Update on My Acct 301 Pretest
Monday, January 22, 2007 17:35 | This post has been viewed 2,059 timesSorry for this late update, I was changing webhosts and so decided not to make another post until the dns had propogated (don’t worry if you don’t know what that means).
I got 17 in my Acctg 301 pretest out of 30. I first couldn’t believe it coz I didn’t guess a single thing on the test, when I was confused it was only between 2 choices and it happend in 4-5 questions. 21 and above is pass so I guess I will be taking this test again. No worries as I still have to complete 2 pre-requisites before I can take my first upper division accounting class.
Since friday, this thing has been making me crazy and at the same time I feel like something went terribly wrong. I was done within one hour and knew I would get more than 21 without any problems but I was soooooo wrong.
Let me tell you little about the pretest. The last time it was revised was in 2004. It had a question on Dividends. I have no idea how one can relate adjusting entries and dividends together. On the pretest website they explicitly say to review the 3rd chapter of any Intermediate Financial Accounting book and you will be good to go. Please tell what book out there talks about Dividends in the 3rd Chapter?
From SFSU Acct 301 Pre-test information page:
“Students may prepare for the pretest by studying any introductory financial accounting textbook which includes material on the double entry bookkeeping system (i.e., debits and credits). Most introductory financial accounting textbooks cover this material. A more efficient method of preparation is studying the review chapter, usually chapter three, of any intermediate financial accounting textbook.”
That’s not all, this Dividend question is a trick question. The answer is NONE or None of the above and I got it wrong. There was this other question out of the blue that had to do with some principle, answer to that was Recognition and I picked Matching because 3rd chapter in any accounting book deals with only matching concept.
Update 04/22/2009
There are two more questions I was able to get a hold of, one deals with Airline tickets and the other one is about Magazine Subscriptions. Does anyone remember anything about that?
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jeanelle says:
January 23rd, 2007 at 12:19 am
maaan. that sucks. I took the test too and i thought it was a bit difficult. have you gotten good grades in accounting courses? Because they shouldn’t make the test unattainable. ugh.
Zahid Lilani says:
January 23rd, 2007 at 3:02 pm
Yeah the reason i went into accounting was that i discovered i am good at it and i did pretty well in it and this pretest makes me feel like i should just put my AA accounting degree in trash…
Fellow SFSU Student says:
January 16th, 2008 at 12:52 pm
Did you ever pass the Acct 301 Pre-test? If so, do you have any advise as to what to concentrate on? I’ve taken it a couple of times and haven’t passed. It’s rather frustrating. Any help will be appreciated.
Zahid Lilani says:
January 16th, 2008 at 1:46 pm
Yeah I did pass it eventually. I suggest you concentrate on accrual accounting and first 3 chapters of any accounting book. Hope it helped… and best of luck!
Accountants Guide UK says:
January 22nd, 2008 at 5:30 am
Feels bad to hear from some who works so hard and then fails the exam. Well; , accountancy is the subject you smply can avoid in collegs. You just can play the guess game here
emilia says:
August 17th, 2008 at 9:30 am
I took the test yesterday (for the second times). Zahid Lilani was right, the test covered a lot from the first three chapters from any financial accounting textbooks. I got the recognition principle wronged, I thought it was matching principle . Mann
There’s question about ledger, trial, and journal. Several Unearned Revenue problems, and interest expense problems.
bitesizedmango says:
January 13th, 2009 at 11:39 pm
I just got my test score right now and i was so mad. i got a 20 out of 30. just one point away from passing! Do any of you know if its still going to be the same test when you retake it?
Zahid Lilani says:
January 15th, 2009 at 12:23 am
Yes it is usually the same question book everytime….
testing says:
January 18th, 2009 at 10:46 pm
I just got a 13…is there a way to check what you got right and what you got wrong?
Zahid Lilani says:
January 20th, 2009 at 7:40 pm
There is no way to check what you got wrong or right… they don’t give out solutions!
Lisa says:
March 19th, 2009 at 11:47 am
There was one question there… Where facts and figures are first recored..
