Passed CLEP Financial Accounting - Time for Managerial Accounting (Uexcel)

[mpie18]

Hey guys!

So I started my degree plan at the end of January and have completed quite a few CLEPs and one DSST so far. Most recently I just passed the CLEP for Financial Accounting.

Most people on the Degree Forum seem to go for Straighterline for Accounting 1 and 2, but I was not comfortable with the ProctorU process, thus I decided to go a different route. Accounting 1 was easy, as the CLEP covers that and there are a bunch of resources for it, but getting credit for managerial accounting/accounting 2 is going to be a little more tricky.

Before moving on, I want to explain how I studied for the Financial Accounting CLEP, which I passed with a 72. For one week I studied using accountingcoach.com's financial accounting list of topics. I studied them in the recommended order. I would skip over the following sections as they are not tested on: present value, LCM, non-profits, and accounting careers. The following week, I used the 3 Peterson's practice exams and the one official practice exam for the Collegeboard. I'd take one exam, review it the next day, and repeat. I got up to 80-ish % on the Peterson's exams and the official practice exam. and that's it. One week of initial learning, another week of testing/reviewing, and that's how I passed with a 72.

So, I decided I'm going to be the guinea pig and take the Uexcel for managerial accounting. I'm sure others have taken it before, but no one has really talked about it, so I'll make sure to give my feedback and such after I take it.

To prepare, I'm going to use accountingcoach.com again. Then, I will scour the internet for practice quizzes/exams for intro-level managerial accounting courses, as Peterson's doesn't have practice exams for this Uexcel (or any Uexcel for that matter???). Then, I will take the official Uexcel practice exam, and review accordingly off of that prior to taking the actual test.

[EI2HCB]

Well done, although I'm not testing out of Managerial accounting, I'm taking the cheap LSU self paced course instead, this link might be helpful or exactly the resource you are using already. I'm doing the monthly books for a client - right now- but its been in my favorites for a while so I thought I'd share it with you.
Managerial Accounting Video Lectures

[bricabrac]

Congratulations the pass!!

You also have the option of taking the TECEP. TECEPs can be taken in person still using an approved proctor (community college/university testing center, library, etc). Penn Foster also has an ACE approved course, ACC112 Managerial Accounting/Accounting II. Not sure if the final is proctored or not, but the proctor qualifications are much less stringent at PF. Proctor must have at minimum an Associate's degree, different last name and mailing address; so can be boy/girlfriend, BF, cousin, co worker, etc.

Good luck!

[Tedium]

Congrats and thank you for the resource recommendation! Please keep us all updated. Looks like I may be moving into the accounting field, so I'm really interested to hear about any experiences. It will be nice to be able to actually test out of classes again. Feels like this English degree has been the longest quagmire of my life.

[elfrabbit]

Hey guys!

So I started my degree plan at the end of January and have completed quite a few CLEPs and one DSST so far. Most recently I just passed the CLEP for Financial Accounting.

Most people on the Degree Forum seem to go for Straighterline for Accounting 1 and 2, but I was not comfortable with the ProctorU process, thus I decided to go a different route. Accounting 1 was easy, as the CLEP covers that and there are a bunch of resources for it, but getting credit for managerial accounting/accounting 2 is going to be a little more tricky.

Before moving on, I want to explain how I studied for the Financial Accounting CLEP, which I passed with a 72. For one week I studied using accountingcoach.com's financial accounting list of topics. I studied them in the recommended order. I would skip over the following sections as they are not tested on: present value, LCM, non-profits, and accounting careers. The following week, I used the 3 Peterson's practice exams and the one official practice exam for the Collegeboard. I'd take one exam, review it the next day, and repeat. I got up to 80-ish % on the Peterson's exams and the official practice exam. and that's it. One week of initial learning, another week of testing/reviewing, and that's how I passed with a 72.

So, I decided I'm going to be the guinea pig and take the Uexcel for managerial accounting. I'm sure others have taken it before, but no one has really talked about it, so I'll make sure to give my feedback and such after I take it.

To prepare, I'm going to use accountingcoach.com again. Then, I will scour the internet for practice quizzes/exams for intro-level managerial accounting courses, as Peterson's doesn't have practice exams for this Uexcel (or any Uexcel for that matter???). Then, I will take the official Uexcel practice exam, and review accordingly off of that prior to taking the actual test.

