Principles Of Accounting

[mapalo]

I am studying for this one and hoping to take it before it goes away by the end of the Month.
I have searched the site and bought the 36 hours to Account and been to other website recommended

Any Encouragement, will be appreciated coz right now I feel like maybe I should let it go, but I wanna give it a try........so far it seem like I have a good chance to grasp the principles.

I need some words to carry me through

Mapalo

[Johanna]

Mapalo,
Don't give up! Since it's going away at the end of this month you will regret it for a long time if you have put all this effort into studying and then not allowed yourself the chance to obtain those 6 beautiful credits. I took the exam and did not find it difficult. I know many do, but if you think you're getting the concepts down then go for it and give it a try. The worst that can happen is that you fail and you're out your 70 dollars, but you won't have to wait 6 months to take it again because it will be gone. But if you succeed, you will have 6 wonderful and cheap credits that will push you closer to your goal. Don't quit now!

[jwturner421]

Well I'm in the middle of studying for this test also and its difficult because there is a lot of material to cover. Having said that, I spent most of last weekend and part of this week really studying using IC and the Principles of Accounting website. I've yet to touch managerial accounting. I took a Peterson's exam just to get a feel for the test and scored a 42 but I'm not discouraged because I got most of the answers correct on material that I covered and blew the questions on managerial accounting, stocks and some cash flow statements. Also the Peterson's test is supposedly harder than the real one. I did better than I thought I would at this point and I'm convinced with another two weeks of study that it is possible to get a 50 which is really all you need.

So long answer short, DO NOT GIVE UP! Keep at it and make your own flashcards for memorizing formulas if needed. I also repeat the answers out loud in my own words as I find it helps for memory retention.

--Joel

[mapalo]

Thank you Johonna and Jwturner for your encouragement. I really needed to hear that

Jwturner, I am also usuing the Principles of Accounting Web site and the IC together, I found the Principles of accounting to be very helpfeul in clarifying things.

When are you Scheduled to take your Exam?

[jwturner421]

Monday June 25. I will be in Chicago with family visiting for the weekend and will take the test Monday before I go back home. I'm making a set of flashcards to take with me for the drive down and for walking around during the day. Not an ideal vacation but trying to get 6 credits are important.

[iwannapass]

I understand how you feel. I am in the same boat. It seems overwhelming everytime I pick up my book. I keep telling myself I can do it and I am going to give it my best. I heard its more concept based than math based. Is this true?

[Matymus]

I passed Prin. of Accounting using IC & principalsofaccounting.com . My advice is to double up on the chapters in the book...meaning, read one chapter regarding Financial acctg. & then a chapter regarding Managerial Acctg. I think you'd probably get the best overall coverage that way. Don't spend so much time on 1 aspect that you totally neglect the other. Anyway, that's my advice. I wish you all the best of luck on this exam.

[mapalo]

Matymus
Thanks so much, this is truely lot of stuff, sometimes when I don't undertand something and I have tried a couple of time, I am just moving on hoping to get it some how and somwhere along the way

[Matymus]

Matymus
Thanks so much, this is truely lot of stuff, sometimes when I don't undertand something and I have tried a couple of time, I am just moving on hoping to get it some how and somwhere along the way

Really, I think that's all you can do. Get used to reading the 'big 3' types of financial statements...know how they relate to one another and know the difference between the types of transactions that go on each one. If you can do that & the math...I think you'll be able to pass. It is a difficult exam. I think I passed with a 53 or a 55. It was definitely not my easiest one.

[jwturner421]

You have to know debits and credits and the rules associated with them. Judging from the Peterson exam, at least half the questions dealt with the application of how transactions should take place, whether something should increase or decrease, etc.. if you know those rules you have a reasonably good chance of getting the question right as 1 or 2 of the multiple choice items will clearly be wrong! Read the questions carefully. I got at least 5 wrong on the practice test because I missed a point or a beginning figure. One of the choices will be the result of this missing figure which you will believe you got right.

There is a lot of math but none of the numbers were very large and are easy to add, subtract, multiply and divide. There were at least 5 questions on job costing which is the managerial side of the test. I plan on focusing heavily on job costing and inventory calculations.

In reality I probably did not leave enough time for this test but I figured I would give it a shot.