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CLEP® Financial Accounting (CLEP Test Preparation) Paperback – September 19, 2007
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From the Back Cover
Everything you need to know for the CLEP Financial Accounting exam. Comprehensive review chapters completely align with all the subjects tested on the exam. The Best CLEP Financial Accounting Practice Exams Available
2 full-length CLEP Financial Accounting practice tests based on official CLEP exam questions released by the College Board. Total Explanations of Questions & Answers
Each CLEP Financial Accounting practice test comes with detailed feedback on every question. We don’t just say which answers are right – but why the others are wrong – so you’ll be prepared for the CLEP Financial Accounting exam. Proven Test-Prep Methods
REA’s focused content and practical advice have helped millions succeed on their exams. With our step-by-step plan, you can score high on the CLEP Financial Accounting exam and earn the college credit you deserve! What is CLEP?
CLEP is the College Board’s credit-by-examination program for more than 30 subjects. Each exam passed earns the student between 3-12 credits at more than 2,900 colleges and universities in the U.S. and abroad. REA has the largest library of CLEP test preps that can help you earn college credit while saving you valuable time and money.
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Top customer reviews
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!
I will say that the CLEP test was slightly harder than the sample tests given in this book. I would also suggest getting the official CLEP study guide and taking that practice test as well. However, even with that fact this book gave me enough information to pass the test. One other tip is to pay attention to the "equivalent terms" the book mentions. I found that the official CLEP test used slightly different terminology than this book. You may want to use one other study tool in addition to this one (either the official study guide or a site like Accounting Coach).
There were a few things I had to read a couple times, but it was relatively easy to understand. I never took an accounting course ever before. I recommend the following to study (Know Basic Accounting and how to use it, Credits and Debit, Journals (How everything is listed), I had a lot on Bonds, Stocks, and Depreciation)
I received a 59 due to the short amount of time. Good luck guys! I Recommend the Book.