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• Amazon Sales Rank: #147944 in Books
• Published on: 2007-09-25
• Number of items: 1
• Binding: Paperback
• 416 pages

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Passing the CLEP Financial Accounting Exam



ABOUT THIS BOOK AND TESTware®

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.



The practice exams in this book and software package are included in two formats: in printed format in this book, and in TESTware® format on the enclosed CD for Windows-based computers. We strongly recommend that you begin your preparation with the TESTware® practice exams. The software provides the added benefits of instant scoring and enforced time conditions.



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 school seniors, 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



Our TESTware® can be adapted to accommodate your time extension. This allows you to practice under the same extended-time accommodations that you will receive on the actual test day. To customize your TESTware® to suit the most common extensions, visit our website at www.rea.com/ssd.



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.



SPECIAL TOOLS IN THIS BOOK

In addition to the thorough review provided, our book is filled with exercises, questions and answers to reinforce what you just learned about financial accounting. Special icons appear throughout the course review that highlight nuggets of information to help your studies. Look for the “CLEP Clues” and “Accounting Principle” icons throughout the review chapters. CLEP Cram. To successfully pass the CLEP Financial Accounting exam, you will need to remember vocabulary, accounting principles, formulas and journal entries. All the necessary facts are conveniently listed at the end of each chapter under the “CLEP Cram” section. We suggest you make a memory card for each fact and review it until you feel confident and at ease with the information.



SCORING YOUR PRACTICE TESTS

How do I score my practice tests?

The CLEP Financial Accounting exam is scored on a scale of 20 to 80. To score your practice tests, count up the number of correct answers. This is your total raw score. Convert your raw score to a scaled score using the conversion table in the book.



When will I receive my score report?

The test administrator will print out a full Candidate Score Report for you immediately upon your completion of the exam (except for CLEP English Composition with Essay). Your scores are reported only to you, unless you ask to have them sent elsewhere. If you want your scores reported to a college or other institution, you must say so when you take the examination. Since your scores are kept on file for 20 years, you can also request transcripts from Educational Testing Service at a later date.



STUDYING FOR THE CLEP

It is very important for you to choose the time and place for studying that works best for you. Some students may set aside a certain number of hours every morning, while others may choose to study at night before going to sleep. Other students may study during the day, whi...

Customer Reviews

Great review material
I used this book for the CLEP financial accounting test. I only studied three days and took the test and passed! This book is no nonsense and is easier to understand than most accounting books. The examples are easy to follow. Overall great study guide for the test.

THE BEST!
I don't know how I would have made it through without this book. It makes the CLEP feel like a breeze!