The College-Level Examination Program (CLEP) recently announced the introduction of a new Financial Accounting exam. CLEP Financial Accounting, which covers content typically taught in a one-semester course, replaces the Principles of Accounting exam, which currently covers two semesters of knowledge - Financial Accounting and Managerial Accounting.
The CLEP Financial Accounting test assesses a student's mastery of the skills and concepts required for success in a first-semester financial accounting course. The new exam is comprised of 75 questions, is 90 minutes in length,and is administered via the computer only. The American Council on Education (ACE) has recommended a credit-granting score of 50 for this examination and three semester hours of credit.