Thank God!!! Financial Accounting is over!!!

[bmills072200]

Just got back from taking the Financial Accounting DSST exam. Pass was a 47 and I got a 56. As usual, it was not as difficult as I thought it might be. Not to say that it was easy, but I always expect the worst.

I studied on and off for 2 weeks, probably a total of 10 hours of study. I only used IC and the DSST practice tests and exam summary which is a MUST!!! I recommend the DSST version over the CLEP version simply because of the material provided in the DSST study guide...it is far more thorough than the CLEP study guide and it helps you understand what to focus on for the exam.

Only 76 questions, 2 hours allowed, but I completed in 50 minutes.

Not a lot of math and the math that was required was pretty basic. The only formulas that I would bother memorizing is Assets=Liabilities+Owner's Equity...which is a pretty important one since it is the basis for all accounting principles...

Depreciation & Stocks and Bonds were 2 subjects that were covered on several questions on my exam.

There were several general terminology questions that were relatively easy...

Also, make sure you understand dividends and how they effect assets, liabilities and owner's equity.

Overall, I am very excited to have it done with. This subject is daunting at first, but remember that this is a lower-level course, thus a general understanding of broad issues is all that is required to pass. I guess what I am saying is: If you are a perfectionist like me that wants to know everything about the subject that you are studying, then Accounting could take you 6 months. Get the concepts down and go for it. A 56 counts the same as a 76 - I have had a hard time accepting that!!!

Thanks to everyone for the help with this exam...on to Finance!!!

[ShotoJuku]

Thank God!!! Financial Accounting is over!!!

Can we get an Amen?

[SIZE="4"]AMEN!!!![/SIZE]

[COLOR="navy"]Sounds like you had a firm grasp of the material before you went in and our old friend "anxiety" may also have also set in a little too.

You did great - CONGRATS!! [/COLOR]

Your post looks like a great "specific exam" posting too....

[mlwilliamsiv]

Congratulations BMills!!!!

I see my prayer for you worked!!!! I am so happy that you got this exam out of the way. I was hoping I didn't have to talk you down from a ledge again!!!!

Way 2 Go!!!

From a loyal degree seeker,

Marshall

[jec959]

Congratulations bmills glad you got this out of the way and with a good score at EC that gets you a nice fat A. See Marshall it pays to be insane once in awhile.

[mlwilliamsiv]

I See JEC!!!!!! Teach me 2 be like you guys!!!!! I am definitely not a Jedi yet like you all...(or Shoto) for that matter!!! 3 degrees in less than 4 years...He's a mutant!!!!!!

Keep up the good work all of you

From a loyal degree seeker,

Marshall

[jec959]

Take a deep breath look up literary terms and devices and try A&I lit, assuming reading comprehension is a skill you possess. I think the prep exams are scarier than the real exam, I believe REA sells a book for it as well. There is a fine line between insanity and not preparing though, I always use more than one site to prepare for an exam even if the feedback says IC is enough (nervous paranoid tester here), I may get insane once in awhile and just stop and take a test but with the exception of A&I Lit I have never taken an exam with less than 7 days prep.

[WendyR]

Congratulations! I'm so glad to hear you didn't have a hard time with it and thanks for the feedback. There is so little on this exam - either the CLEP or DSST version.

[Old Rusty Pipe]

Congrats. I dreaded Accounting every day until I finally beat it. That was the 6 credit version that covered both Financial and Managerial Accounting. I think the reason I passed that test was because of the Managerial. I found it a lot easier than the Financial.

Congrats.

If you liked accounting, you're gonna love finance...

[knucyt]

Congratulations!! I can most definitely empathize with being glad you are done with that one....all these finance/economics-related exams give me the HJs!

Well done!