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CLEP Prep/CLEP Financial Accounting
CLEP Exam

CLEP Financial Accounting Prep

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  • Complete ≥80% of your generated study plan
  • Take at least 3 full-length mock exams with a ≥75 average
  • Submit your exam score within 60 days of the exam date
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💰

$97

Exam Cost

⏱️

120 min

Time

🎓

3-6

Credits

✅

~50/80

Passing

What You'll Study

Unit 1: The Accounting Cycle

double-entry bookkeepingjournal entries and T-accountsadjusting entriesclosing entries and trial balance

Unit 2: Assets

accounts receivable and bad debtsinventory valuation (FIFO, LIFO)depreciation methodsintangible assets

Unit 3: Liabilities and Equity

current vs long-term liabilitiesbonds payablestockholders' equityretained earnings and dividends

Unit 4: Income Statement

revenue recognitioncost of goods soldmulti-step income statementearnings per share

Unit 5: Financial Statement Analysis

ratio analysishorizontal/vertical analysisstatement of cash flowsGAAP principles

About these external resources

Links below point to publicly available third-party study materials (Khan Academy, YouTube creators, Modern States, OpenStax, College Board, etc.). PrepLion does not own, host, or modify this content. We list links as a study aid only — each resource is the property of its respective owner and is subject to their terms of service.

All trademarks, course names, logos, and content remain the property of their respective owners. Khan Academy®, YouTube™, Modern States®, OpenStax®, and CLEP® are trademarks of their respective holders. PrepLion is not affiliated with, endorsed by, or sponsored by any of them. If you are a content owner and would like a link removed, contact contact@preplion.ai.

Linked content may be removed, paywalled, or changed by its owner at any time. We make no warranty as to its accuracy, availability, or suitability for any exam.

Study Guide

Topics, formulas, and key concepts

Flashcards

Spaced-repetition deck

Practice Test

Full-length timed exam

Before you start studying

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Free Resources We Recommend

The best free materials for CLEP Fin. Acct. No affiliation, no kickback — just what actually works.

Modern States: Financial Accounting

Modern States (College Board partner)

Free full video course. Earn the free CLEP voucher after 70% completion.

OpenStax: Principles of Financial Accounting

OpenStax (free, peer-reviewed)

Accounting equation, journals, financial statements.

YouTube: Accounting Stuff / Edspira

YouTube

Step-by-step journaling and statements.

Links open in a new tab. PrepLion has no affiliation with these providers — we just think they're the best free options.

Course Notes

- OpenStax Principles of Financial Accounting (openstax.org/books/principles-financial-accounting): CC BY 4.0 - Khan Academy Accounting (khanacademy.org/economics-finance-domain) - Saylor BUS103 (learn.saylor.org)

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CLEP® is a registered trademark of College Board, which is not affiliated with PrepLion. All practice questions are original content.