Principles of Accounting

[snazzlefrag]

Hi All,

After taking the Principles of Finance exam yesterday, I have decided to prepare for Principles of Accounting while the financial stuff is still firmly lodged in my head.

I plan to study for a week and see if I am starting to grasp the material. If not, I will drop this plan and go for Civil War, as originally planned.

Anyway, I wanted to provide some online resources that I have found, just in case anybody else is studying for this exam right now.

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This first web site is already helping me understand the concepts. It takes you through everything step-by-step assuming that you know absolutely nothing about accounting (like me).

http://www.accountingcoach.com/index.html (includes "drills" at the end of each section)


This second link looks similar to the first one. It is an online book which takes you through all the necessary topics.

http://www.principlesofaccounting.com/


Here are the rest of the links I have come across so far...

http://www.rtc.edu/instruction/accountin...20Page.htm
(numerous online quizzes)

http://highered.mcgraw-hill.com/sites/00.../chapter1/
(managerial accounting)

http://www.mhhe.com/business/accounting/...mgracct_s/
(managerial accounting)

http://www.quickmba.com/accounting/

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I hope somebody finds these resources useful.

Good luck,
Snazzlefrag

[yutzyj]

I hope somebody finds these resources useful.

Good luck,
Snazzlefrag

thanks for this post. it is on my list to take, along with 90 other credits. hilarious i'm not sure why i'm laughing, 90 credits is a ways to go, but at least i've started and have 27 completed. maybe because i took the social science and history exam last thursday and copped six credits with one test. i'm glad i'll be able to refer back to this. as always, thanks for all your input.

[snazzlefrag]

thanks for this post. it is on my list to take, along with 90 other credits. i'm not sure why i'm laughing, 90 credits is a ways to go, but at least i've started and have 27 completed. maybe because i took the social science and history exam last thursday and copped six credits with one test. I'm glad i'll be able to refer back to this. as always, thanks for all your input.

Hi Dawn,

Those 90 credits will fly by...trust me! Just keep putting one foot in front of the other, and before you know it you'll be there!


I must say, I am VERY happy with that first link I posted. I am actually having fun while I am learning Accounting. I have been studying that site for a few hours so far today, and I can honestly say that the information it's presenting is really beginning to make sense in my head now.

I am going to work my way through the site over the next few days, and then work on Instantcert and also look up any 'vague' areas if need be.

I almost skipped Accounting in favour of Civil War. But now that I am getting into this accounting material, I really think I might be able to pull it off....and then I'll tackle Civil War!
hilarious

CLEP Accounting is changing to a 3-credit Financial Accounting exam in June 2007. This means that, after that point, anyone doing a business degree will be forced to take an actual Managerial Accounting COURSE to fulfill the 6-credit accounting requirements.

So please make sure you fit this 6-credit exam into your degree schedule before then!

You have one whole year left before the switch though. I'm sure you'll be well on your way to finishing your degree by then! :eek:

[yutzyj]

CLEP Accounting is changing to a 3-credit Financial Accounting exam in June 2007. This means that, after that point, anyone doing a business degree will be forced to take an actual Managerial Accounting COURSE to fulfill the 6-credit accounting requirements.

So please make sure you fit this 6-credit exam into your degree schedule before then!

You have one whole year left before the switch though. I'm sure you'll be well on your way to finishing your degree by then! :eek:

thanks for reminding me, i have a note of that on my bulletin board and i have to make sure it doesn't get put behind something. i definitely want those six credits. another course i'm going to take right after my english is statistics. since i've been reading on this board that the computer dantes is timed for two hours, that makes me a little nervous. i want to hurry and take it while it is still on paper, and UNTIMED.

[libartsmgr]

I must say, I am VERY happy with that first link I posted. I am actually having fun while I am learning Accounting. I have been studying that site for a few hours so far today, and I can honestly say that the information it's presenting is really beginning to make sense in my head now.

...
I almost skipped Accounting in favour of Civil War. But now that I am getting into this accounting material, I really think I might be able to pull it off....and then I'll tackle Civil War!

Way to go Snazz! I'm very impressed - I had to bail on Accounting - too icky. My brain just didn't want to grab on to it. :o

I hope you ace it!!

[snazzlefrag]

Hi All,

I am scheduled to take Principles of Accounting on Tuesday (6/20/06). :eek:

I have done a lot of studying and really think I know all the basics quite well (Balance Sheet, Income Statement, Cash Flow, Retained Earnings, Journal/Ledger/Accounts, Credit v Debit, etc.).

Some of the more complex (mostly managerial) stuff is going way over my head at this point. Since this exam involves "NUMBERS" I am already starting to feel nervous.

I know it is a difficult exam, and I know that time is a killer on this one...but I still have every intention of passing it, 'so help me Bob!'

But I need some encouragement and reassurance if possible.

Does anybody have any specific advice about what to focus on (other than "Holy crap! It was hard!").

- Do you think it is possible to pass by mastering the basics even if you haven't fully grasped all the complex stuff?
- Is the exam mostly calculations, or mostly terminology/concepts?
- Just how hard/complex do the calculation questions get?
- Which financial ratios will I need to know?

I can't remember which of you guys have taken this exam, otherwise I would email or PM you directly.

Any specific tips, tricks, advice, suggestions, or feedback would be VERY helpful to me right about now! You can respond here, or PM me if necessary.

Help please,
Snazzlefrag

[anar579]

Snazzle,

I don't know if you'd be able to determine this just yet... do you recommend taking Finance before Accounting? Or does it seem the order doesn't really matter?

[snazzlefrag]

Snazzle,

I don't know if you'd be able to determine this just yet... do you recommend taking Finance before Accounting? Or does it seem the order doesn't really matter?

Hi Ana,

As far as I can tell right now, I believe that studying for Principles of Finance is HELPING me study for Accounting. I already understand a lot of the concepts and principles because I encountered them in my study of Finance.

Having said that, if I had studied Accounting first, I would have had a head start on my Finance prep too. So it probably works both ways.

However, if I had to do this all over again, I think I would STILL take Principles of Finance first. I think Finance gives you the "big picture" so that you have more of an overview of the concepts before you get down to the nitty gritty 'gruntwork' of Accounting.

Others may well prefer to do the Accounting exam first since it is lower level, and then do the upper level Finance exam. That would seem to be the most logical progression. But personally, I'm glad I did Finance first.

Hope that helps,
Snazzlefrag

[anar579]

Thanks for the insight Rob. I will keep that in mind for these two exams.

[dhlvrsn]

My plan is CLEP Accounting -> DSST Statistics -> DSST Finance -> DSST Money and Banking. If Financing and Accounting are that close maybe I'll switch it up a bit.