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
Depreciation/amortization/depletion
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
Miscellaneous
Investments
Contingent liabilities
Customer Test Results for this Exam
237 users submitted test results since July, 2006.
196 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 |
| Dec 7, 2024 | passed | 56 |
| Aug 4, 2024 | failed | 25 |
| Jun 13, 2024 | passed | 51 |
| May 8, 2024 | passed | 56 |
| Apr 30, 2024 | failed | 47 |
| Mar 19, 2024 | passed | 58 |
| Nov 11, 2023 | passed | 51 |
| Aug 14, 2023 | passed | 64 |
| Aug 2, 2023 | passed | 62 |
| Jun 30, 2023 | passed | 72 |
Live, unfiltered results posted by InstantCert students
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