Today I took the CLEPs Principles of Management and Accounting

Hello,
Just came back from London where I took today the CLEPs Principles of Management and Principles of Accounting.
My score in principles in management was 71, that is more than enough to earn me an A at Excelsior. On the other hand, the principles of accounting is, in my view, a pretty tough exam. Being half-through the exam I already began to think that I've messed it up. But, then, I still got a score of 57. Enough for a pass, but as an Exelsior student you have to worry that they'll sometimes assign a grade to this exam(which they presently don't) and a possible C could spoil your GPA.
One remark yet, on the preparation for the management exam. I wouldn't recommend to rely exclusively on the CliffsQuick Review "Principles of Management" which I extensively used for my studies. It may give a condenced overview of the topic but it is incomplete. I'd suggest in additon to studying the book also to type every topic of the exam outline in the Google search engine.

Dennis Siemens

 

Congrats! What did you study for the Accounting exam? Any tips or thoughts while it is still fresh on your mind?

 

good work!.

any other book recommendation for Principles of Management beside googling ?

 

I mainly used cliffs quick reviews 1 an 2 and the schaum's easy outline in accounting. I've also found some wonderful powerpoint presentations on the web about topics like absorption costing, relevant cost and performance evaluation.

Dennis Siemens

 

'Grats on 6 credits, Dennis. =)

I'd second your Cliff's Quick Review recommendation for management; it was easy to understand, covered most items, and was under $10.

CMT, for accounting, I used Barron's Accounting The Easy Way, as suggested in BAin4weeks. I'd wager there are better texts available for that specific exam. It was enough to get a 54 and pass, but that was with a good 10 hours of studying. I wish I could remember the test well enough to advise you on what topics to focus on. However, I'd say most important is to know the reason different entries are made, and how they are made. My gripe with the Barron's book was that too much of the book focused on making the different charts and ledgers than the reasons and logic behind the tasks.

 

In addition what Randy wrote be sure to know the various finincial, budgeting ond cost-volume-analysis methods. I mean things like quick ratio, assets turnover, break-even, day's sales outstanding etc. There were several questions on the exam on this issues.

Dennis