Course Course Summary Section 1 Content Section 1 Content Left Section 1 Content Right Credit Type: Exam ACE ID: CLEP-0034 Organization: College Board's College-Level Examination Program (CLEP) Dates Offered: 8/1/2001 - 8/31/2006 1/1/1978 - 7/31/2001 Credit Recommendation & Competencies Section 2 Content Section 2 Content Left Section 2 Content Right Level Credits (SH) Subject Lower-Division Baccalaureate 6 Credit are recommended 6 semester hours of credit are recommended. Description Section 3 Content Section 3 Content Left Section 3 Content Right Objective: The Principles of Accounting examination covers the information and skills taught in two semesters (or the equivalent) of college-level accounting. The emphasis of the exam is on financial and managerial accounting. Colleges may award credit for a one- or two-semester course in financial accounting including some managerial accounting topics, or for one semester of financial accounting and one semester of managerial accounting. The examination contains 78 questions to be answered in 90 minutes. Any time candidates spend on tutorials or providing personal information is in addition to the actual testing time. Skills Measured: Questions on the Principlesof Accounting examination requirecandidates to demonstrate one or more ofthe following abilities.Familiarity with accounting conceptsand terminologyPreparation, use, and analysis ofaccount-ing data and financial reportsissued for both internal and externalpurposesApplication of accounting techniquesto simple problem situations involvingcomputationsUnderstanding the rationale for generallyaccepted accounting principles andproceduresThe subject matter of the Principles ofAccounting examination is drawn fromthe following topics:60-70% Financial accounting (concerned withproviding financial statements and reports ofinterest to company managers as well asbankers, investors, and other outsiders whomust make financial assessment of a company)-Generally accepted accountingprinciples; Rules of double-entryaccounting; The accounting cycle; Presentationof and relationships betweengeneral-purpose financial statements; Valuationof accounts and notes receivable;Valuation of inventories; Initial costs ofplant assets; Depreciation; Liabilities;Investments; Capital; Cash and stock dividends;Treasury stock; Purchase and saleof merchandise; Revenue and costapportionments; Cash control; Divisionof profits and losses in partnershipaccounting; Cash flow analysis30-40% Managerial accounting (concernedwith the use of accounting data for internalpurposes to help management in planning andcontrolling functions in a company)-Analysisof departmental operations; Budgeting;Cost-volume profit (break-even) analysis;Direct costing and absorption costing;Financial statement analysis; Performanceevaluation; Process and job-order systems;Standard costs and variances; Themanufacturing environment; Use of differential(relevant) cost. Instruction & Assessment Section 4 Content Section 4 Content Left Section 4 Content Right Supplemental Materials Section 5 Content Section 5 Content Left Section 5 Content Right Section 6 Content Section 6 Content Left Section 6 Content Right Button Content Rail Content 1 Other offerings from College Board's College-Level Examination Program (CLEP) American Government (CLEP-0007) American Literature (CLEP-0010) Analyzing and Interpreting Literature (CLEP-0011) Biology (CLEP-0018) Calculus (CLEP-0038) Chemistry (CLEP-0019) College Algebra (CLEP-0013) College Composition (CLEP-0040) College Composition Modular (CLEP-0041) College Mathematics (CLEP-0004) View All Courses Page Content