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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.
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