What's the difference between "Financial Accounting" and "Principles of Accounting"

[runner001]

I noticed that on the college board website, they list a course called "Financial Accounting" while on IC's website, they list a course called "Principles of Accounting". Is there a difference? What's the difference?

[bawhitsett]

At least on the CC level the first 2 semesters of accounting (financial and managerial) are usually referred to as principles of accounting 1 & 2. I'm assuming this is where the association is made. At one point the clep test covered both and was worth 6 hours but now it only covers financial and is worth 3 hours.

[runner001]

okay. so does this mean IC's course "Principles of Accounting" is a reflection of the CB's (collegeboard) course "Financial Accounting"? Does studying IC's course flashcards mean I'll do well on the actual CLEP exam?

[jackies35]

I wanted to know the answer to this as well...

If I am not mistaken, I wanted to purchase a CLEP book on Financial accounting to study. Otherwise, I would have to pay $700 for Principle of Accounting 1 college course.

Now, if I do study Financial Accounting CLEP exam book, would it cover (some details) of Principle of Acctg and would it be enough to pass the CLEP exam.

Good question!

[jeffs34]

Basically, the old CLEP test was Financial and Managerial accounting for 6 credits. Now it's just Financial Accounting for 3 credits. The flashcards work, but you only need the ones labeled "Financial Accounting." Many people say the Dante's Financial Accounting was easier, but I assume they're both tough unless you like accounting.

[mlwilliamsiv]

For whatever it's worth...here's my 2 cents...*drum roll please*!!!

I took the Financial Accounting CLEP and it was a monster!!!! I only scored a 53 and I studied for 2.5 weeks.

I guess to each is own but I would strongly suggest you study outside materials in addition to IC...unless you already have "some" kind of Accounting background. If you are the latter, then yes IC, IMHO, would be enough to get you by. But if you were like me who hadn't been acclimated to Financial Accounting since high school, then you need additional resources.

The information that I found in the Specific Exam Feedback section was very useful. I have yet to find any futile information in that section. There were some very valuable links in that section pertaining to Financial Accounting. I would also suggest reading the CliffsNotes on Financial Accounting and also the Standard Deviants Videos on Financial Accounting Parts 1 & 2.

That pretty much sums up what I used to prepare for the exam. But if you are planning to take the CLEP version...make sure you know the math involved pretty well. My version was heavy on the math and I couldn't wrap my mind around some of the concepts because I didn't focus too much on the math...just definitions and terminology mostly. Make sure you know how to apply the math concepts as well. Trust me. This test stressed me out so bad that I thought I failed for sure. I couldn't even look at my score when I finished. But I passed!

Hope this info helps you some.

Good luck on your journey and I wish you well.

Peace be with you always.

From a loyal degree seeker,

Marshall