The easy questions you know answer confidently. The ones you don't, give yourself a moment to read the problem and make an educated guess then mark that question you aren't sure about. After you make your way through the entire test the first time, start hitting up all those marked questions you didn't know off the bat. If you have covered the basics, you'll find that you have correctedly answered around half of the questions. After that its chipping away at whats left, and just relying upon good old probability for those that you have no clue on.
I scored a 58. My lowest score and I don't honestly think I have ever been happier over any test. Its worth 6 credits and you will only get one shot at it.
Although on the upside if you do fail the CLEP, you can turn right around and take the new CLEP Financial Accounting. The DANTES Financial Accounting is also not going anywhere anytime soon.
I did talk to my CLEP admistrator about why they were getting rid of Principles of Accounting. According to what he said, it was because the failure rate on the CLEP was so high.
I believe the reason so many failed was because they underestimated the test, and didn't apply their time properly. If you work your way through IC and score well on Peterson's practice exams, you shoudln't have a problem. Just remember to practice your time management on the Peterson tests. It worked for me.
And utilize principlesofaccounting.com and accountingcoach.com to cover those subjects you don't understand confidently enough.
InstantCert was my primary source for study material. I ended up taking about 30 pages of notes. Principlesofaccounting.com is another awesome resource.
Accountingcoach.com can also be invaluable, although I never got around to really utilizing it.
My biggest hurdle with accounting was learning the very basics. You really do have to abandon 'common sense' and everything you learned about math.
Accounting at its most basic is all about balance. One aspect of the accounting equation must be equal to the other half.
I'm not going to lie. Preparing for this test was an ordeal. 3 weeks of constantly telling myself that all will come to fruition, and this to shall pass.
But for 6 credits it was worth it. The Peterson's practice exams are an awesome indication of your success. If you have any background experience with accounting you may find this test easier than I did. Your mileage may vary. I passed it and can safely say I have never hated any educational topic as much as I hate and loathe accounting. But I get it, and I passed it. I just don't like it. And I did it in 3 weeks while attending brick and mortar school full time and working in the Navy.
As far as the actual test goes, I didn't find it that difficult. Between my notes and the Perterson's practice exams, I was adequatly prepared for it. Just watch your time, because I do honestly believe it is the biggest killer in this test.
Best strategy for the CLEP is to get yourself to the point where you are breaking 60% on the Peterson's tests, then when you are actually taking the CLEP click your way through the test. The easy questions you know answer confidently. The ones you don't, give yourself a moment to read the problem and make an educated guess then mark that question you aren't sure about. After you make your way through the entire test the first time, start hitting up all those marked questions you didn't know off the bat. If you have covered the basics, you'll find that you have correctedly answered around half of the questions. After that its chipping away at whats left, and just relying upon good old probability for those that you have no clue on.
I scored a 58. My lowest score and I don't honestly think I have ever been happier over any test. Its worth 6 credits and you will only get one shot at it.
Although on the upside if you do fail the CLEP, you can turn right around and take the new CLEP Financial Accounting. The DANTES Financial Accounting is also not going anywhere anytime soon.
I did talk to my CLEP admistrator about why they were getting rid of Principles of Accounting. According to what he said, it was because the failure rate on the CLEP was so high.
I believe the reason so many failed was because they underestimated the test, and didn't apply their time properly. If you work your way through IC and score well on Peterson's practice exams, you shoudln't have a problem. Just remember to practice your time management on the Peterson tests. It worked for me.
And utilize principlesofaccounting.com and accountingcoach.com to cover those subjects you don't understand confidently enough.
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