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The CLEP Financial Accounting exam

Expect about 75 questions in 90 minutes, matched to an introductory financial accounting course. A four-function calculator is built into the software, and you can’t bring your own. ACE recommends 3 semester hours for a score of 50 on CLEP Financial Accounting.

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Updated October 2026 · Written from official sources, listed at the bottom of this page

What’s on the CLEP Financial Accounting exam?

AreaShareWhat it includes
The balance sheet30-40%Cash and controls, receivables, inventories, long-term assets, liabilities, equity, liquidity
General topics20-30%GAAP, double-entry accounting, the accounting cycle, ethics, financial statements, forms of business
The income statement20-30%Formats, revenue and expense recognition, cost of goods sold, profitability
Statement of cash flows5-10%The indirect method; operating, investing and financing activities
OtherUnder 5%Investments, contingent liabilities

Practice for CLEP accounting

The balance sheet is the biggest single area, so start there. Our free practice test has one Financial Accounting question, on the balance sheet. College Board’s exam page links free sample questions, and the Financial Accounting Examination Guide is a $10 PDF.

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Sources: College Board and 1 more. Checked October 2026.

Rules and fees can change, so check the official site before your test.

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