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Accountant

CLEP Financial
Accounting

Summary of Exam

The CLEP Financial Accounting exam consists of 75 multiple choice questions and costs $90. You will need to possess sufficient knowledge of general accounting topics, the income statement, the balance sheet, the statement of cash flows, investments, and contingent liabilities. A four function calculator will be integrated into the testing software for you to use.

 

Scoring and Credit

The CLEP Financial Accounting exam is scored by a computer that gives you one point per correct answer. This number is considered your “raw score”. Your raw score is then converted to scaled score from 20-80. This is the score on your score report. While The American Council on Education (ACE) recommends granting credit for scores 50 and above, individual institutions can set their own scores for which they grant credit. Most institutions provide their CLEP score policy on their websites.

 

Preparation Materials

  • You can buy the College Board’s $10 CLEP Financial Accounting guide directly from their website which comes in the form of a PDF. It includes practice questions for the Financial Accounting Exam. If you are planning on taking multiple CLEP exams, they also offer a CLEP Official Study Guide for $25 that incudes practice questions for all 34 exams that they offer. It comes in physical form. The Official Study Guide is available on Amazon, sometimes at a discount.

 

  • Modern States offers a free, self-paced course covering everything you need to pass the CLEP Financial Accounting exam. If you complete the course, you can request a CLEP voucher code, and they will pay for you to take the CLEP exam.

 

  • Study.com is another great resource for preparing for CLEP exams. For 59.99 a month you get access to test prep for CLEP, AP, DSST, UExcel, TECEP, and IB exams. It also includes high school equivalency courses and college courses that are transferable to over 2,900 colleges.

 

  • There are hundreds of great YouTube videos covering CLEP exam preparation. Just search “CLEP Financial Accounting Prep”

 

  • Quizlet is an amazing, free option for studying for CLEP exams. Here is a quality set of terms that we found.

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