CLEP Financial Accounting

Discussion in 'CLEP, DANTES, and Other Exams for Credit' started by MISin08, Aug 26, 2009.

  1. MISin08

    MISin08 New Member

    I passed CLEP Financial Accounting today with a 62. My main resource was REA, supplemented by by and a textbook from my library. REA gives thorough but not deep coverage of the subject. I spent 3 weeks studying (one of which was cut short by a business trip) and I went in feeling confident I would pass but not confident of achieving a high score. I think one more week could have pushed me over 70, and it was hard to give that up, but I needed to finish before end of month so I could go on to Managerial Accounting and my next exam.

    My background is in banking and I managed a GL bookkeeping area for several years, which gave me basic background for Introductory Accounting, although it's also a bit like saying a career designing race car engines qualifies you to drive a commercial truck.

    Most of the questions on my version of the exam involved computations. This is significantly different from many other CLEPs. I was pretty sick of computations by the time I ended the exam with :07 left and no time to review marked answers. A lot of it is: they give you the problem and you have to deduce from the circumstances which formula applies, and the arithmetic is simple once you have that. You figure some key number given a list of other numbers, some of which don't apply -- so you have to determine what rule and which numbers to include. The exam gives more coverage to inventory-related matters and less to depreciation than I expected, based on the coverage in REA. Given another week I would have taken more practice tests, and that is my advice to anyone else, whatever else you do to prepare, take several practice exams.


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