Customer Reviews

The Best Test P CLEP Financial Accounting w/ CD-ROM (CLEP Test Preparation)

5 star:		(8)
4 star:		(4)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

I don't know how I would have made it through without this book. It makes the CLEP feel like a breeze!

This book saved me about $4500 in tuition, not to mention the cost of textbooks. I needed to score a 57 to get credit for two accounting classes (9 hours worth of credit). After a couple of weeks of studying over winter break I nailed a 61! It has put me extremely close to graduation and saved me time as well. Great product and well worth the price. Just as a point of reference, I took accounting in college once many, many years ago and failed. Miserably. This book made it much easier for me.

I highly recommend this study guide. I studied for the financial accounting CLEP over the winter break using the REA prep book. I spent about 2-3 weeks reading a little every night, doing the practice questions, and reviewing concepts or whole chapters as necessary based on my practice results. I got a 61 and a 62 on the sample tests included with the book, and a 63 on the real test. I am planning to use REA to help me CLEP out of three more classes.

I love REA books. I have passed many clep tests with them. This books is still worth buying, but this test is really hard and you might need a book that goes into more detail.

The author presented great information in a logical organizational structure. It covered all of the necessary topics for the CLEP Financial Accounting exam, while exceeding my expectations in quality of writing.

I just finished taking the exam and I'm happy to say that I passed with a score of 57! While that isn't an A in terms of the adjusted CLEP scale, it is a passing score (anything 50 and above) and that is all that really mattered to me. I've read that from a difficulty scale of 1 to 5 (5 being impossible) then this exam is a 4 (Yikes). After reading the book approximately 4 times (that is the only way I can really get the material to stick) over the span of 3 weeks, I can see why it is rated as very difficult. I don't come from a business background and business as a course of study doesn't really interest me so you will probably have some edge over me if you are studying business. On a side note, another reviewer mentioned using accountingcoach.com. I used it too and it was really, really helpful in terms of having another source to quiz myself. Now onto the exam

I wasted a lot of time trying to remember all of the formulas later in the book like "times interest earned ratio" and "stockholder equity formula". I say wasted because the only formulas that I needed to memorize for the exam were the standard ones like Cost of Goods Sold, Assets = Liability + Owner Equity, Gross Profit, Current Ratio and one random one from Chapter 20 (Price Earnings Ratio). Bottom line, don't spend so much time memorizing the formulas (especially in Chap 20). Instead put your focus learn how Debits and Credits affect each other and how they are supposed to appear as a journal entry. Now I'd like to mention some specifics on the exam that should also help you.

I was surprised to see large volume of questions about "Bank Reconciliation". I remember about 4 or 5 which seemed like a lot to me (given only 74 total on the exam) . There were only a couple of inventory questions like LIFO or FIFO, and the standard couple of questions about paying wages and how you would list wages that were owed at the end of the year (like in the book) and how you would list that as a journal entry. I was also surprised at the volume (high) of questions about Bonds since the test states that there won't be a lot of those. There were a few questions about the payment of bonds (and other items like loan payments) that didn't use the full year like the book does. Instead they use 180 days (which is 6 months) and you have to spot this and calculate the months or you will calculate things wrong. The test will trick you and have a possible answer as if the loan/bond is based on a 12 month scale (which is how I learned them in the book). Learning the Cash Flow statement was also key and what appears where on the cash flow statement (I.E. equipment sold used in the course of business, paying back loans, etc).

Lastly, I felt a lot more confident by writing out all of the formulas on scratch paper before starting the exam (before the bomb timer started down from 90 mins). That way, for when those few questions did pop up that required calculation, it made it A LOT easier to move past those and onto the next one. The best advice I can give is don't spend more than 3 minutes on a question. If you aren't sure then guess, mark it (so you can return to it at the end if time permits) and move on. That way you aren't scrambling to guess at the end of the exam on questions that you could have figured out without the stress of time winding down. This last piece is critical. Have fun!

Just skip the first section that provides advice about how to take tests. Get to the content and be ready for a fun ride. Journalizing, reconciling accounts, treatment of all types of assets and liabilities and financial statement preparation - this book covers it in a way that made me happy. The 2 practice exams helped me build confidence, and I had only intended to use this book for review purposes.

I took the test today after studying this book and taking the practice tests and scored a 72%, supposedly the equivalent of an "A" course grade. I supplemented the book with the Accounting Coach website as well, which was good for some quizzes and additional perspective on specific topics. My studies on this topic lasted for about 4 weeks.

This is a good book not just for passing the test but for learning these concepts for practice. Unlike other REA books, this one has some small CLEP tips and offers a great review section at the end of each chapter (like textbooks often do). The practice tests on CD ROM are the best way to practice, as the interface is very close to the real test. The author has a fairly well-presented example carried through the book and also has practice questions in the text. There are also some great study tips, such as making flashcards for journal entries.

I didn't give this five stars because there are a couple of clerical/math errors in the text that can take a while to think through. However, noticed that while I wasted some time on this I was forced to think critically about the text and remain engaged. I found the chapter on the Equity Section and the final chapter on financial statements to be a bit difficult to grasp, so I probably missed a couple of questions on the real exam.

Overall, this is a great way to prepare for the test.

In order to graduate on time in the spring and not have to take a summer class, I needed to bypass my Introductory Accounting class and move on to Managerial Accounting. The Financial Accounting CLEP Test is widely known as the most difficult CLEP test to pass.

This book is the absolute main reason I passed the test. I studied the book in 4 days, and passed the test with a 51 (passing is 50). I would not recommend taking the test after 4 days of studying, but I had no choice. The book is very thick and covers an enormous amount of information, especially if you have no background in accounting, as I did not.

This book gives all the information needed, and should be most likely studied for about a month before you plan on taking the exam. Make sure you do all the practice tests, find out why your wrong answers were wrong, and you should be golden. Also, download the Official Practice Exam from the College Board website as a supplement, because I know for sure that boosted my score by a couple points. Good luck!

This is the only tool I used to study for the financial accounting CLEP exam and I passed on the first try. Would definitely recommend this text to anyone preparing for the Accounting Clep exam.