Course Course Summary Section 1 Content Section 1 Content Left Section 1 Content Right Credit Type: Exam ACE ID: CLEP-0024 Organization: College Board's College-Level Examination Program (CLEP) Dates Offered: 1/1/1978 - 1/31/2001 Credit Recommendation & Competencies Section 2 Content Section 2 Content Left Section 2 Content Right Level Credits (SH) Subject Lower-Division Baccalaureate 6 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 Principles of Accounting examination require candidates to demonstrate one or more of the following abilities.- Familiarity with accounting concepts and terminology - Preparation, use, and analysis of account-ing data and financial reports issued for both internal and external purposes - Application of accounting techniques to simple problem situations involving computations - Understanding the rationale for generally accepted accounting principles and procedures The subject matter of the Principles of Accounting examination is drawn from the following topics:60-70% 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 financial assessment of a company)- Generally accepted accounting principles; Rules of double-entry accounting; The accounting cycle; Presentation of and relationships between general-purpose financial statements; Valuation of accounts and notes receivable;Valuation of inventories; Initial costs of plant assets; Depreciation; Liabilities;Investments; Capital; Cash and stock dividends;Treasury stock; Purchase and sale of merchandise; Revenue and cost apportionments; Cash control; Division of profits and losses in partnership accounting; Cash flow analysis 30-40% Managerial accounting (concerned with the use of accounting data for internal purposes to help management in planning and controlling functions in a company)-Analysis of departmental operations; Budgeting;Cost-volume profit (break-even) analysis;Direct costing and absorption costing;Financial statement analysis; Performance evaluation; Process and job-order systems;Standard costs and variances; The manufacturing 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