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

239 users submitted test results since July, 2006.
197 of those users reported a passing score (82%).

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
May 8, 2024passed56
Apr 30, 2024failed47
Mar 19, 2024passed58
Nov 11, 2023passed51
Aug 14, 2023passed64
Aug 2, 2023passed62
Jun 30, 2023passed72
May 4, 2023passed61
Apr 7, 2023passed69
Dec 20, 2022passed60
Live, unfiltered results posted by InstantCert students

Try this Study Guide at NO Risk

Our Financial Accounting CLEP Study Guide is covered by our 30-Day Risk-Free Unconditional Money Back Guarantee. Sign up now and put it to the test. If you don't like it, get your money back, no questions asked!

* 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.

Latest articles