Is it Account or Ledger?
Zahid Lilani says:
March 19th, 2009 at 5:14 pm
I do remember this question… I know that Ledger is the last… the first entry is usually in the Journal… was there an option for journal there? If not, then it is definitely Account. Journal entry includes posting it to a certain account like A/R etc so it is Account.
Lisa says:
March 23rd, 2009 at 8:00 am
Do you remember this one question about the Tickets? They were purchased at a certain date, paid after a few days but weren’t used after a few days later. The question was “How are you going to post it?”
Zahid Lilani says:
March 23rd, 2009 at 9:19 am
Are you talking about the one where airline tickets are purchased but not used? It is unearned revenue for the airline company and it is reported as a liability, I vaguely remember that question.
Lisa says:
March 23rd, 2009 at 12:59 pm
I think you’re right. Thanks
guest says:
April 14th, 2009 at 9:39 pm
im taking the test this saturday, any tips? thanks in advance
Zahid Lilani says:
April 14th, 2009 at 10:20 pm
I know someone else who is taking the test this Saturday too. I don’t have any test related tips beside recommending you read all the comments posted above and register for the next test date after april 18th (just incase)
lani says:
April 19th, 2009 at 1:48 am
are you sure that dividend question was none of the above? wasn’t it “never”? i think the question had to do with dividends being an expense. and dividends can’t be expenses right? maybe i’m wrong?
guest says:
April 21st, 2009 at 4:38 pm
Man, I am not happy. I got a 19/30 and I don’t know which ones I got wrong.
I remember something like
If you debit an increase an asset, it could also mean.. increase in liabilities, decrease in expenses, don’t really remember the answers, but its something like that.
Dividend question
Airline question, where tickets were bought in December (or something) and at the end of the period, they were some that were unused/or will be used in January. Lets say.. total of all tickets was $800. At the end of the period they would $200 would be unused or will be used in January. How would you journal this?
I’m trying to remember all the questions so I know what I did right and what I did wrong in the test.
Angel says:
April 27th, 2009 at 8:33 am
Does anyone remember if the sample questions provided on the testing site were on the actual exam? I appreciate all the discussion about the pretest, as I’ve now signed up for May 8th AND May 16th. I’m registered for ACCT302 in the summer and don’t know if I’ll have any other test dates to try it before I’m supposed to take the class… eek. I’ll post whatever questions I can remember once I take it. Does anyone know if we need an ACCT301 waiver signed after we pass and where you go to get it signed? Good luck passing guys, sounds like we’ll need it.
Zahid Lilani says:
April 27th, 2009 at 10:32 am
@Angel: You cannot register for ACCT 301 if you haven’t passed the pretest. ACCT 301 is the prerequisite for ACCT 302 so there is no such thing as a waiver.
In order to take ACCT 301, you have to pass the pretest. This test is not a test to waive the ACCT 301 course.
Sample test questions are not in the actual exam. Best of luck!
Zahid Lilani says:
April 27th, 2009 at 10:33 am
@Lani: the answer is either none or never, dividends are never expenses.
Angel says:
April 27th, 2009 at 3:44 pm
Zahid: Thanks for the reply, but I probably should have been more specific. I am already registered for the summer offering of ACCT301 (not ACCT302 as I mistyped above), even though I have not yet passed the pretest. I assume we can register, but that we may not be able to stay in the class if we don’t pass in time. Also, I read at ttp://online.sfsu.edu/~profchoo/case1.htm that “After you have passed the pretest, then ask your adviser to sign a waiver form for ACCT102. This waiver form must accompany your graduation application form.” This was the waiver I was referring to.
To everyone else, I made another typo in my last post… For anyone who may be taking the exams, the dates are May 9th (not the 8th) at 10am and TBA on May 16th.
Can anyone tell me how soon you find out if you passed the pretest?
guest says:
April 27th, 2009 at 5:56 pm
3-4 days
Zahid Lilani says:
April 27th, 2009 at 6:14 pm
@angel: It should be available by Tuesday night, if you are taking it on a Saturday.
http://online.sfsu.edu/~profchoo/case1.htm was last updated on Tuesday, December 11, 2001. The information there is pretty outdated because I don’t think you now have the option of taking the 1 unit course ACCT 102. In fact, that course doesn’t exist anymore.
