Hi Everyone! I am currently studying the Barrons Accounting Business Review Book for the CLEP Accounting Test. Has anyone else used this book to study for the test, and if so, did you attempt to solve all of the problems that are listed in the book, or just skim-read the book? I'm having trouble comprehending where to place some of the credits, debits, etcetera. I was wondering if studying as thoroughly as I'm studying is really necessary. Thanks! Sara
I've never used the Barrons book, but you should familiarize yourself with key accounting terms. Find a list of accounting terms on the web (they're everywhere). As far as debits and credits go, make sure you know the difference between Income, Assets, Liabilities, Expenses, and Equity. Remember that on the T-chart, Assets and Expenses increase on the left (debit), and Income, Liabilities, and Equity increase on the right (credit). Visa versa to decrease the amounts. Understanding these should get you by.
I used this book to prepare as well. I read the book a little more in-depth than merely skimming it, but I didn't solve the majority of the problems. If I felt unclear on something, I worked through a couple of questions, just to make sure I understood. Must have worked, I got credit for first and second semester (financial) accounting and went on to do very well in third semester (managerial) accounting. The Barron's books are an excellent resource for CLEP preparation.
I ended up using the Standard Deviants tapes and found them helpful. That, plus the Barrons book was more than sufficient. Cheers, Mark
