Financial Accounting CLEP Test Description The Financial Accounting CLEP test covers the information that you would learn in a two semester college level course in accounting. The test mainly covers financial and managerial accounting. This CLEP study guide will give you detailed examples to teach you the material. You'll also complete exercises to test your analysis skills and think deeper about the material. You will test your accounting knowledge with additional sample test questions. This study guide will teach you everything you need to know to pass this test. It covers all the principles, theories and rules on how to record, report and deduct various items. You will be able to complete simple accounting problems when you finish this study guide. $35.97 ISBN: 9781614330110   Credits: 3 Difficulty: 4 Number of Questions: 75 Subject Areas Covered: 60-70% Financial Accounting 30-40% Managerial Accounting Free Sample CLEP Questions Online
Included in the Financial Accounting CLEP Study Guide
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 Un collectible 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 (Break even 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

Testimonials for Pass Your Class - Financial Accounting Study Guide

I just wanted to drop you guys a line and tell you that I passed my final CLEP exam last Monday which gives me all of the credits I need to graduate. I have taken 30 credits worth of CLEP exams and I’ve passed them all by using your study guides. I actually purchased one of your study guides and failed my first test. I didn’t fail because of your guide though, I failed because I didn’t manage my time effectively and I ran short. I looked at your study guide after failing though, and a lot of the information on your study guide was very relevant to what was on the test. So, I tried again with a different test and a different study guide of yours. I passed. This pattern continues for 30 credits. I graduate on June 9th thanks to you guys, so I wanted to say thank you. The guides were worth every penny. Thanks, -John S

_________________________________

Passed [Financial Accounting CLEP] with a top score. THANK YOU! -William W.

_________________________________

I have bought seven (DANTES) study guides from you guys and I have passed all the seven tests. I really appreciate it. Now, I will start my journey with the CLEPs. You have saved me approximately $7,000. Thanks again. -Cesibel H. _________________________________

Your CLEP study guides are great and have helped me a bunch! -Jon M.

_________________________________

Hi! Thank you so much for having all of these study guides --they sure save a lot of studying time. This is the 3rd CLEP review book that I've bought from you and I passed my other 2 exams on the first attempt so I'm optimistic about this exam. -Jill J.

_________________________________

My name is Amy and I purchased several pass your class study guides over the past two years they are awesome!!!! I recommend you guys to everyone and since I found you I think I have saved 5 friends at University of phoenix at least 5000 dollars in over priced general education classes! everyone loves you guys! Its awesome I was able to almost finsih my bachelors in 24 months instead of 60 months simply by taking all my gen ed classes using you guys via dantes and clep! Thanks, - Amy N.

_________________________________