CLEP Principles of Accounting

I haven't taken any action on completing my Excelsior business degree in almost six months. I was feeling motivated today, so I called up the Colorado State University testing center and asked if they could get me in today. They could, and I did.

This was the final CLEP exam in the series that I needed. The rest are DSST, ECE, and TECEP.

The test was about as difficult as I was expecting, especially considering that my preparation was a 45 minute skim through "Schaum's Easy Outlines: Bookkeeping & Accounting" right before the exam.

Many people have expressed time constraints with this test, so I was worried about it. The first 30 or so questions took almost half the time for me, but then the density of calculational questions dropped off and became more logical answer questions. I ended up finishing with about 20 minutes left (out of 90 allowed) for 78 questions. DO pace yourself appropriately on this test.

Minimum passing score was a 50, and I was sure that I passed, but I thought it would be in the low to mid 50's. Much to my surprise when the screen splashed up a 65.

For almost no preparation, this was probably the quickest 6 semester hours of college credit I've ever earned.

Do make sure you have the basics down to take this exam, of course. The things that stumped me the most involved quick ratios, *uses* of cash flow statements, activity based costing, the principle of matching, and indirect vs. direct methods of doing a few things (in cost accounting).

Overall, probably about as difficult for me as the CLEP Microeconomics exam was (on which I scored a 54 back in 2001). This makes sense, because bain4weeks.com gives both of these exams a difficulty of 4 out of 5, where the only 5 is the ECE Business Policy & Strategy exam.

I don't recommend the Schaum's Easy Outline for this test. Even if I did fully study it for a few days, it would have been woefully inadequate. I'm just very fortunate to be a naturally good test taker, and lucky today.

Hope this helps somebody in the future.

Exams left to finish 2nd BS in Business: 7

-Jassen

 

Congrats on your pass! I didn't think what you did was possible.

The Schaum book you used to study for the exam doesn't even cover half of the topics on the exam.

Did you have any familiarity with accounting concepts prior to the exam?

 

I will probably take this exam

I will probably have to take this exam ....

thanks

AGS

wish me luck

 

Re: Re: CLEP Principles of Accounting

The Schaum book is horrible. I think the Wiley CPA exam book or something like that would have been better.

My previous accounting "experience" does not extend beyond what I have to know in order to run the accounting software for my tiny, one-man consulting practice.

Believe! It is possible!

-Jassen

 

What would be better than Schaum's for a workbook-like or self-study in accounting? I've only done a couple of chapters in Schaum's for this, and bought the one for financial management, but wonder about its usefulness.

Are all of Schaum's outlines this bad?

 

I earned my Regents USNY business degree almost completely by exam using the Schaum books. That was twenty years ago, but accounting at this level hasn't changed.

The original poster used the wrong book - the book he used is for a very basic community college three semester hour Introduction to Bookeeping course. The Intro to Financial Management is also the wrong book.

There are two sets of Schaum books that would prepare one for the exam:

Principles of Accounting I AND Principles of Accounting II

OR

Financial Accounting AND Mangerial Accounting.

I am amazed that the original poster was able to pass the exam with the bookeeping book. The test is six semester hours and covers the two semester sequence in accounting that is required of all business majors.

 

What's wrong with Schaum's Financial Management? Just curious.

 

It's a book on finance, not accounting. There is overlap on some topics but finance is a different course.

 

I understand that the Schaum's Outline of Financial Mgmt isn't about accounting. How is it for the study of Financial management?

 

I haven't looked at the financial management book in a very long time. From what I remember, it's closer to a lower-level course in finance than the traditional b-school upper-level course.

What are you using it to study for?

 

Just as a brush up for the basics of finance and financial management to prepare me for a grad course in financial management.

That's what I'm looking for in accounting, as well - something to shore up the basics.