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High School
CLEP: Financial Accounting
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Financial Accounting tests familiarity with accounting concepts and terminology; preparation, use, and analysis of accounting data and financial reports issued for both internal and external purposes; application of accounting techniques to problem-solving situations involving computations; and generally accepted accounting principles and procedures.
Competencies
Foundations of Financial Accounting
Students will demonstrate an understanding of the foundations of financial accounting by explaining accounting principles and rules, describing accounting processes, and explaining the business and ethics of financial accounting.
The Income Statement
Students will demonstrate an understanding of the income statement by describing presentation and formatting of the income statement, explaining financial performance metrics, and summarizing financial performance analysis.
The Balance Sheet
Students will demonstrate an understanding of the balance sheet by explaining assets and valuation, explaining liabilities and equity, and describing financial controls and analysis.
Statements of Cash Flows
Students will demonstrate an understanding of statements of cash flows by summarizing cash flow analysis techniques and explaining cash flow components.
Accounting Components
Students will demonstrate an understanding of accounting components by describing investments and explaining contingent liabilities.
