Financial Accounting CLEP Test

CLEP (College Level Examination Program)

There are 419 multiple-choice practice questions and detailed explanations contained in the Practice Tests and Study Guides below.

The ACE (American Council on Education) recommends 3 lower level college credits for this exam.

Studying, and passing, the practice tests below will allow you to confidently take and pass your Financial Accounting CLEP test. The overall key concepts, and specific individual points, that will allow you to pass your test are within the practice questions and detailed explanations.

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# of questions
Financial Accounting 1 51
Financial Accounting 2 51
Financial Accounting 3 69
Financial Accounting 4 55
Financial Accounting 5 46
Managerial Accounting 1 47
Managerial Accounting 2 60
Managerial Accounting 3 40

Course Information and Overview

This CLEP Test consists of material typically taught in an introductory-level college course. The actual CLEP Test is 75 questions and allows 90 minutes to complete. In order to successfully complete this CLEP exam you will need to be familiar with financial accounting concepts and terminology, understanding of financial reports including analysis and preparation, application of accounting techniques, and generally accepted accounting practices (GAAP).

According to the official College Board site the Financial Accounting CLEP test contains questions from the following topics:

  • General Topics (20-30%)
    Generally Accepted Accounting Principles (GAAP)
    Double-entry accounting
    Accounting cycles
    Financial statements and their purposes and relationships
    Ethics in business
    Business forms
  • The Income Statement (20-30%)
    Issues of presentation formats
    Revenues v. expenses
    Cost of goods sold (COGS)
    Analysis of profitability
    P&L statements
  • The Balance Sheet (30-40%)
    Implemented controls
    Cash
    Inventory values and valuation
    Asset acquisition
    Depreciation
    Other assets including intangible assets
    Accounts payable A/P
    Liabilities
    Owners' equity
    Stock
    Retained earnings
  • Statement of Cash Flows (5-10%)
    Analysis of cash flows
    Operating and financing activities
  • Miscellaneous (<5%)
    Assets and liabilities
    Understngins investments
    Stocks and bonds

CLEP Financial Accounting information is available at The College Board.