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September 25, 2017
 



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TRADITIONAL

Study Guide

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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, www.collegeboard.com/student/testing/clep/ex_pa.html.)


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