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June 7, 2017

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Study Guide

Printed Version - $225

Online Access - $225

Principles of Financial Accounting

Accounting Principles meets the requirements for the CLEP examination entitled Principles of Accounting.

The CLEP exam covers information and skills taught in two semesters of college-level accounting.

. You must complete Chapters 1 through 26, as this course is usually worth six hours of college credit.

The questions on the exam are multiple choice. Although the exams were designed to be taken without a calculator, you may find one helpful for some of the questions. For the CLEP exam, a battery-operated, hand-held calculator may be used during the examination; however, its memory must be cleared of all programs and data. No peripheral devices such as lap-top computers are permitted.

For the CLEP exam topics covered include:
  • Financial Accounting
    • Concerned with providing financial statements and reports of interest to company managers as well as bankers, investors, and other outsiders who must make a financial assessment of a company.
  • Managerial Accounting
    • Concerned with the use of accounting data for internal purposes to help management in planning and controlling functions in a company.
(Taken from "Principles of Accounting," CLEP: Principles of Accounting,

The required textbook(s) for the Traditional course are listed below.

  • Financial and Managerial Accounting: The Basis for Business Decisions(USED)   
      13th by Williams, Jan R. / Haka, Susan F. / Bettner, Mark S. - McGraw Hill, 2005
    ISBN 9780072942828