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I am planning to start studying for TECEP Federal Income Taxation next. Does anyone have any advice for this exam? What book is the best to use for it?
I searched the forum but I haven't found much info for this exam.
Any advice is appreciated.
[SIZE="1"]BSBA in Accounting at TESC - Done! :hurray:
Started June 2009 with zero credits, now have 133!
CLEP:
English Literature - 67, Chemistry - 60, Microeconomics - 69, Macroeconomics - 77, U.S. History I - 68, U.S. History II - 64, American Government - 64, Humanities - 68, College Algebra - 64, English Composition - 56, Financial Accounting - 80  , Principles of Management - 74, Intro. Business Law - 73, Principles of Marketing - 79, Info. Systems & Computer Applications - 77
DSST:
Introduction to Business - 446, Human/Cultural Geography - 69, Personal Finance - 463, Principles of Supervision - 443, Organizational Behavior - 76, Human Resource Management - 77, Business Ethics and Society - 468, Principles of Finance - 471, Management Information Systems - 447, Money and Banking - 73
TECEP:
Financial Institutions and Markets, Federal Income Taxation, Strategic Management
Straighterline Course:
Business Communication
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The forum seems to be filled with CLEP and DSST, but for TECEP you just need to look at the study guide provided by TESC. In your case the study guide has books to get, recommends using a tax guide ON THE EXAM (open book unlike other TECEP exams) and has practice questions with answers.
Check it out:
http://www2.tesc.edu/tecep_desc/ACC-421.pdf
Pay close attention to the breakdown of material, your test has 20 multiple choice questions and 11 computational problems and adds up to require a passing score of 60/100. With your accounting background and the fact that it says you can use a textbook or tax guide during the exam, you should do well on it.
Just remember it is a paper exam and gives three hours to complete. I found my TECEP (Intro to News Reporting) to be unlike any CLEP or DSST simply due to the work involved in doing it on paper and that depending on the exam they have short answer problems (or in my case full length news articles). Much more complex, but giving you upper level accounting credit on an open book exam sounds kind of fun to me.
I'm sure you'll do fine but other than the study guide I'm not sure you'll find much information to look at.
Good Luck.
My completed "non-traditional" credits include 27 credits from CLEP, 30 credits from DSST, 6 credits from ALEKS, 19 credits from FEMA courses including PDS, 3 credits from NFA courses, 10 credits from ACE Workplace Training, 3 credits from a TESC TECEP exam, and 3 credits from a TESC PLA course.
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I took TECEP Federal Income Taxation about a week ago (I have been busy with my courses and haven't been on the forum for a while). The exam was not too difficult, but does require studying. I studied for around two months. I was glad that it was open book, because there are so many rules in the federal income tax that would be difficult to remember. Be sure to know where to find things in the book you bring. Even though it is open book, be sure to understand the rules, especially the computations. It was also three hours instead of the usual two, which was helpful.
I read and answered the practice questions on the exam factsheet on TESC's website: http://www2.tesc.edu/tecep_desc/ACC-421.pdf. I studied Prentice Hall's Federal Taxation Comprehensive (includes corporations, partnerships, estates, and trusts, in addition to individual) and J.K. Lasser's Your Income Tax (Individual only). The exam included questions on corporations and partnerships, so be sure to study those as well as individual. For that reason, I brought the comprehensive book into the exam with me. I also used Publius' feedback in this post: "Oh, Joy!" (said with depressing sarcasm) - Page 2 which was very helpful. I googled and studied the topics he mentions in his post.
The topics in the exam I took included:
Income - know what is included and excluded in income
Adjusted gross income - Know how to calculate AGI, what deductions are for vs. from AGI
Deductions - know how to calculate, what are included in AGI, what is deductible, itemized deductions, etc.
Itemized deductions - know how to calculate itemized deductions, casualty losses, etc.
Dependents - qualifications for dependents, multiple support agreements, etc.
Status - qualifications for head of household status, etc.
Depreciation/MACRS and Section 179 expensing
Capital assets
Principal residence
Like-kind exchange
Tax credits - know how to calculate
Partnership basis - know how to calculate and what is included
S corporation requirements
The answer in one of the questions was based on outdated numbers (as of 2008 or 09), but it was easy to find the correct answer since only one of the answer choices has ever been correct for that question. I checked the current and past numbers in my book and selected the only one that was one of the answer choices. Otherwise everything was not specific to a year or was up to date as of last tax year (2012). Several changes have gone into effect in 2013, making a few (not many) of the questions/answers outdated for this year.
I have not received my results yet, but I am feeling confident.
I hope this helps anyone planning to take this exam. There has not been much information or help for this exam.
[SIZE="1"]BSBA in Accounting at TESC - Done! :hurray:
Started June 2009 with zero credits, now have 133!
