CLEP* Study Guide

Financial Accounting

The only study guide that teaches you what you need to know to pass the Financial Accounting exam (with no prior knowledge needed), and is constantly updated based on student feedback to guarantee you the best possible results.

About the CLEP* Exam

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 are not limited to covering 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
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
Contingent liabilities

Customer Test Results for this Exam

224 users submitted test results since July, 2006.
187 of those users reported a passing score (83%).

Below are ten of the most recent user-submitted test results. These are unfiltered, real results that were submitted by InstantCert students:

Date of ExamResultScore
Jun 10, 2021passed73
Apr 20, 2021failed48
Apr 12, 2021passed62
Apr 9, 2021failed48
Mar 19, 2021passed54
Mar 11, 2021passed61
Dec 21, 2020passed60
Dec 12, 2020passed55
Jul 13, 2020passed69
Feb 27, 2020failed43
Live, unfiltered results posted by InstantCert students

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* CLEP is a registered trademark of the College Board, which was not involved in the production of, and does not endorse, this product.

Our Study Guide:

- 307 flashcards with detailed explanations.
- Updated "Insider" tips from other students.
- NO prior knowledge required.
- 100% online. Start studying instantly.

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