Fincancial Acounting help

[jm82792]

I've been taking Cleps for awhile,
Unfortunately I'm at the bottom of the barrel for non scary CLEPs.
Recently I took Macroeconomics, Business Management, and Marketing CLEPS back to back in 2.5 hours...
I had time constraints and have to fly over to Honolulu to take CLEPS.
Surprisingly I scored in the mid 60s, I've never got the 60's before.....
Since I'm on a business roll it's probably the best time to kill this test.

But financial accounting is a monster that I've looked at before. I plan on using REA's book( I've read the whole book and it's scaring me ::leaving: ), Petersons, and whatever online resources I can find.

Anyways is it a terrible test, or is it not a bad one to take?
What does it consist primarily?
Any deep review on the test?
Would IC be helpful(I've used it before and at times it's sorta off)?

Any help you can toss at me would be greatly appreciated !
Without the forums here I would have never gotten so many CLEP passes,
and hopefully get my AA before I'm 19 !

[burbuja0512]

Great job - AA at 19! How cool.

I was terrified of accounting and not only does it scare me, I detest it. So... I didn't even bother with the CLEP. I took Straighterline Accounting and while it was probably harder than just cramming for the test, I felt like it was a better option for me.

So, if you decide not to test, SL will probably cost you about the same as a CLEP.

[ryoder]

I read accounting demystified since I have a safari account so it was sort of free for me.
Read some kind of intro to accounting book that goes slow and gets you into the mindset of Assets = Liabilities + Equity
This is the theme of double entry accounting.
I learned the basics, read the CLEP book and was a little freaked out about accounting also. Since you can't CLEP accounting 2 and will have to use straighterline to do accounting 2 I would recommend using straighterline for accounting 1 also. While you are in there you can also do business communications if you need that.

SL costs 100 a month and 39 per class. You can buy the book used on amazon.com really cheap. The tests are online non proctored but timed.
Most of the answers were plucked from example problems and general quotes from the book so if you know the basics you can find the answers in the book.

For example:
Issuing $500 in stock dividends does what to equity? what to retained earnings?
Issuing a stock split does what to equity? what to assets?

The answers to those two questions will be found in a section titled "Accounting for the issuance of dividends". There will literally be a line in the text that says it decreases assets and retained earnings.

After doing my initial book reading which took two weeks since I was studying other things, I passed accounting I and II in a week. Business comm was another week so I was done with 3 classes for 100+39+39+39. That is a steal!

[ryoder]

I don't understand the previous post entirely but I do not think you can cram accounting. Accounting requires a mindset change in order to pass the test.
Why not do dsst intro to business or principles of supervision if you want more easy business tests. Accounting and finance are the real deal and you will feel great when you take the time to learn them.
I think economics is similar though. A good background in economics is important to understanding business.