Principles of Accounting: Most challenging concept?

[4dkids]

What seemed to be your biggest challenge/concepts to master when preparing for this test? Only 6 more days 'til we bid farewell to this dragon of a CLEP test!

[AGS]

Originally Posted by 4dkids

What seemed to be your biggest challenge/concepts to master when preparing for this test? Only 6 more days 'til we bid farewell to this dragon of a CLEP test!

i had just changed my test date from lasrt wednesday for this THursday on the 28th.....

i hope i pass it so i dont have to pay 600.00 dollars for some 2 course on it in some community college .....

principles of accounting consists of 2 exams financial and managerial .....

[Matymus]

I honestly don't remember the toughest concept. To be honest, there are quite a few concepts that are difficult with this exam. I just can't remember which ones. Go figger.

[AGS]

Originally Posted by 4dkids

What seemed to be your biggest challenge/concepts to master when preparing for this test? Only 6 more days 'til we bid farewell to this dragon of a CLEP test!

Accounting principles are based on a set of __________ that underlie accounting practices.

9 Concepts ... from instacert...

1) . Money Measurement Concept .
2). Entity Concept.
3). Going Concern Concept.
4). Cost Concept.
5). Dual Aspect Concept.
6). Conservatism Concept.
7). Realization Concept.
8). Matching Concept.
9). Materiality Concept.


Generally Accepted Accounting Principles are usually referred to as GAAP. These principles set the rules for accounting practices. They were established by the Financial Accounting Standards Board (FASB) to assist with the fair and objective comparison of business performance either within the same entity (from period to period) or with other entities.

[AGS]

Originally Posted by 4dkids

What seemed to be your biggest challenge/concepts to master when preparing for this test? Only 6 more days 'til we bid farewell to this dragon of a CLEP test!

This question demonstrates 6 principles of Accounting ...

Question 12 of 55

The financial position of an entity at a specific point in time is called a _________ _______.

Detailed Explanation:
Balance Sheet. A Balance Sheet (also known as a Statement of Financial Position) reports the assets, liabilities and owner’s equity at a specified moment in time. It is a status report that is only valid for the point in time indicated – note the words "as at" in the title of the sample Balance Sheet below.



http://www.instacert.com/

[rachelle]

I just took this test and the most difficult part for me personally is that they did not allow a calculator and one was not provided on the test. Other than that, i was surprised to see that on the test there were many questions that were focused on very general accounting procedure questions (very broad accounting questions), i was expecting to see more narrowly focused questions. Be prepared to know general accounting principles.

ps: i did pass even though i thought i was doing very poor, i squeaked by with a 53, i have taken bookkeeping (8 years ago with an A) and financial accounting (4 years ago with a C).

Good luck!

[4dkids]

I'll post my results after my test on Wednesday.

[iwannapass]

I think what is freaking me out the most is all the formulas you have to remember. I don't think I can memorize all of that. I don't know what I am going to do by Thursday. I know I have to take it no matter what. Lord help me!!!!!

[ridin8ude]

I've put off taking this exam to the last minute.

I just finished reading all 24 chapters of the principles of accounting website.
I started on Saturday and have used every waking, non-working hour to read. Now I have 1 day of revision, and take the test Thursday morning.

Hope I can get by with general concepts and not needing to know detailed formulas...

report back how I go!

Good luck to all the others in the same boat