- Course type: Self-paced
- Available Lessons: 88
- Average Lesson Length: 8 min
Eligible for Certificate:
Certificates show that you have completed the course. They do not provide credit.
Watch a preview:chapter 1 / lesson 1What Is Accounting? - Purpose, Importance & Relationship to Business
This course can be found in: CLEP Test Prep
Thousands of practice questions, 30+ CLEP study guides, and 3,000+ test prep video lessons
Course SummaryReview cash flows, inventory, financial statements and more with this CLEP Financial Accounting exam study guide course. Our short video lessons and self-assessment quizzes can help you prepare to get a passing grade on the exam and earn real college credit.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
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About This Course
Spend just a few short weeks studying with our CLEP Financial Accounting prep course, and you can earn three college credits. Passing the CLEP exam results in college credit that is transferable to more than 2,900 colleges and universities across the nation.
The engaging and fun video lessons in this course feature all the topics you would find in a first semester financial accounting course. On-screen graphics and animations help you visualize the processes for creating balance sheets and income statements and solidify your understanding of receivables, inventory, internal controls, asset planning and financial statement analysis.
Check out our CLEP Preparation resources! We've got CLEP courses to teach you the material, comprehensive CLEP study guides to help you study, CLEP practice tests to test your knowledge, and CLEP informational articles to get you up to speed on testing logistics.
This course was last updated in 2019.
Syllabus & Course Information
You'll have knowledge of the objectives below after you've watched the lessons in this course. These objectives are in line with the concepts tested on the CLEP Financial Accounting exam. To further prepare - use our course final CLEP Financial Accounting practice test, which closes out the lessons.
- Learn about the purpose of accounting, generally accepted accounting principles, ethical accounting and technology in accounting.
- Study balance sheets, income statements and cash flow statements.
- Find out how to prepare different financial statements and about the auditing process.
- Understand accounting equations, source documents, categorizing transactions and recording business transactions.
- Acquire knowledge of debits, credits, journal entries, the trial balance and determining a company's performance based on financial statement ratios.
- Examine periodic reporting, the time period principle, accrual accounting, cash-basis accounting, adjusting accounting and recording closing entries.
- Study real vs. nominal accounts and the post-closing trial balance.
- Find out about internal controls, safeguards and bank reconciliation.
- Understand technology and internal control, the limitations of internal control, the Sarbanes-Oxley Act and the Securities and Exchange Commission.
- Learn about merchandising activities and study cost of goods sold, inventory systems, the perpetual system and inventory errors.
- Study accounts receivable, revenue recognition, the allowance method, notes receivable and disposing of receivables.
- Examine employee compensation, taxes, environmental liabilities and operations of an income statement.
- Take a look at long-term operating assets, plant assets, the cost principle, acquisition of property, computing depreciation, natural resource assets and accounting for intangible assets.
- Learn about liabilities to find out how to estimate, measure and account for them.
- Study bond financing, issuance and retirement.
- Explore loans, equity investments, raising equity financing, corporations, stockholder's equity, common and preferred stock, accounting for stock and retained earnings.
- Take a look at the cash flow statement, including classification of cash flows and analyzing cash flow.
- Learn about non-cash investing, preparing a cash flow statement and indirect and direct methods of reporting.
- Find out about the purpose and elements of financial statement analysis, standards for comparison, horizontal analysis, vertical analysis and financial ratio analysis.
- Study financial ratios for companies, efficiency ratios, leverage ratios and issues with financial statement analysis.
This is an introductory accounting course so prerequisites aren't needed.
This course has 125 video lessons within 13 chapters. Video lessons are short - each takes about five to ten minutes to watch - and are followed by a quick quiz that tests your knowledge of the materials. If you miss a concept or you like reading along, use the transcript that comes with each lesson.
A progress tracking tool is included in the course in case you want to know how many lessons you've completed and quizzes you've passed. You'll also find chapter exams and a final exam, and subject experts who can answer any questions you have about the course materials.
CLEP Financial Accounting Exam Information
The questions you'll be answering on the CLEP Financial Accounting exam cover the same subjects found in a 1-semester, introductory college course in financial accounting. This course is often a lower-level requirement for business or accounting majors and provides a foundation for more advanced studies in accounting.
- Number of Questions: Approximately 75
- Question Type: Multiple choice
- Time Limit: 1.5 hours
- Number of Credits: 3
- Exam Cost: $85
Earn CLEP Credit
Passing the CLEP Financial Accounting Exam leads to three transferable college credits that you can use to graduate faster by cutting the amount of time you spend in college (and the cost of your degree) in half. Using the lessons in this course is the most effective way to prepare for the exam and earn credits quickly.
About 11.5 hours of instruction are included in this course. You'll be able to choose a study schedule that works best for you, since these lessons are self-paced. We've included a timetable to help you determine the right time to schedule your exam. You'll want to call and schedule your exam in advance so you get the time slot that you want.
|Study Frequency||When You'll Be Ready for the Exam|
|3 hours a day; 3 days a week||About 1.5 weeks|
|2 hours a day; 3 days a week||About 2 weeks|
|1 hour a day; 3 days a week||About 4 weeks|
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