I took the Managerial Accounting UExcel a few months ago. For all the Uexcels I've taken nothing helped more than just using the textbook they recommend. I found that accountingcoach and other sites were not as helpful. There is material explained in the text that is hard to find elsewhere. The book is called Managerial Accounting by Garrison. You can finish the whole thing within two weeks if you read a chapter or two a day. Then give yourself another week to review it and look up the topics online. Even if you cannot read the whole thing, at least read the chapter summaries. Make sure you know everything they list on the official content guide! Take the short quiz on there as well, and make sure you understand that too. I recommend buying the $25 practice tests, especially if you have never taken an exam from them before. Know the formulas by the way! Managerial accounting involves quite a bit of math, albeit it's rather simple.

Good luck!
-elfrabbit

[aequitas]

Good job! Congratulations!

[topdog98]

I took the Managerial Accounting UExcel a few months ago. For all the Uexcels I've taken nothing helped more than just using the textbook they recommend. I found that accountingcoach and other sites were not as helpful. There is material explained in the text that is hard to find elsewhere. The book is called Managerial Accounting by Garrison. You can finish the whole thing within two weeks if you read a chapter or two a day. Then give yourself another week to review it and look up the topics online. Even if you cannot read the whole thing, at least read the chapter summaries. Make sure you know everything they list on the official content guide! Take the short quiz on there as well, and make sure you understand that too. I recommend buying the $25 practice tests, especially if you have never taken an exam from them before. Know the formulas by the way! Managerial accounting involves quite a bit of math, albeit it's rather simple.

Good luck!
-elfrabbit

I agree with what elfrabbit suggests. I took the Managerial Accounting UExcel a while ago. I mostly studied the recommended text (a cheaper, older edition) and the practice exams. Good luck!

[mpie18]

I took the Managerial Accounting UExcel a few months ago. For all the Uexcels I've taken nothing helped more than just using the textbook they recommend. I found that accountingcoach and other sites were not as helpful. There is material explained in the text that is hard to find elsewhere. The book is called Managerial Accounting by Garrison. You can finish the whole thing within two weeks if you read a chapter or two a day. Then give yourself another week to review it and look up the topics online. Even if you cannot read the whole thing, at least read the chapter summaries. Make sure you know everything they list on the official content guide! Take the short quiz on there as well, and make sure you understand that too. I recommend buying the $25 practice tests, especially if you have never taken an exam from them before. Know the formulas by the way! Managerial accounting involves quite a bit of math, albeit it's rather simple.

Good luck!
-elfrabbit

I agree with what elfrabbit suggests. I took the Managerial Accounting UExcel a while ago. I mostly studied the recommended text (a cheaper, older edition) and the practice exams. Good luck!

If I were to supplement accountingcoach.com with the online notes/quizzes/exams from the textbook publisher as well as the official practice exam from Uexcel, would that be sufficient to pass? Or should I really get a copy of the text and read through it?

EDIT: How are the Uexcel practice exams? Do you get to review the questions/answers after taking it, or are they like the crappy DSST practice exams? Do they offer explanations for each question?

EDIT 2: I just finished the managerial section of accountingcoach.com and am looking at the content outline for the Uexcel exam - accountingcoach.com was waaaaaaaaaay too brief. I'm getting a PDF of the 14th edition of the recommended textbook, will skim accordingly, and use the online companion notes/quizzes/exams.

[elfrabbit]

If I were to supplement accountingcoach.com with the online notes/quizzes/exams from the textbook publisher as well as the official practice exam from Uexcel, would that be sufficient to pass? Or should I really get a copy of the text and read through it?

EDIT: How are the Uexcel practice exams? Do you get to review the questions/answers after taking it, or are they like the crappy DSST practice exams? Do they offer explanations for each question?

EDIT 2: I just finished the managerial section of accountingcoach.com and am looking at the content outline for the Uexcel exam - accountingcoach.com was waaaaaaaaaay too brief. I'm getting a PDF of the 14th edition of the recommended textbook, will skim accordingly, and use the online companion notes/quizzes/exams.

For the Uexcel practice exams, you do get to review and see the correct answer. I don't remember if they provide explanations though. They do tell you what topic the question belongs to, so you can go back and review that topic's section in the book and see what you missed.

The Uexcel is pretty straightforward; reading the book,taking the practice exams, and doing the online companion activities should be sufficient enough to pass. But keep in mind Straighterline is a cheaper option ($150) compared to the Uexcel once you add all costs together. So you do have a back up option if you don't want to take the all or nothing exam. Then again, I've never taken the Straighterline course so I'm not sure how it compares.

[laughter]

EDIT: How are the Uexcel practice exams? Do you get to review the questions/answers after taking it, or are they like the crappy DSST practice exams? Do they offer explanations for each question?

Yes, you may review the UExcel PTs after completing them. Explanations are provided, too.