CLEP:
English Literature - 67, Chemistry - 60, Microeconomics - 69, Macroeconomics - 77, U.S. History I - 68, U.S. History II - 64, American Government - 64, Humanities - 68, College Algebra - 64, English Composition - 56, Financial Accounting - 80 , Principles of Management - 74, Intro. Business Law - 73, Principles of Marketing - 79, Info. Systems & Computer Applications - 77
DSST:
Introduction to Business - 446, Human/Cultural Geography - 69, Personal Finance - 463, Principles of Supervision - 443, Organizational Behavior - 76, Human Resource Management - 77, Business Ethics and Society - 468, Principles of Finance - 471, Management Information Systems - 447, Money and Banking - 73
TECEP:
Financial Institutions and Markets, Federal Income Taxation, Strategic Management
Straighterline Course:
Business Communication
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Yay! Hope you passed, LacyLady. It took a month before I found out whether I passed this test or not (fortunately I did), but hopefully it won't take that long for you.
"I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use." Galileo Galilei
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Thank you Ubuntu user. I did pass!
[SIZE="1"]BSBA in Accounting at TESC - Done! :hurray:
Started June 2009 with zero credits, now have 133!
CLEP:
English Literature - 67, Chemistry - 60, Microeconomics - 69, Macroeconomics - 77, U.S. History I - 68, U.S. History II - 64, American Government - 64, Humanities - 68, College Algebra - 64, English Composition - 56, Financial Accounting - 80 , Principles of Management - 74, Intro. Business Law - 73, Principles of Marketing - 79, Info. Systems & Computer Applications - 77
DSST:
Introduction to Business - 446, Human/Cultural Geography - 69, Personal Finance - 463, Principles of Supervision - 443, Organizational Behavior - 76, Human Resource Management - 77, Business Ethics and Society - 468, Principles of Finance - 471, Management Information Systems - 447, Money and Banking - 73
TECEP:
Financial Institutions and Markets, Federal Income Taxation, Strategic Management
Straighterline Course:
Business Communication
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02-02-2015, 04:20 PM
(This post was last modified: 02-02-2015, 04:23 PM by HorseManiac.)
I took the Federal Income Taxation TECEP today so I thought I'd post some feedback here. Everything that Laceylady and Publius (in the other thread) have mentioned is spot on. I recalled several things during the test that were on their lists.
I used the Wiley Income Tax Preparer Exam Review book from 2012. I would suggest if you can to get as current a copy as possible. While the questions were pretty general, it can be hard to know what has changed when using an old tax book. My other resource was an old set of H&R Block Tax course workbooks. While these were very outdated (2005) it was so helpful to see the different forms and how they are filled out and how it all works together.
IMHO, I found the test to be very difficult. I did not find it like the fact sheet. The percentages listed are pretty accurate, but the questions are much harder. Also, many of the computational questions have several parts to them making them more involved.
A few things I wished I had focused more time on was taxes for corporations and problems that have you solve for AGI that involve deductions. And make sure you know EVERY item listed on Laceylady's post!!
Good luck to all taking this exam! I'm anxiously awaiting my score!
CLEP:
West. Civ I - 65, A&I Lit - 66, Biology - 65, Chemistry - 55, Nat. Sciences - 64, US Hist I - 68, Am. Lit - 61, US Hist II - 62, Am. Gov. - 67, Macroecon. - 63, Microecon. - 75, College Comp. - 66, Prin. of Marketing - 68, Prin. of Mngt - 71
DSST:
Civil War and Reconst. - 70, Prin. of Supervision - 443, Intro to World Rel - 477, Intro to Bus - 443, HR Mgmt - 64, Intro to Computing - 458, Prin. of Fin. Acct - 80 , Bus Ethics & Society - 447, Prin. of Finance - 437
ALEKS:
Int. Algebra, College Algebra, Precalc, Intro to Stats., Business Stats.
SAYLOR:
Corp. Comm - 78%, Bus Law and Ethics - 76%
PENN FOSTER:
Manag. Acct. - 96, Int. Acct. 1 - 98, Int. Acct. 2 - 87, Cost Acct. - 94, Strategic Bus. Mngt. - 95
ADAMS STATE:
Auditing - 89
LSU:
Adv. Acct. - B
TECEP:
Fed Income Taxation
BSBA Accounting
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UPDATE: Finally got my score today! I passed!!!
CLEP:
West. Civ I - 65, A&I Lit - 66, Biology - 65, Chemistry - 55, Nat. Sciences - 64, US Hist I - 68, Am. Lit - 61, US Hist II - 62, Am. Gov. - 67, Macroecon. - 63, Microecon. - 75, College Comp. - 66, Prin. of Marketing - 68, Prin. of Mngt - 71
DSST:
Civil War and Reconst. - 70, Prin. of Supervision - 443, Intro to World Rel - 477, Intro to Bus - 443, HR Mgmt - 64, Intro to Computing - 458, Prin. of Fin. Acct - 80, Bus Ethics & Society - 447, Prin. of Finance - 437
ALEKS:
Int. Algebra, College Algebra, Precalc, Intro to Stats., Business Stats.
SAYLOR:
Corp. Comm - 78%, Bus Law and Ethics - 76%
PENN FOSTER:
Manag. Acct. - 96, Int. Acct. 1 - 98, Int. Acct. 2 - 87, Cost Acct. - 94, Strategic Bus. Mngt. - 95
ADAMS STATE:
Auditing - 89
LSU:
Adv. Acct. - B
TECEP:
Fed Income Taxation
BSBA Accounting
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Well done to all of you who have passed this exam!
BA, MA, EdS, MMT, etc.
83 hours of ACE-worthy credits
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