Just pass the pretest get over with it, don’t worry about getting any kind of waiver coz you don’t need one.
Angel says:
April 27th, 2009 at 7:13 pm
Zahid, Thanks a bunch. I see what you mean now. Thanks to the guest above as well. More to follow.
guest says:
May 2nd, 2009 at 8:26 am
Hey Zahid can you answer a few questions I put up earler?
If you debit an increase an asset, it could also mean.. increase in liabilities, decrease in expenses, don’t really remember the answers, but its something like that.
Dividend question
Airline question, where tickets were bought in December (or something) and at the end of the period, they were some that were unused/or will be used in January. Lets say.. total of all tickets was $800. At the end of the period they would $200 would be unused or will be used in January. How would you journal this?
I’m trying to remember all the questions so I know what I did right and what I did wrong in the test.
Angel says:
May 9th, 2009 at 8:08 pm
I just took the pretest this morning. I'm not sure exactly which question your first one was, but there was one that asked what the affect of a debit was on accounts. I'm not certain, but I'm pretty sure the answer was: debits increase assets and expenses and decrease liabilities and revenue/owner's equity.
The second question you asked about should have debited Unearned service revenue for what was used up by the end of Dec (800-200=600, I'm using your numbers) and credited service revenue for 600. The remaining debit balance in the unearned revenue should be 200 that is unused as of Jan 1.
Angel says:
May 9th, 2009 at 8:27 pm
Other topics on the exam:
-FASB: what it is (1?)
-GAAP: what it is(1?)
-***Adjusting Entries (5+?): what accounts are frequently used to record AE (e.g. assets, liability, equity, etc.) and the effects on those accounts (inc. or dec.); how to record adjusting entries based on unearned revenue, interest, depreciation, and similar scenarios
-The order you prepare financial statements: income stmt., stmt. of owner's equity, balance sheet (1?)… I'm starting to blank on the rest, but I'll post back as I think of more. My advice is to use the entire time and READ EACH QUESTION SOOO CAREFULLY! If you've had a class in accounting basics, the test isn't so very hard, but I felt it was very tricky. Good luck everyone.
uhy says:
May 15th, 2009 at 5:01 pm
i like pretest but if i used ebook for usmle i prefer kaplan
uhy says:
May 15th, 2009 at 5:01 pm
and i recommend to you too
Acct Guy says:
May 15th, 2009 at 8:53 pm
Angel, did you pass?
??? says:
May 16th, 2009 at 8:43 pm
I took the pretest this morning, its now May 2009 revised. Similar to the previous one, but I didn't see that unearned airline revenue question on there anymore…
zaddy says:
May 17th, 2009 at 3:15 pm
That's interesting
Name says:
August 8th, 2009 at 2:08 am
god,,i have to take the pre test next sat, and it is the last exam 8/15….will they open another exam on 8/22…i signed up acct 301,307…if i fail i would hv no class to take..
B says:
August 19th, 2009 at 2:23 am
Got a 18 on 8/1
Got a 19 on 8/15
F*** this test. Now I can't take the courses. They don't allow anyone who comes that close? Twice?
âûâîç ñòðîèòåëüíîãî ìóñîðà says:
August 22nd, 2009 at 10:45 pm
âûâîç ñòðîèòåëüíîãî ìóñîðà…
âûâîç ñòðîèòåëüíîãî ìóñîðà…
help says:
January 11th, 2010 at 5:12 pm
Has anyone found the correct answers to the May 2009 updated version of the pretest? I got a 19 on my first try.
Questions but I don’t really remember the choices:
Paying an Accounts Payable will: decrease liabilities, increase liabilities, decrease assets, …., none of the above
Collecting an Accounts Receivable will: increase assets, decrease assets, decrease liabilities, ….., none of the above
This will increase assets right?