New 2007 Principles of Financial Accounting

[adrian]

I failed Principles of Accouting about 1 month ago so I am trying to take this new exam. Has anyone here taken it yet ? I guess my other alternative is to take the DANTES one. Any ideas ? I can go on in my course since PRin of Finance was a prerequisite to pretty much all my remaining classes.

[snazzlefrag]

I failed Principles of Accouting about 1 month ago so I am trying to take this new exam. Has anyone here taken it yet ? I guess my other alternative is to take the DANTES one. Any ideas ? I can go on in my course since PRin of Finance was a prerequisite to pretty much all my remaining classes.

Hi Adrian,

Your post has me a little confused. Are you referring to the new CLEP Principles of Financial Accounting which will begin in 2007? If not, which "new 2007 Principle of Finance" are you talking about?

Thanks,
snazzlefrag

[adrian]

Thanks for pointing it out Rob.

[snazzlefrag]

I failed Principles of Accouting about 1 month ago so I am trying to take this new exam. Has anyone here taken it yet ? I guess my other alternative is to take the DANTES one. Any ideas ? I can go on in my course since PRin of Finance was a prerequisite to pretty much all my remaining classes.

Hi Adrian,

I edited the title of the thread to avoid any further confusion.

Okay, so here's the thing....

In June 2007, CLEP will get rid of the 6-credit Principles of Accounting exam, and will replace it with a new 3-credit Principles of Financial Accounting exam. DANTES also offers the same 3-credit Principles of Financial Accounting exam.

The problem is that many Business degrees require SIX credits (TWO semesters) of Accounting (Managerial Accounting + Financial Accounting).

The current CLEP Principles of Accounting exam fulfills both accounting courses. After June 2007, it will no longer be possible to test out of all six required accounting credits.

People will find themselves having to take an actual course in Managerial Accounting in order to fulfill that particular requirement. Thus, it will no longer be possible to COMPLETELY test out of a Business degree (at least at Excelsior).

Therefore, I would STRONGLY urge anyone intending to complete a Business degree to go ahead and take the 6-credit CLEP Principles of Accounting exam at your earliest convenience. If you take it and fail (God forbid) prior to the end of December, you will still have time to take it again after six months. If you wait until January 2007 to take it, you will only have time to attempt it once. After that, you will no longer be able to test out of the Managerial Accounting requirement. You will be forced to take a full course instead.

Be advised,
Snazzlefrag