CLEP Financial Accounting Prep Course

About Our CLEP Financial Accounting Course

The College Level Examination Program (CLEP) is a series of tests overseen by The College Board. These exams are used to determine the content knowledge of college students, and those who score high enough can obtain course credit in related areas at colleges and universities that accept CLEP scores. The CLEP Financial Accounting exam is used to demonstrate a college-level understanding of accounting. The engaging and fun video lessons in this CLEP Financial Accounting course feature all the topics you would find in a first semester financial accounting course. The on-screen graphics and animations in our CLEP Financial Accounting class will 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 test prep materials! 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 informational CLEP resources to get you up to speed on testing logistics.

This course was last updated in 2019.

Syllabus & Course Information

This CLEP Financial Accounting course is designed to prepare you for the CLEP Financial Accounting exam, covering all of the topics outlined in the official test materials provided by The College Board. Our professional instructors created this comprehensive course to help you master these objectives. Some of the topics covered in this course are listed below:

• 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.

Course Format

Access the 9 chapters that make up this CLEP Financial Accounting course on your smartphone, computer, or tablet at any time. Along with each lesson, you'll also find a self-assessment quiz. We've included comprehensive tests at the end of each chapter as well.

CLEP Financial Accounting Information

The CLEP Financial Accounting is an exam for students looking to earn credit in accounting classes. Some of the exam's questions are pretest questions, and these do not count toward one's overall score. Here is an overview of the test's format:

• Number of Questions: Approximately 75
• Question Type: Multiple-choice
• Time Limit: 1 hour 30 minutes
• Number of Credits: 3
• CLEP Exam Cost: $90

CLEP Financial Accounting Breakdown

To learn more about the CLEP Financial Accounting, check out our CLEP Financial Accounting Overview and CLEP Financial Accounting Study Guide.

Preparing for CLEP Financial Accounting

Our CLEP Financial Accounting course will help you go over the information you need to know to successfully complete the CLEP Financial Accounting exam. These lessons are supported by experts in the field, who are available to answer your questions as you complete this course. The lessons in our CLEP Financial Accounting class are short and focused, so you can easily review bite-sized material that is relevant to your needs. Additionally, we provide self-assessment quizzes and tests throughout the course, allowing you to easily monitor your progress.

CLEP Financial Accounting is a registered trademark of The College Board which is not affiliated with Study.com.

For more information about CLEP Financial Accounting, check out our CLEP Financial Accounting Overview and CLEP Financial Accounting Study Guide.

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 CLEP exam. You'll want to call and schedule your exam in advance so you get the time slot that you want.