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CLEP Financial Accounting Exam

Updated on January 5, 2014

CLEP Financial Accounting Exam

The College Level Examination Process provides an opportunity to get a better degree. Why is a degree holder better off "clepping out" of an introductory course like Financial Accounting? The answer is multiple. First, more than 3,000 degree programs accept CLEP tests for credit. When you get credit for a course, you basically do not have to take it. Some programs will allow you to take credit for the CLEP, and enroll in a more advanced course. Brown University is one of these. Other campuses (including most online programs) will give you credit for the course.

With Financial Accounting 101 out of the way, you benefit in one of two main ways. One, you can take one less course in the semester of your choosing. Every campus knows what the "weeder" courses are. At the Naval Academy, Physics is the weeder course. More cadets fail that course than any other. Lighten the load a little during the semester in which you will have a tough course. Statistics is another weeder course. It is required in most psychology and business programs, and can be brutal.

The second way to play the void created by the clepped out Financial Accounting course is to take a more advanced course. In the same 40 classes of 3-semester-hours each, you can take one more course. This will give you a better degree at the end of four years. Simply, you will have deeper and/or more diverse knowledge than your peers.

CLEP Financial Accounting Study Guide

Use the study guide table below to format and apportion your study time.

Compare prices at Amazon and eBay to buy a cheap study guide for the Financial Accounting exam. After all, if you take the course on campus, you will easily pay over a hundred dollars for the text. Invest twenty to thirty bucks in a good study guide, and save.

See prices below for lowest prices on CLEP study guides for the exam.

Also look for the official CLEP Financial Accounting Examination Guide (link below). Check the Amazon and eBay boxes below for a better price. You can order from the CLEP site for $10.00. Additionally, there is the 2012 CLEP Official Study Guide, with study for all 33 exams. It's $24.99


CLEP Financial Accounting Exam Study Guide

Basic Accounting Principles
20 - 30
Income Statements
20 - 30
Balance Sheets
30 - 40
Cash Flow
Breakdown of topics for CLEP Financial Accounting Exam (Source:

CLEP Financial Accounting Practice Test

Want to take a free practice quiz to see how much accounting you know? Check out this site:

CLEP exam practice tests

How to Study for the CLEP Financial Accounting Exam

These easy techniques will improve your score.

First, be sure to understand the format of the test. Learn the standard instructions for each area of the exam.

Second, take a practice exam. Before studying at all, take a practice exam. Sit down at the same time of day you will actually be taking the CLEP examination on a future date. If the test is given at 8 a.m., take your practice exam at 8 a.m. as well.

Third, analyze your strengths and weaknesses. Choose one area each in a strength and a weakness. If you did best in Income Statements, and worst in Cash Flow, study each of those two areas for two weeks.

Fourth, repeat steps 2 and 3. Do this until you consistently achieve the desired score. Then, you are ready for the exam.

The longer you have been away from studying, the more time you should allot to study. Study regularly each night for one hour. Determine what you are giving up to open up this one hour each night. Your favorite television show? Pick-up football league? Facebook posting?


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