I found this to be a pretty good way to go about it.
Some general tests that I recommend using beep codes:
Connect a speaker (like THIS one) to the system panel connector so that you can hear the POST beeps.
Disconnect all hardware except main board power connection and the cpu+HSF.
1.)Disconnect the power cord from the PSU and clear the CMOS leaving the battery out and jumper moved for ten minutes (600 seconds). Now try booting with no memory, but with video card installed--- you should get 'no memory detected' beep code, no beeps at all here means the video card may be faulty
2.) try booting with no video, but with a single stick of memory installed in slot B1 (you can try all slots if no beeps)---you should get 'no VGA detected' beep code, no beeps at all here means that the memory may be faulty or it may have a conflict with the board---try the other memory sticks now to see if any of them produce beeps
3.) try booting with both the single stick of memory and the video card installed-- you should get a single beep indicating a good POST---if so, go into BIOS and set the memory speed, timings, and voltage manually to manufacturer's specs
If you get no beeps during 2 & 3 then I would suspect the memory. If no beeps at all then try booting the board from a tabletop, lying the board on cardboard to protect it---this will test for shorts to the case---repeat the above scenarios. If no beeps or display at all ever then I suspect hardware compatibility, so verify the installed BIOS will support the cpu. A small list of AMI BIOS beep codes can be found HERE.
Source ASUSTeK Computer Inc.-Forum- BIOS beep codes?