Financial Accounting CLEP

[mlwilliamsiv]

Has anyone taken the Financial Accounting CLEP in the last 90 days or so? I've gone through the Specific Exam Feedback section about 4 times! Just wanted to hear some more "updated" tips and advice from those who took this CLEP relatively recently.

The questions that I do have as of now are:

-Does the exam consist of terminology questions?
-Does the exam consist of scenario-type questions?
-What part should I "mainly" focus on? (Meaning what parts of the exam should I know "cold" before I sit for this exam?)

I also just wanted to hear from others what their experiences were in taking this exam, how well they did on it, and what resources they used to prepare for this exam.

So far I have only gone through the first section of the IC questions. I also am reading the Barron's Business Review on Accounting (Fifth Edition) by Peter J. Eisen.

This exam just seems to be more complex than the other CLEPS that I've taken thus far. I have to take this CLEP no later than the end of the month so I can register for the Managerial Accounting course at my local cc. Financial Accounting is the prereq for Managerial Accounting. The deadline for summer registration is June 6. I plan on taking this exam on Thursday, May 29.

My goal is to complete my Associates Degree from TESC by the end of the year. The deadline at TESC to have all credits turned in is October 1, in order to meet the December 2008 graduation. So if I "fail" this exam, I'll have to wait till September to take the Managerial Accounting course.

Any help I can get will be greatly appreciated.

Thanks in advance and peace be with you all.

From a loyal degree seeker,

Marshall

[Old Rusty Pipe]

I can't comment on the CLEP Financial Accounting, but keep in mind that there is also a DSST Financial Accounting as well. So if you fail one, you still have a second shot at the material without waiting 6 months. Hopefully, that'll take some of the stress off. Good luck.

[mlwilliamsiv]

Thanks Rusty for responding to my post, your advice is always greatly appreciated.

From a loyal degree seeker,

Marshall

[jeffs34]

I passed this CLEP with a 55 a couple of weeks ago. I had planned to take the DSST, but the system was down so I gave CLEP a shot. All I used was InstantCert and the DSST studyguide which probably hurt my score on CLEP slightly. I think if you memorize instantCert you will be fine.

[mlwilliamsiv]

Thanks Jeff for responding to my post.

I sent you a PM.

From a loyal degree seeker,

Marshall

[efijbe]

Hey Marshall I just took the CLEP exam today for financial accounting and I got a 56 I studied for week. The test questions are a lot like the Practice test questions on the REA books. The clep cram sections are very helpful in that book.

[mlwilliamsiv]

Thanks efijbe for responding to my post.

I don't really want to spend the money to purchase an REA book for Financial Accounting so I think I'll just do the Peterson's Practice tests and the Practice Test in the Official CLEP Study Guide.

I am still curious as to what the bulk of the exam focused on. I would like to be strong in whatever is the highest percentage.

Based on the outline I've seen in the Official CLEP Study Guide, 40% of the exam focuses on the Balance Sheet.

Where there any other questions/topics on the exam that were not listed on IC?

Any additional information you can provide will be most helpful.

I hate to sound so desperate...it's just that for some reason this exam is making me extremely nervous and I just want to ensure that I pass.

I'm going to be studying my butt off this weekend and up until I take the exam on Thursday, May 29.

Chat with ya later. Thanks again for your help.

From a loyal degree seeker,

Marshall