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Financial Accounting CLEP

(47 customer submitted test results)

Category: College Level Examination Program (CLEP)
Number of Questions: 307

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Study Format: Fill-in-the-blank flashcards
ACE Recommended Exam Value: 3 lower-level credit hours

Course Overview

The Financial Accounting CLEP exam is designed to test the student's knowledge of concepts taught in a typical one-semester undergraduate college course in financial accounting. InstantCert's flashcards for this subject cover not only accounting concepts and terminology--they also look at the preparation, use and analysis of accounting data and financial reports and application of accounting techniques to simple problem situations.

Topics Covered in This Course

General Topics

Generally accepted accounting principles
Rules of double-entry accounting/ transaction analysis/accounting equation
The accounting cycle
Purpose of, presentation of, and relationships between financial statements
Forms of business

The Income Statement

Recognition of revenue and expenses
Cost of goods sold
Profitability analysis

The Balance Sheet

Cash and internal controls
Valuation of accounts and notes receivable (including bad debts)
Valuation of inventories
Acquisition and disposal of long-term asset
Depreciation/amortization/depletion
Intangible assets (e.g., patents, goodwill, etc.)
Accounts and notes payable
Long-term liabilities (e.g., bonds payable)
Owner's equity
Preferred and common stock
Retained earnings
Liquidity, solvency, and activity analysis

Statement of Cash Flows

Indirect method
Cash flow analysis
Operating, financing, and investing activities

Miscellaneous

Investments
Contingent liabilities

Customer Test Results for the Financial Accounting CLEP

47 users submitted test results since January, 2009
42 of those users reported a passing score (89%)

The following are a sample of the test results submitted by members who’ve taken the Financial Accounting CLEP exam after using InstantCert’s study program. These are unfiltered, unedited results and this list is automatically updated to show the ten most recent results:

August 17, 2010	User passed	with a score of	61 out of 80
August 5, 2010	User passed	with a score of	54 out of 80
July 29, 2010	User passed	with a score of	61 out of 80
June 16, 2010	User passed	with a score of	54 out of 80
May 28, 2010	User passed	with a score of	61 out of 80
May 20, 2010	User passed	with a score of	54 out of 80
April 24, 2010	User passed	with a score of	57 out of 80
April 2, 2010	User passed	with a score of	55 out of 80
April 2, 2010	User passed	with a score of	55 out of 80
March 10, 2010	User passed	with a score of	60 out of 80

Free Sample Of Financial Accounting CLEP Questions

Get a taste of the InstantCert study experience with five actual flashcards pulled from our database. Remember, you're not expected to know anything about the subject beforehand. Just read the question, think about what the answer might be (typing it is optional), and then click "Continue" when you're ready to see the answer and explanation.

Related Exams with Overlapping Subject Matter

The Financial Accounting CLEP exam is very similar to the Principles of Financial Accounting DSST exam, although the two exams would probably count for duplicate credit at most schools.