Financial Accounting CLEP exam guide

The Financial Accounting exam is one of the 34 CLEP exams offered by the College Board. Introductory financial accounting, from journal entries to statements.

What the exam covers

• The accounting cycle and journal entries
• Financial statements: balance sheet, income statement, and cash flows
• Assets, liabilities, and equity
• Inventory, receivables, and long term assets

Credit and score

Typically 3 semester hours. ACE recommended score: 50.

The exam fee is $97 plus the test center's own fee, or $30 for remote proctoring. Register through the College Board.

How to study

• Practice full accounting cycles by hand, from transaction to finished statements
• Drill the debit and credit rules until they are automatic
• Start from the official College Board exam description and check off each topic above as you review it.

Florida note

Florida's public colleges and universities are required to award the minimum recommended CLEP credit, up to 45 total credit-by-exam credits, under Florida Statute 1007.27. Private and out-of-state schools set their own policy.

Credit depends on the college's own policy. Confirm with the college before counting on it.

College Board CLEP exam list · All 34 CLEP guides

Planning college applications too? The Florida College Application Planner is free to use, with no signup: explore 82 Florida colleges, keep your school list and deadline calendar, plan your testing, and read the free CLEP information tab.

This page is not affiliated with the College Board. CLEP exam policies, credit awards, and fees change, so confirm every detail on the College Board page and with your college before you register.