Principles of Accounting

[Papa Georgia]

It has been awhile since I took this exam but I remember feeling like I was playing Jeopardy, where they give you the answer and you figure out the question.

[Silky1]

I'm scheduled to that this exam on the 11th of this month. I started studying for this one using IC a couple of weeks ago and decided I wasn't ready. I switched to MacroEco in the 11th hour and crammed for 3hrs. Opps!! I dropped that exam by 5 points. (ouch!)

Next was Business Law I which was kinda fun and easy. But now I'm back to my old friend Accounting.

My sticky point is getting my mind around when to use the term Debit & Credit appropriately. In some instances it's obvious and in others it's the opposite.

I'm using the PrinciplesofAccounting.com book and I'm getting their. I'll go through the IC material ofter that.

I'm pacing myself at 1 exam per week, hoping to be done by April/May.

[Keyboard Ninja]

How long did each of you take to study for this test? I'm thinking if I set aside 1 hour a day for 4 weeks I should be good to go. All I have right now is IC though.

[Silky1]

I'm scheduled to that this exam on the 11th of this month.
.

Well, I decided to give myself another week (18th) since I was still stuck on the which accounts to debit and credit.

If finally clicked when I read the following:
Accounts increase on the side where they live, relative to the Fundamental Accounting Equation. If you know the equation, remebering that rule helps alot.

[Winnawer]

Hello Everybody,

I am preparing for the Principles of Accounting Clep and was wondering what resources were used by the people that have passed this test.

I currently am using I/C flash cards, principles of accounting.com, accountingcoach.com and an actual textbook.

Any input on what I am using or what you used to pass would be greatly appreciated.

Thank you.

[ShotoJuku]

Hello Everybody,

I am preparing for the Principles of Accounting Clep and was wondering what resources were used by the people that have passed this test.

I currently am using I/C flash cards, principles of accounting.com, accountingcoach.com and an actual textbook.

Any input on what I am using or what you used to pass would be greatly appreciated.

Thank you.

[SIZE="2"]I merged your thread with one previously established that looked pretty informative - GOOD LUCK!![/SIZE]

[fiveninerzero]

I am going to force this test in January so I can give myself a week or so to take it just in case I fail in June before it goes away.

[decall]

How long did each of you take to study for this test? I'm thinking if I set aside 1 hour a day for 4 weeks I should be good to go. All I have right now is IC though.

I passed after I studied for about two weeks while studying for other exams.
Just use the resources listed on this thread and you should be fine. I'd also pick up a college textbook and read up on the fundamental accounting principles. Make sure you have a definite understanding of credits and debits before you take the exam.

Something else that might help is getting the College board review guide About the College Level Examination Program (CLEP) and following the outline to decide what to read up on. Get comfortable w/ adjusting entries and know the purpose of the different financial statements.

[cyclist]

I took the Principles of Accounting CLEP last week – I somehow managed to pull off a score of 78. Here is my feedback on this exam.

I used the following study resources:
-A 20 year old accounting textbook.
-Accounting Coach
-Baruch College - Digital Media Library This link is to a group of online video lectures. They are not great, but they helped me a lot.

I studied for about 1.5 months, primarily because I was having a tough time with the practice tests.

Exam notes:
-Overall, I found the Peterson’s online practice test to be much, much harder than the actual exam.
-There were only 5 questions that required serious math to solve. Rather than taking a ton of time to calculate the answer, I took a few seconds to look over the answers and picked one that seemed reasonable. I planned to review these questions at the end of the test, but I did not have enough time.
-The exam had plenty of additional questions that required some math, but all could be solved easily without a calculator.
-Time is an absolute killer. I had 2 minutes to spare when I completed the last question.
- Although I had a tough time learning this material, I felt that this exam was the easiest of the 3 CLEPs that I have taken (the others were Micro and Macro economics).

This exam will be discontinued in June, so start studying soon if you need to take it. It is definitely passable with some study time.