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December 24, 2014
 



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TRADITIONAL

Study Guide

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Principles of Financial Accounting


Accounting Principles meets the requirements for both the CLEP examination entitled Principles of Accounting and the DSST examination (used by DANTES) entitled Principles of Financial Accounting.

The CLEP exam covers information and skills taught in two semesters of college-level accounting, and the DSST exam covers material taught in the first semester of introductory college-level accounting.

If you are preparing to take the DSST exam, complete Chapters 1 through 14 of this course, as this is usually worth three hours of college credit; however, if you are preparing for the CLEP exam, you must complete Chapters 1 through 26, as this course is usually worth six hours of college credit.

The questions on both exams 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 DSST exam, non-programmable calculators 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, www.collegeboard.com/student/testing/clep/ex_pa.html.)

For the DSST exam, topics covered include:
  • General concepts & principles
  • Accounting cycle and account classification
  • Transaction analysis and accounting equation
  • Adjusting entries; accruals and deferrals
  • Merchandising transactions
  • Cash and internal control
  • Current accounts - marketable securities, receivables and inventories
  • Property, plant, and equipment
  • Long- and short-term liabilities and interest calculations
  • Capital stock, retained earnings, and dividends
  • Financial statements - their components and interpretations
(Taken from "Principles of Financial Accounting," DSST (Dantes Subject Standardized Tests), Thomson Prometric, www.GetCollegeCredit.com.)

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