Principles of Finance Or Financial Accounting?

[ryancp76]

Ok, I am bit confused on these exams?

Are there still 2 exams? Or did one change or get dropped or combined?

I am attending Embry Riddle here in ATL. I am 5 classes away from being totally done. Going to take 3 Traditional classes and test out of 2 more. My office told me I needed to take Principles of Financial Accounting to cover a core credit for an accounting credit. Did this test get easier? I thought I read that it was going from a 6 credit to a 3 credit exam?

I also still need to take a upper level elective credit that can be any upper level test. I was thinking Principles of Finance or Money and Banking? Do you all think this would be to hard? Any easier ones you can think of I should take? I already took Management Info systems.

I also passed Microeconomics today! Snazzlefrag's post is what I based my studying around. Awesome! Thanks!

[Kiwi Lover]

Ok, I am bit confused on these exams?

Are there still 2 exams? Or did one change or get dropped or combined?

I am attending Embry Riddle here in ATL. I am 5 classes away from being totally done. Going to take 3 Traditional classes and test out of 2 more. My office told me I needed to take Principles of Financial Accounting to cover a core credit for an accounting credit. Did this test get easier? I thought I read that it was going from a 6 credit to a 3 credit exam?

I also still need to take a upper level elective credit that can be any upper level test. I was thinking Principles of Finance or Money and Banking? Do you all think this would be to hard? Any easier ones you can think of I should take? I already took Management Info systems.

ryan,

There is a DSST Principles of Finance exam that meets the requirement (for Excelsior anyway) for the "Financial Management" business core requirement.

There is a CLEP Principles of Accounting exam that is 6 credits, and took care of the "Financial Accounting" and "Managerial Accounting" business core requirements. This is the exam that is being discontinued in June.

There is also a DSST Principles of Financial Accounting exam, and that may be the one your advisor is talking about (it's worth 3 credits).

As long as you take that one, I would think it would be a good idea to take the DSST Principles of Finance exam for your UL credit, since I would expect there would be a lot of overlap.

That's just my two cents' worth! I'm sure others can pitch in with their ideas! :p

Hope that helps,

JoAnne

[CDM]

yeah -- the current 6 credit accounting course is discontinued June 30.

[ryancp76]

ryan,

There is a DSST Principles of Finance exam that meets the requirement (for Excelsior anyway) for the "Financial Management" business core requirement.

There is a CLEP Principles of Accounting exam that is 6 credits, and took care of the "Financial Accounting" and "Managerial Accounting" business core requirements. This is the exam that is being discontinued in June.

There is also a DSST Principles of Financial Accounting exam, and that may be the one your advisor is talking about (it's worth 3 credits).

As long as you take that one, I would think it would be a good idea to take the DSST Principles of Finance exam for your UL credit, since I would expect there would be a lot of overlap.

That's just my two cents' worth! I'm sure others can pitch in with their ideas!

Hope that helps,

JoAnne

Thanks for the reply.

This might be a obvious question but..

Since I don't see any posts directly for Prin of Fin. Acct., should I use the posts for the CLEP Accounting to study from? I would think the material is about the same? Maybe easier?

Thanks!

[jec959]

You can download the new financial accounting clep prep test from the collegeboard.org site. It is just going to cover financial accounting and be 3 credits. I haven't taken it yet though.

[Kiwi Lover]

Thanks for the reply.

This might be a obvious question but..

Since I don't see any posts directly for Prin of Fin. Acct., should I use the posts for the CLEP Accounting to study from? I would think the material is about the same? Maybe easier?

Thanks!

That would probably be a really good idea. I didn't take that CLEP exam, so I don't know how the IC study materials are laid out for that one, but I imagine there are specific sections that deal with the "financial" side more than the "managerial" side. I know there are plenty of people here who HAVE taken that exam, so they could tell you better than I could. You also might want to check the specific exam feedback section for the CLEP Accounting, because some of the posts there might also help you with the Princ. of Financial Acct exam.

As for this test being any easier than the CLEP Accounting, you'll have to be our guinea pig and let us know!! :p Obviously, since it is only "half" the exam than the original CLEP was, it should be "easier" in the sense that it doesn't focus on managerial accounting at all. But since I don't believe anyone here has yet taken it, it's hard to say. I would just encourage you to study as hard as you would for any other exam, and don't take it until you really feel you are READY. The same goes for Principles of Finance (especially).

Good luck, and let us know how you do!

JoAnne

[mjno]

Principles of accounting was the first exam I took so it was still 6 credits.
Here is another web site that helped me a great deal (aside from Instacert).

Principles of Accounting

It has lesson plans that seperate financial accounting from manegerial accounting.

Hope it helps.

[jec959]

I forgot to mention that because this is a new exam and the old accounting exam is being discontinued you can download it for free from collegeboard.org