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Financial Accounting
-CLEP* Test

Financial Accounting CLEP Test Version 2

 Select your topic of choice: Number of questions:
 Financial Accounting 1 51
 Financial Accounting 2 51
 Financial Accounting 3 69
 Financial Accounting 4 55
 Financial Accounting 5 46
 Managerial Accounting 1 47
 Managerial Accounting 2 60
 Managerial Accounting 3 40

The CLEP (College Level Examination Program) exams above contain 419 multiple-choice practice test questions with study guides (detailed explanations).

The ACE (American Council on Education) recommends 3 lower level college credits for this exam.

Studying, and passing, the practice tests above will allow you to confidently take and pass your Financial Accounting Clep test. The overall key concepts, and specific individual points, that will allow you to pass your test are within the practice questions and detailed explanations.


Course Information and Overview

This exam covers material that is typically taught in a semester-length introductory-level college course. The multiple-choice CLEP exam consists of 75 questions and allows 90 minutes to complete.

In order to successfully complete this Clep exam you will need to be familiar with financial accounting concepts and terminology, understanding of financial reports including analysis and preparation, application of accounting techniques, and generally accepted accounting practices (GAAP). 

The Financial Accounting CLEP contains questions that come from the following topics:

  • General Topics (20-30%)
    Generally Accepted Accounting Principles (GAAP)
    Double-entry accounting
    Accounting cycles
    Financial statements and their purposes and relationships
    Ethics in business
    Business forms
  • The Income Statement (20-30%)
    Issues of presentation formats
    Revenues v. expenses
    Cost of goods sold (COGS)
    Analysis of profitability
    P&L statements
  • The Balance Sheet (30-40%)
    Implemented controls
    Cash
    Inventory values and valuation
    Asset acquisition
    Depreciation
    Other assets including intangible assets
    Accounts payable A/P
    Liabilities
    Owners' equity
    Stock
    Retained earnings
  • Statement of Cash Flows (5-10%)
    Analysis of cash flows
    Operating and financing activities
  • Miscellaneous (<5%)
    Assets and liabilities
    Understngins investments
    Stocks and bonds

Complete information of what is covered is available at The College Board.