CLEP* Study Guide
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
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
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)
Preferred and common stock
Liquidity, solvency, and activity analysis
Statement of Cash Flows
Cash flow analysis
Operating, financing, and investing activities
Customer Test Results for this Exam
235 users submitted test results since July, 2006.
194 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 Exam||Result||Score|
|Aug 14, 2023||passed||64|
|Aug 2, 2023||passed||62|
|Jun 30, 2023||passed||72|
|May 4, 2023||passed||61|
|Apr 7, 2023||passed||69|
|Dec 20, 2022||passed||60|
|Oct 17, 2022||failed||49|
|Aug 12, 2022||passed||54|
|Jul 29, 2022||failed||35|
|Dec 29, 2021||failed||42|
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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.