Financial Accounting study Guides

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 cover not only 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.

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

The following are a sample of the test results submitted by members who’ve taken the Financial Accounting CLEP exam after using InstantCert’s study program. These are unfiltered, unedited results and this list is automatically updated to show the ten most recent results:

Get a taste of the InstantCert study experience with five actual flashcards pulled from our database. Remember, you're not expected to know anything about the subject beforehand. Just read the question, think about what the answer might be (typing it is optional), and then click "Continue" when you're ready to see the answer and explanation.

The Financial Accounting CLEP exam is very similar to the Principles of Financial Accounting DSST exam, although the two exams would probably count for duplicate credit at most schools.