Principles of Accounting

[snazzlefrag]

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.

This has to be a matter of personal choice Dale. There really is no "right' or 'wrong' progression.

I wasn't originally planning on taking Accounting. But I took Principles of Finance and quickly realised that I was covering a lot of the terminology and concepts I would need for Accounting.

Statistics doesn't factor into Accounting or Finance very much. However, I took Statistics first and totally breezed through studying a small section in Finance regarding Standard Deviation and Variance.

Principles of Finance was a difficult exam. But to be honest, I am having a much more difficult time grasping some of the more complex concepts of Accounting that I did grasping the complex concepts of Finance. This is the main reason why I personally would recommend taking Finance before Accounting...it will give you a leg up on preparing for the Accounting exam.

Also, the Accounting exam is timed but the Finance exam isn't. The added pressure of TIME requires that you are much more thoroughly prepped. Studying for Finance first will help solidify the concepts and terminology in your mind, prior to studying for the Accounting exam.

Hope that helps,
Snazzlefrag

[ChristaKB]

It's been a couple of weeks since I took this exam. Wasn't as hard as I thought it would be (I think I scored somewhere in the 60s). Apart from studying IC, I also took the sample tests several times. But: the real exam was not as difficult as the sample tests! If you know the basics, I think you are good to go. Also, there was a posting on this I think from the guy at 123college (don't have the link to his site handy), you know, the one that did the BA in 6 months, that goes into detail on what to study for and he is right on the ball! BTW, there was some difficult stuff in the last section of IC that I didn't have much time to study, but that wasn't on the test at all anyway.

Good luck, sounds like you'll do great!

Christa

[snazzlefrag]

It's been a couple of weeks since I took this exam. Wasn't as hard as I thought it would be (I think I scored somewhere in the 60s). Apart from studying IC, I also took the sample tests several times. But: the real exam was not as difficult as the sample tests! If you know the basics, I think you are good to go. Also, there was a posting on this I think from the guy at 123college (don't have the link to his site handy), you know, the one that did the BA in 6 months, that goes into detail on what to study for and he is right on the ball! BTW, there was some difficult stuff in the last section of IC that I didn't have much time to study, but that wasn't on the test at all anyway.

Good luck, sounds like you'll do great!

Christa

Thanks Christa,

If you can remember...

1) About how many of the 78 questions would you say were calculations (as opposed to just terminology/concept questions)?

2) Which ratios were included on the exam?

I know it's hard to remember specifics once an exam is in the distant past. I usually have trouble remembering what was on an exam by the very next day.

But anything involving numbers freaks me out, so wherever possible, I like to know in advance what to expect!

Thanks for your help,
Snazzlefrag

[libartsmgr]

...

I know it's hard to remember specifics once an exam is in the distant past. I usually have trouble remembering what was on an exam by the very next day.
...

Heck, I can barely remember as I'm leaving the testing center!

hilarious

[snazzlefrag]

Heck, I can barely remember as I'm leaving the testing center!

hilarious

You know what's funny... After I have taken an exam, it INSTANTLY feels like I took it months ago. The longest I have ever had to wait for a DANTES score was 23 days. But it almost ALWAYS feels as though I had to wait months for my score.

I just took Principles of Finance on June 9th, it is only June 16th now, but I could swear I took the exam way back in February! :eek:

[libartsmgr]

You know what's funny... After I have taken an exam, it INSTANTLY feels like I took it months ago. The longest I have ever had to wait for a DANTES score was 23 days. But it almost ALWAYS feels as though I had to wait months for my score.

I just took Principles of Finance on June 9th, it is only June 16th now, but I could swear I took the exam way back in February! :eek:

You are so right!!! I know when I was taking all my dsst's it was the exact same way for me. I would stalk the mailman. I would think it's never going to get here! I would calculate the days it's been (only 5? NOOOO).

you absolutely passed it, so whatcha so worried about?!

[ChristaKB]

Like you said, I can hardly recall any of the questions, I do know that there was hardly any math, just simple stuff like adding up 2800, 300 and 550, something like that. Everything was doable on a piece of paper.

Don't remember much about ratio's, see if you can find my previous post about the subject in the "score report" (or whatever it was called again section).All in all the exam was much easier than I expected. You'll do fine.

Christa

[snazzlefrag]

You'll do fine.

Thanks Christa. I'll do my best!
hilarious

[Kiwi Lover]

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?

Ana,

I have taken the Principles of Finance exam (and passed) and I currently work as an "accountant" (I hate to use that term since I don't have my degree yet and I'm not a C.P.A., but I handle all of the accounting for a corporation, so I feel somewhat justified in calling myself that. ) Anyway, to answer the question you posted...I would recommend taking Accounting before Finance if you can. I commend Snazzlefrag for tackling the Finance exam first, especially since he doesn't have a background in accounting. But I really think getting all of the basics of Accounting down will help you when it comes time to studying for Finance.

I'll be glad to help in any way I can with both exams, since that is definitely my area. And that applies to everyone!!

Take care,

[Kiwi Lover]

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

Snazz,

I wish I could help you more for this test but I didn't need to take it since I had already taken it in college years ago. My guess, though, is that it won't involve a lot of ratios, because (as you saw) that applies more to finance. Can you send me the list of what they say is on the test and I'll see if there is any other feedback I can provide. My guess is that if you were comfortable doing the Principles of Finance test, that you'll do fine on this one. As for your "math phobia", just picture all those numbers in their underwear!! ha ha (I know...bad joke). :p