Financial Accounting: One More CLEP Adventure

[Bibby]

It's been nearly four years since I've taken a CLEP test. During the 2011-12 academic year, I took and passed 14 CLEP tests to finish the bulk of my A.A. degree, and then I moved on to earn my B.A.S. degree from a brick-and-mortar school about a year ago. But that's another story for another day.

The grad school I'm (tentatively) planning to attend requires two accounting classes, which I haven't taken, as a prerequisite. Since I'm not taking any classes right now, I want to get those prerequisites knocked out before my schedule gets really intense when I begin grad school in fall 2016. I'm planning to take the Financial Accounting CLEP within the next month or two and then take a Managerial Accounting class in June at my alma mater.

Has anyone taken the Financial Accounting CLEP lately? How difficult was it? The questions on the sample test seem a bit more rigorous than most of the ones on the College Board's study guide. I studied for the Financial Accounting CLEP back in 2013 when I thought I might need it (it turns out I didn't), and I took a number of classes that touched on accounting, so I feel pretty well-versed in the fundamentals of accounting. I'm obviously going to do some more studying on my own, but I'd like to have an idea of how much studying I need to do.

[SuzanneD]

I do not know how difficult it is, but good luck!

[Bibby]

I successfully tackled the Financial Accounting CLEP today. There were no major surprises on the test. Just make sure that you have a really good grasp of the topics that the College Board lists on the CLEP site, especially debits and credits. You'll have a hard time passing if you have a superficial knowledge of the concepts - be sure that you really understand them. If you're coming in cold, you'd be wise to spend more time studying for this than you probably would for, say, the Marketing CLEP.

It feels good to refuel my CLEP addiction after four years away from credit by exam!

[bjcheung77]

Good work! cheersmate

[jox51]

I took this test about a month ago. I used AccountingCoach.com and the REA/Petersons practice tests. If you do this, you will pass. It definitely helps to understand how the financial statement relate to each other. Alot of the questions and the understanding of the concepts tested will be based on this. If you subscribe to Instant Cert, you will gain access to the specific feedback forum where you will gain better insight into what is on the test. Hope this helps.

[Bibby]

Accounting Coach is a very helpful resource, and I also used Accounting Tools a lot. And, of course, subscribing to IC couldn't hurt, either.

[rjbmimi4]

I'm taking the Financial Accounting CLEP in 2 weeks, and I have no idea where t
o begin to study, I need this one last class for my degree and I'm terrible at this stuff. I put it off until the end and no i"m horrified .. I know nothing where should I start?

[Bibby]

These two sites will come in handy:

Learn Accounting Online for Free | AccountingCoach
Accounting CPE & Books - AccountingTools

It wouldn't be a bad idea to subscribe to InstantCert, and you could also try picking up an accounting textbook. Good luck!

[Synicaal]

This test was brutal for me, I missed it with a score of 48. My test seemed to ask a lot of stuff that was more in line for Managerial Accounting then with Financial Accounting. I studied an insane amount for my attempt and about 20 questions I got seemed to be in a different language. It's not that I didn't study the right stuff. I had all the stuff listed on the CLEP site down. I am now taking the class at my Local CC and I have an A so far and honestly haven't had to open the book or look for an answer to a test. Be careful when you take this test. I recommend hitting on some Managerial Accounting topics just to be sure.

[TinHead]

This was the BEST resource I found for Accounting: Accounting​workbook.com - Home

And it is only $10 a month