Financial Accounting clep

[FishNDip]

So I took Financial Accounting for clep and failed. What I didn't understand is how some of their questions are formatted, for example.



(Asking the question)

1. big toy                                                                    $300
                           small toy                                          $500

2. small toy                                                                 $300
                           big toy                                             $500


Forgive me for not remembering the exact Question, it's been two months, but are the assets on the left and liabilities on the right? Is that the only factor changing?

[lacussucceed]

Part of financial accounting is basic bookkeeping and journal entries. This is too much to explain here, but you are missing some knowledge on the basics there, this isn't a balance (w assets, equity and liabilities) these are journal entries. It's about debit and credit.

[FishNDip]

Okay thank you, that's what I was asking. Debits are assets and credits are liabilities...correct?

[lacussucceed]

No, that is not correct. How did you study for the CLEP?
I think an online course (SL?) or book like Fundamental accounting principles from Wild ea would help you.

[natshar]

Accounting is the language of business and is important for all business majors. If you plan majoring in accounting or a career in it and have no knowledge it may benefit you to take a course in accounting at a community college.

I personally tried the self study route for accounting and am now enrolled in an in person course.

[FishNDip]

No, that is not correct. How did you study for the CLEP?
I think an online course (SL?) or book like Fundamental accounting principles from Wild ea would help you.

Okay thank you! I studied with modern states, and I guess I didn't learn much. I'll keep at it then.

[Rustydroid]

Okay thank you, that's what I was asking. Debits are assets and credits are liabilities...correct?

That is not correct. Just remember Debits go on the left and Credits go on the right that's all that means. 
Now depending on the type of account that could mean that its increasing on the debit or credit side. The one thing that I've found that depending on the professor they may use different terminology and when you are learning accounting in the beginning it can get confusing. 
To remember whether accounts increase with debits or credits just remember "DEA". Those will be your Dividends, Expense and Asset accounts. The rest are increased with credits. There are also contra accounts that are the opposite of a normal account like Accumulated depreciation. I will stick with learning the regular accounts first then move on to other things. 
I would also check Professor Farhat's youtube channel. He does a good job at explaining things (that's were I got DEA). You can also buy the book that he uses to teach that. I have it and its one of the best books that I've found that explains some of the finer details in better detail. 
Depending on how far you want to get in accounting you could watch his Intermediate Accounting lessons. Its basically Financial Accounting but in more detail. For example you get into actually tracking contracts, interest payable, the time value of money and other things. 
He goes over debits and credits on his Chapter three part 2 video. Nothing crazy just the basics like you would learn on any Financial Accounting class. I think my professor used the same slides.