Financial Accounting CLEP Test

The Financial Accounting CLEP Test covers the material that is taught in a one-semester class at the 101 college level. This test covers the basic pieces of any accounting course: income statement, balance sheet, and cash flow statement. Not only do you need to understand the terminology of the test questions, but you will need to understand how to apply those terms to problems. For example, you'll need to know where on the balance sheet to find a particular piece of information.

You will need to answer 75 questions in 90 minutes. There is no penalty for guessing on the test and there are some pretest questions included that are not scored.

This CLEP test covers what are considered to be generally accepted accounting principles including:COGS, acquisitions, depreciation, amortization and depletion. Contingent liabilities and investments and also included.

Credits: 3

Number of Questions: 75

Time to complete the test: 90 min

Rank of Difficulty: 4

Information that you will be tested on for the Financial Accounting CLEP test:

• double-entry accounting
• transaction analysis
• accounting cycles
• ethics in accounting
• financial statements
• forms of business
• income statement
• logging revenue and expenses
• how to categorize irregular items
• profitability analysis
• balance sheet
• valuation
• accounts receivable
• owner's equity

The following are the categories of the percentages of each area that you will be tested on:

20-30% General Accounting Topics
20-30% Income Statement
30-40% Balance Sheet
5-10% Statement of Cash Flows
Less than 5% Misc.

Financial Accounting CLEP Test.................$55.00 $34.97

Testimonial

AAA! Book Helped. I passed with no problems. -Frank M.

Thank you for your excellent study guide. I studied hard for about three days and I passed on the first try!!! No previous accounting experience...when I first attempted the Practice Test I thought I would never pass. I just kept studying the concepts you provided and then it began to sink in. The flash cards were very helpful as well.
Thank you very much...I just saved over $3,000. and an extra semester!! Sincerely -Jim R. 7/1/07

Thus far, after studying your guides, I have passed Principles of Accounting with a score of 73 from a possible of 78 (six semester hours of credit). - Cliff L. 2/25/08