The Financial Accounting CLEP examination covers skills and concepts that are generally taught in a first-semester undergraduate financial accounting course. Colleges may award credit for a one-semester course in financial accounting.
The exam contains approximately 75 questions to be answered in 90 minutes. Some of these are pretest questions that will not be scored. Any time candidates spend on tutorials or providing personal information is in addition to the actual testing time.Knowledge and Skills Required For This Exam:
Questions on the Financial Accounting CLEP examination require candidates to demonstrate one or more of the following abilities.* Familiarity with accounting concepts and terminology
* Preparation, use, and analysis of accounting data and financial reports issued for both internal and external purposes
* Application of accounting techniques to simple problem situations involving computations
* Understanding the rationale for generally accepted accounting principles and procedures
The subject matter of the Financial Accounting examination is drawn from the following topics. The percentages next to the main topics indicate the approximate percentage of exam questions on that topic.20%-30% General Topics
20%-30% The Income Statement
30%-40% The Balance Sheet
5%-0% Statement of Cash Flows
Less than 5% Miscellaneous
Study Resources :
Most textbooks used in the frst semester of college-level fnancial accounting courses cover the topics in the outline on this page, but the approaches to certain topics and the emphases given to them may difer. To prepare for the Financial Accounting CLEP exam, it is advisable to study one or more college textbooks, which can be found online or in most college bookstores.
A recent survey conducted by CLEP found that the following textbooks are among those used by college faculty who teach the equivalent course. Most of these also have companion websites containing additional practice items.Credit Recommendations :
The American Council on Education has recommended that colleges grant 3 credits for a score of 50, which is equivalent to a course grade of C, on the CLEP Financial Accounting exam. Each college, however, is responsible for setting its own policy. For candidates with satisfactory scores on the Financial Accounting examination, colleges may grant credit toward fulfllment of a distribution requirement, or for a particular course that matches the exam in content. Check with your school to fnd out the score it requires for granting credit, the number of credit hours granted and the course that can be bypassed with a passing score.Buy CLEP Financial Accounting Study Guide
The above informations are collected from the internet and published in this website for the benefit of students those who are preparing for the CLEP examinations. Like to know the updated informations please refer The College Board