Update on My Acct 301 Pretest

Update: 8/26/2013

The test was last revised January 2013. For more information, check out:

Skip my rant and move to the comments at the end of this post, that’s where the meat is.

Sorry 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.

  • Jane

    Took the test on Aug. 24 and passed! For those of you that did not, I suggest you still register for ACCT 301 because my professor let this one student who got a 20 (after passing his oral exam during office hours) stay in our class. I’ve also heard from others that Hsieh is forgiving and kept people in his class even if they failed the pretest.

    Things to study on:
    -What is treasury stock – something along the lines of issued but not outstanding
    -Straight-line depreciation (3-4 problems)
    -Adjusting entries – remember YOU DONT ADJUST CASH! So if they’re asking for an adjusting entry (they clearly state it on the problem), cross out the choices that has CASH.
    -Know how to reverse entries so you know what to adjust. One problem went something like (NOT the real numbers cos i forgot them already): Company has $35,000 supplies. Company bought more supplies worth $150,000 and recorded it under Supplies Expense. At the end of the period, the company has $45,000 left. What is the adjusting entry?
    -When do you credit retained earnings
    -Dividends become a liability when you ________ them.
    -What happens when you pay a utility bill

    The test was indeed very tricky. Read the problems carefully. You have 90 minutes for the test!!