Principles of Accounting Clep

Discussion in 'General Distance Learning Discussions' started by timmyq45, Apr 10, 2003.

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  1. timmyq45

    timmyq45 New Member

    I am getting ready to take Principles of Accounting Clep. I read Lawries site and have purchased the recommended books. Does anyone have any other advice? I have an excellent track record on Cleps and Dantes, but I admit I don't know alot about accounting and am wondering if anyone has any suggestions. Thanks.
     
  2. Myoptimism

    Myoptimism New Member

    Hi Timmy,
    This was a pretty difficult test, as it should be seeing how it awards 6 credits. I took it today and got a 65, which was a lot higher than I would have guessed right after the test. I would recommend a two term textbook along with a workbook. If this is not feasible, Schaum's Easy Outlines Principles of Accounting covers most everything, although there are a few mistakes in the book. Also, I doubt most people could learn the concepts without doing them (luckily I did have practice, although it was a while ago.) As Lawrie said, it is a race against time. Although I didn't do this, I would recommend you concentrate on the answers that are straightforward, and leave the answers that aren't (even if they are easy, like what happens when discounting a note receivable, and then finding out it is in default) for after you have answered everything else.
    This is the only test that took me longer than 50 minutes.

    Good luck,
    Tony
     
  3. steeler

    steeler New Member

    Hi Timmy,

    I took the exam last month, and like Tony, I got a 65. It was more than I expected to get since I seemed to be in a rush for most of the exam. I ended up skipping the not so obvious answers in order to get back to them after getting through the entire exam but I think there were 5 or 6 that I left unanswered because I ran out of time. To prepare for the exam I used Introduction to Accounting I & II from the Harpercollins College Outline Series. Those two books covered everything I needed to learn for the exam. They are out of print so you would probably have trouble finding them. Like Tony said, you need a book or books that cover two terms because this is a 6 credit exam that covers two semester's of accounting (financial and managerial accounting). Practice as many problems as you can so that you may be able to quickly answer them when you take the exam. Good luck!
     
  4. Will Makeit

    Will Makeit New Member

    Clep Accounting Preparation book

    Hi,
    In Lawrie's Ba in Four Weeks site he only mentiones the book:
    Barron's Business Review Accounting
    as preparation for the CLEP accounting test.
    Is this correct? Does this cover both Financial and Managerial Accounting?
     
  5. Myoptimism

    Myoptimism New Member

    Re: Clep Accounting Preparation book

    I am not familiar with the book, but it may very well cover everything. In my opinion, this test would be very difficult to prepare for without either previous experience in accounting, or without using a workbook to practice applying the theoretical aspects to practical ones. Of course, I am sure some could pull it off, especially if the goal was only to fulfill a business degree requirement and not to major in accounting. Perhaps others who have studied using only this book can give you a better response than mine.

    In any case, good luck.
    Tony
     
  6. Will Makeit

    Will Makeit New Member

    What books to use for Clep Accounting?

    Well, The Barron's book i'm using to prepare does have practical exercises that help grasp all the concepts. But I don't think it covers Managerial Accounting.
    Does anybody here know of a good , affordable book I can use for that?
     

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