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CLEP® Financial Accounting (CLEP Test Preparation) Paperback – September 19, 2007

ISBN-13: 978-0738603131 ISBN-10: 0738603139

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Product Details

  • Series: CLEP Test Preparation
  • Paperback: 416 pages
  • Publisher: Research & Education Association (September 19, 2007)
  • Language: English
  • ISBN-10: 0738603139
  • ISBN-13: 978-0738603131
  • Product Dimensions: 10 x 6.7 x 1.2 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Best Sellers Rank: #492,185 in Books (See Top 100 in Books)

Editorial Reviews

From the Back Cover

EARN COLLEGE CREDIT WITH CLEP – GET THE MOST COMPREHENSIVE GUIDE ON THE MARKET TODAY!

CLEP Financial Accounting

The Most Complete CLEP Financial Accounting Subject Review
Everything you need to know for the CLEP Financial Accounting exam. Comprehensive review chapters completely align with all the subjects tested on the exam.

The Best CLEP Financial Accounting Practice Exams Available
2 full-length CLEP Financial Accounting practice tests based on official CLEP exam questions released by the College Board.

Total Explanations of Questions & Answers
Each CLEP Financial Accounting practice test comes with detailed feedback on every question. We don’t just say which answers are right – but why the others are wrong – so you’ll be prepared for the CLEP Financial Accounting exam.

Proven Test-Prep Methods
REA’s focused content and practical advice have helped millions succeed on their exams. With our step-by-step plan, you can score high on the CLEP Financial Accounting exam and earn the college credit you deserve! 

What is CLEP?
CLEP is the College Board’s credit-by-examination program for more than 30 subjects. Each exam passed earns the student between 3-12 credits at more than 2,900 colleges and universities in the U.S. and abroad. REA has the largest library of CLEP test preps that can help you earn college credit while saving you valuable time and money.

About the Author

A licensed attorney and certified public accountant, Donald P. Balla has taught at John Brown University in Arkansas since 1985. Mr. Balla received a M.S. in Financial Services from American College in Pennsylvania, and a Juris Doctor degree from the University of Arkansas.

Customer Reviews

The author presented great information in a logical organizational structure.
M. Crandall
I used this book along with google and youtube videos to learn more about accounting basics.
softwareengineer
The book lays out everything you need to know for the Financial Accounting exam.
Timothy Galipeau

Most Helpful Customer Reviews

14 of 14 people found the following review helpful By SuperMister on January 21, 2012
Format: Paperback Verified Purchase
I just finished taking the exam and I'm happy to say that I passed with a score of 57! While that isn't an A in terms of the adjusted CLEP scale, it is a passing score (anything 50 and above) and that is all that really mattered to me. I've read that from a difficulty scale of 1 to 5 (5 being impossible) then this exam is a 4 (Yikes). After reading the book approximately 4 times (that is the only way I can really get the material to stick) over the span of 3 weeks, I can see why it is rated as very difficult. I don't come from a business background and business as a course of study doesn't really interest me so you will probably have some edge over me if you are studying business. On a side note, another reviewer mentioned using accountingcoach.com. I used it too and it was really, really helpful in terms of having another source to quiz myself. Now onto the exam

I wasted a lot of time trying to remember all of the formulas later in the book like "times interest earned ratio" and "stockholder equity formula". I say wasted because the only formulas that I needed to memorize for the exam were the standard ones like Cost of Goods Sold, Assets = Liability + Owner Equity, Gross Profit, Current Ratio and one random one from Chapter 20 (Price Earnings Ratio). Bottom line, don't spend so much time memorizing the formulas (especially in Chap 20). Instead put your focus learn how Debits and Credits affect each other and how they are supposed to appear as a journal entry. Now I'd like to mention some specifics on the exam that should also help you.

I was surprised to see large volume of questions about "Bank Reconciliation". I remember about 4 or 5 which seemed like a lot to me (given only 74 total on the exam) .
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7 of 8 people found the following review helpful By A. Benedict on December 12, 2007
Format: Paperback
I don't know how I would have made it through without this book. It makes the CLEP feel like a breeze!
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3 of 3 people found the following review helpful By B. Havercamp on January 21, 2009
Format: Paperback Verified Purchase
I highly recommend this study guide. I studied for the financial accounting CLEP over the winter break using the REA prep book. I spent about 2-3 weeks reading a little every night, doing the practice questions, and reviewing concepts or whole chapters as necessary based on my practice results. I got a 61 and a 62 on the sample tests included with the book, and a 63 on the real test. I am planning to use REA to help me CLEP out of three more classes.
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3 of 3 people found the following review helpful By Fud the Dud on February 11, 2010
Format: Paperback Verified Purchase
I love REA books. I have passed many clep tests with them. This books is still worth buying, but this test is really hard and you might need a book that goes into more detail.
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2 of 2 people found the following review helpful By N.S. on April 2, 2010
Format: Paperback Verified Purchase
I recently passed the Financial Accounting exam with a score of 66 after a couple weeks studying this book (I had one very basic Accounting class earlier, though, so I knew some of the stuff already). This book was a great study tool and I found that I didn't need to study any other books on Accounting for the test... this book covered pretty much everything.

However, if you have never had any Accounting experience before, this book might be a bit confusing at first. For one thing, it used the VJE (Vertical Journal Entry) method, which I found to be quite confusing and not at all helpful when it came to the actual test. But at the end of each chapter, it does show the general journal entries, so I just studied those and it helped a lot.

For my advice, just study this book until you know your credits and debits, study every one of the chapters thoroughly, do ALL of the math in the practice questions, and know the important Accounting principles. Then you should be set to go.
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2 of 2 people found the following review helpful By Ryan J. Miller on December 30, 2013
Format: Paperback Verified Purchase
I was coming at the Financial Accounting CLEP test with no prior Accounting experience (other than dealing with some income statements at work). I am pleased to say that I passed the CLEP test after reading through this book in just over a week. (I would not recommend that amount of time to anyone else, but know that it can be done).

I will say that the CLEP test was slightly harder than the sample tests given in this book. I would also suggest getting the official CLEP study guide and taking that practice test as well. However, even with that fact this book gave me enough information to pass the test. One other tip is to pay attention to the "equivalent terms" the book mentions. I found that the official CLEP test used slightly different terminology than this book. You may want to use one other study tool in addition to this one (either the official study guide or a site like Accounting Coach).
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2 of 2 people found the following review helpful By Travis on January 3, 2013
Format: Paperback Verified Purchase
I gave it four stars out of five because even though I passed the CLEP, I attribute some of that to the use of the Accounting Coach website. This book gave me the foundation and the website gave me details when I needed them. For example, one of the easiest ways I found to remember what accounts are increased with a credit or increased with a debit was from the accounting Coach website (GIRLS/DEAL mnemonic). The practice tests were good and helped either reinforce what was learned or show what you need to focus on. I would definitely buy it again and it was written quite well, presenting the subject material in a way that keeps it interesting. By the end of the book I felt the urge to start my own balloon business (you'll understand if you end up buying the book).
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