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CLEP Financial Accounting
     

CLEP Financial Accounting

by Donald Balla
 

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CLEP - An easier path to a college degree. Get college credits without the classes. CLEP FINANCIAL ACCOUNTING Based on today’s official CLEP exam Are you prepared to excel on the CLEP? * Take the first practice test to discover what you know and what you should know * Set up a flexible study schedule by following our easy timeline * Use REA's advice

Overview

CLEP - An easier path to a college degree. Get college credits without the classes. CLEP FINANCIAL ACCOUNTING Based on today’s official CLEP exam Are you prepared to excel on the CLEP? * Take the first practice test to discover what you know and what you should know * Set up a flexible study schedule by following our easy timeline * Use REA's advice to ready yourself for proper study and success Study what you need to know to pass the exam * The book's on-target subject review features coverage of all topics on the official CLEP exam, including Accounting Principles and Ethics; forms of Business and Cycles; the Income Statement; the Balance Sheet; Statement of Cash Flows; Investments; Contingent Liabilities, and more. * Smart and friendly lessons reinforce necessary skills * Key tutorials enhance specific abilities needed on the test Take practice tests * Create the closest experience to test-day conditions with 2 full-length practice tests * Chart your progress with full and detailed explanations of all answers * Boost your confidence with test-taking strategies and experienced advice REA is the acknowledged leader in CLEP preparation, with the most extensive library of CLEP titles and software available. Most titles are also offered with REA's exclusive TESTware software to make your practice more effective and more like exam day. REA's CLEP Prep guides will help you get valuable credits, save on tuition, and advance your chosen career by earning a college degree.

Product Details

ISBN-13:
9780738666532
Publisher:
Research & Education Association
Publication date:
01/01/2013
Series:
CLEP Test Preparation Series
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
416
File size:
50 MB
Note:
This product may take a few minutes to download.

Read an Excerpt

Passing the CLEP Financial Accounting Exam

ABOUT THIS BOOK

This book provides you with complete preparation for the CLEP Financial Accounting exam. Inside you will find a targeted review of the subject matter, as well as tips and strategies for test taking. We also give you two full-length practice tests, featuring content and formatting based on the official CLEP Financial Accounting exam. Our practice tests contain every type of question that you can expect to encounter on the actual exam. Following each practice test you will find an answer key with detailed explanations designed to help you more completely understand the test material.

All CLEP exams are computer-based. As you can see, the practice tests in our book are presented as paper-and-pencil exams. The content and format of the actual CLEP subject exams are faithfully mirrored. Later in this chapter you’ll find a detailed outline of the format and content of the CLEP Financial Accounting exam.

ABOUT THE EXAM

Who takes CLEP exams and what are they used for?

CLEP (College-Level Examination Program) examinations are typically taken by people who have acquired knowledge outside the classroom and wish to bypass certain college courses and earn college credit. The CLEP is designed to reward students for learning—no matter where or how that knowledge was acquired. The CLEP is the most widely accepted credit by-examination program in the country, with more than 2,900 colleges and universities granting credit for satisfactory scores on CLEP exams.

Although most CLEP examinees are adults returning to college, many graduating high schoolseniors, enrolled college students, military personnel, and international students also take the exams to earn college credit or to demonstrate their ability to perform at the college level. There are no prerequisites, such as age or educational status, for taking CLEP examinations. However, because policies on granting credits vary among colleges, you should contact the particular institution from which you wish to receive CLEP credit.

There are two categories of CLEP examinations:

1. CLEP General Examinations are five separate tests that cover material usually taken as requirements during the first two years of college. CLEP General Examinations are available for English Composition (with or without essay), Humanities, Mathematics, Natural Sciences, and Social Sciences and History.

2. CLEP Subject Examinations include material usually covered in an undergraduate course with a similar title. For a complete list of the subject examinations offered, visit the College Board website.

Who administers the exam?

The CLEP exams are developed by the College Board, administered by Educational Testing Service (ETS), and involve the assistance of educators throughout the United States. The test development process is designed and implemented to ensure that the content and difficulty level of the test are appropriate.

When and where is the exam given?

The CLEP Financial Accounting exam is administered each month throughout the year at more than 1,300 test centers in the United States and can be arranged for candidates abroad on request. To find the test center nearest you and to register for the exam, you should obtain a copy of the free booklets CLEP Colleges and CLEP Information for Candidates and Registration Form. They are available at most colleges where CLEP credit is granted, or by contacting:

CLEP Services

P.O. Box 6600

Princeton, NJ 08541-6600

Phone: (800) 257-9558 (8 a.m. to 6 p.m. ET)

Fax: (609) 771-7088

Website: www.collegeboard.com/clep

CLEP Options for Military Personnel and Veterans

CLEP exams are available free of charge to eligible military personnel and eligible civilian employees. All the CLEP exams are available at test centers on college campuses and military bases. In addition, the College Board has developed a paper-based version of 14 high-volume/high-pass-rate CLEP tests for DANTES Test Centers. Contact the Educational Services Officer or Navy College Education Specialist for more information. Visit the College Board website for details about CLEP opportunities for military personnel. Eligible U.S. veterans can claim reimbursement for CLEP exams and administration fees pursuant to provisions of the Veterans Benefits Improvement Act of 2004. For details on eligibility and submitting a claim for reimbursement, visit the U.S. Department of Veterans Affairs website at www.gibill.va.gov/pamphlets/testing.htm.

SSD Accommodations for Students with Disabilities

Many students qualify for extra time to take the CLEP Financial Accounting exam, but you must make these arrangements in advance. For information, contact:

College Board Services for Students with Disabilities

P.O. Box 6226

Princeton, NJ 08541-6226

Phone: (609) 771-7137 (Monday through Friday, 8 a.m. to 6 p.m. ET)

TTY: (609) 882-4118

Fax: (609) 771-7944

E-mail: ssd@info.collegeboard.org

HOW TO USE THIS BOOK

What do I study first?

Read over the course review and the suggestions for test-taking, take the first practice test to determine your area(s) of weakness, and then go back and focus your study on those specific problems. Studying the reviews thoroughly will reinforce the basic skills you will need to do well on the exam. Make sure to take the practice tests to become familiar with the format and procedures involved with taking the actual exam.

To best utilize your study time, follow our Independent Study Schedule, which you’ll find in the front of this book. The schedule is based on a six-week program, but can be condensed if necessary by collapsing each two-week period into one.

When should I start studying?

It is never too early to start studying for the CLEP Financial Accounting exam. The earlier you begin, the more time you will have to sharpen your skills. Do not procrastinate! The sooner you learn the format of the exam, the more time you will have to familiarize yourself with it.

FORMAT AND CONTENT OF THE EXAM

The CLEP Financial Accounting exam covers the material one would find in a college-level Financial Accounting class. The exam assesses the student’s knowledge and mastery of the skills and concepts found in an entry-level financial accounting course, including familiarity with accounting concepts and terminology, understanding and analyzing accounting data, and applying accounting techniques to problem-solving situations.

The exam consists of 75 multiple-choice questions, each with five possible answer choices, to be answered in 90 minutes.

The approximate breakdown of topics is as follows:

20–30% General Topics

20–30% The Income Statement

30–40% The Balance Sheet

5–10% Statement of Cash Flows

< 5% Miscellaneous

ABOUT OUR COURSE REVIEW

The review in this book provides you with a complete background of all the important accounting principles and theories relevant to the exam. It will help reinforce the facts you have already learned while better shaping your understanding of the discipline as a whole. By using the review in conjunction with the practice tests, you should be well prepared to take the CLEP Financial Accounting exam.

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