Introduction to CLEP Exam in Financial Accounting
The Financial Accounting Exam was set up by the US College Board in a bid to test the skills of individuals in the subject area at the undergraduate level. It is one of the CLEP exams that give credit in about 3,000 colleges, which has the advantage of making it possible to forgo the introductory lessons that are required when joining college.
There are a number of subject areas that you will need to be proficient in if you would like to pass the Financial Accounting Exam. These include: preparation, analysis, and use of both external and internal accounting & financial reports; basic accounting concepts & terminology; the rationale behind widely accepted procedures and principles of accounting; as well as the use of accounting techniques in problem-solving circumstances.
The Financial Accounting Exam is divided into a number of categories as follows:
* 30%-40% - the balance sheet
* 20%-30% - the income sheet
* 20%-30% - General principles of accounting & the accounting cycle
* 5%-10% - The cash flow statement
* Below 5% - Investments & contingent liabilities
The Financial Accounting Exam takes a maximum of one and a half hours and is composed of 75 questions with multiple choices.
After taking the exam, an unofficial report of score is issued, which is made up of the total score in a grade of between 20 and 80. In order to be eligible for credit, you need to have a score of at least 50, which is calculated from the raw score that is adjusted depending on how difficult the exam is. It is recommended that you complete every question since some are pre-test questions that do not add to the total score, and you will not know which ones they are. These questions are used in the development of later exams.
There are more than 1,000 centers in various parts of the world where the Financial Accounting Exam is taken. For registration, visit the College Board online.
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