Financial Accounting CLEP Test Study Guide
Taking a Business CLEP test is a perfect way to complete general education requirements and elective credits. Principles of Management CLEP and Principles of Marketing CLEP are two subject areas that are frequently required for all business majors. For those of you with a different major, these two CLEP tests can be a way to test out of a fairly easy to understand subject. With the Management CLEP there is very little to memorize other than concepts of how teams and groups work together. The Marketing CLEP includes SWOT analyses and other communication tools. Both are more interesting than the alternatives like Biology CLEP where you learn about cells, biomes and more. The Information Systems and Computer Applications CLEP is a test that more technical support personnel could pass with their eyes closed. Most computer savvy people would need very little study. Depending on your area of expertise, any of these can help you fulfill your credits with CLEP.

CLEP: CLEP Business Study Guides: Financial Accounting CLEP

Financial Accounting CLEP Test Description
The Financial Accounting CLEP test covers the same material that you be taught in a two semester college level course in accounting. The test is mainly on financial and managerial accounting. This guide will give you detailed examples and exercises to test your analysis skills and think deeper about the material.

You will test your accounting knowledge with additional sample test questions. This book will teach you everything you need to know to pass this test. You'll learn the all the principles, theories and rules on how to record, report and deduct various items. You will also need to answer simple accounting problems. This guide is already updated for the new changes to the CLEP program that will take place later this year.

Credits: 3-6

# of Questions: 78

Amount of time to complete the test: 90 minutes

Rank of Difficulty: 4

Subject Areas Covered:

60-70% Financial Accounting
30-40% Managerial Accounting

Detailed information in this guide includes:
• Generally Accepted Accounting Principles
• Rules of Double-Entry Accounting
• Dual Effects of Transactions on the Balance Sheet Equation
• T-Account
• Debit and Credit
• Accounting Cycle
• Financial Statements
• Balance Sheet
• Asset Recognition
• Asset Valuation
• GAAP Accepted Asset Valuation Basis
• Asset Classification
• Shareholder’s Equity Valuation and Disclosure
• Overview of the Accounting Process
• Income Statement
• Presentation Format Issues with the Income Statement
• Accounting for Irregular Items
• Profitability Analysis
• Acquisition and Disposal of Long-Term Assets
• Amortization
• Depletion
• Intangible Assets such as Patents and Goodwill
• Owner’s Equity
• Preferred Stock
• Common Stock
• Retained Earnings
• Liquidity, Solvency, & Activity Analysis
• Cash Basis of Accounting
• Accrual Basis of Accounting
• Timing of Revenue Recognition
• Timing of Expense Recognition
• Relation between Balance Sheet and Income Statement
• Adjusting Entries
• Trial Balance after Adjusting Entries
• Preparing the Income Statement
• Closing of Temporary Accounts
• Statement of Cash Flows
• Valuation of Accounts and Notes Receivable
• Uncollectible Accounts
• Direct write-off Method
• Allowance Method
• Income Recognition before the Sale
• Percentage-of-Completion Method
• Completed Contract Method
• Income Recognition after the Sale
• Installment Method
• Cost-Recovery-First Method
• Valuation of Inventories
• Cost Basis for Inventory
• Specific Identification and the Need for Cost Flow Assumption
• LIFO Layers
• Initial Costs of Plant and Assets
• Depreciation
• Depreciable Value of Plant Assets
• Estimating Salvage Value
• Unit of Account
• Estimating Service Life
• Pattern of Expiration of Costs
• Straight Line Method
• Accelerated Method
• Modified Accelerated Cost Recovery System (MACRS)
• Declining-Balance Methods
• Reporting of Depreciation on the Financial Statements
• Liabilities
• Liability Recognition
• Liability Valuation
• Long Term Liabilities
• Bonds
• Investments
• Valuation of Securities at Acquisition
• Valuation of Securities After Acquisition
• Consolidated Statements
• Cash and Stock Dividends
• Cash Dividends
• Stock Dividends
• Treasury Stock
• Accounting for Treasury Shares
• Division of Profits and Losses in Partnership Accounting
• Stated Fractional Basis
• Ratio of Capital Investments
• Salary and Interest Allowances
• Managerial Accounting
• Cost-Volume Profit (Breakeven Analysis)
• Direct Costing and Absorbing Costing
• Financial Statement Analysis
• Performance Evaluation
• Process and Job Order Systems
• Process Costing
• Job-Order Costing
• Standard Costs and Variances
• Use of Differential (Relevant) Cost
• Sample Test Questions
• Test-Taking Strategies
• What Your Score Means

Don’t wait to get started studying for this test! Order now!

*PS: These ebooks come in an Adobe PDF Document. Webtv users are not able to view these ebooks. To read these ebooks you must have Adobe Acrobat Reader 5.0 or newer, this program is FREE at http://www.adobe.com. Once your payment has cleared, you will be redirected to a secure place on our website where you will be able to download your ebooks at once. Clickbank.com/FinishCollegeFast.com will, at its option, replace or repair any defective product within 60 Days (8 weeks) from the date of purchase. After 8 weeks all sales are final. You credit card will display a charge by Clickbank, Inc.

All rights reserved. This Study Guide, Book and Flashcards are protected under the US Copyright Law. No part of this book or study guide or flashcards may be reproduced, distributed or stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher Breely, Crush & Associates LLC.