Rent 9780738610290 | CLEP Financial Accounting with Online Practice Tests

Summary Table of Contents

REA's CLEP Financial AccountingTest Prep with Online Practice Exams - Earns You College Credits! If you're looking for an easy and inexpensive way to earn college credit, why not take the CLEP Financial Accounting exam? CLEP Financial Accountingtest prep with online practice is the latest addition to REA's CLEP library. Our CLEP test preps are perfect for adults returning to college (or attending for the first time), military service members, high-school graduates looking to earn college credit, or home-schooled students with knowledge that can translate into college credit. REA's comprehensive review covers all the topics on the official CLEP Financial Accounting exam: accounting reports, debits and credits, journals and ledgers, accounts receivable, and more. Start your study by taking our diagnostic practice test online. This timed test includes automatic scoring and feedback, so you can pinpoint your strengths and weaknesses. The book includes two full-length practice tests that mirror the actual exam, allowing you to become familiar with the test format before taking the CLEP. Each practice test comes with detailed explanations of answers to help you identify areas in need of improvement and be prepared on test day. Both of the book's practice tests are also available online in a timed format with instant scoring, diagnostic feedback, and detailed explanations of answers. A study schedule and test-taking strategies round out this complete test prep package. What is CLEP? CLEP is the College Board's credit-by-examination program for 33 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 is the acknowledged leader in CLEP preparation, with the most extensive library of CLEP titles and software available. REA's CLEP test preps will help you earn valuable college credits, save on tuition, and get a college degree.

About Our Author	p. ix
About Research & Education Association	p. ix
Acknowledgments	p. x
Preface	p. xi
Passing the CLEP Financial Accounting Exam	p. 1
Getting Started	p. 3
The REA Study Center	p. 4
An Overview of the Exam	p. 5
All About the CLEP Program	p. 5
Options for Military Personnel and Veterans	... MOREp. 7
SSD Accommodations for Candidates with Disabilities	p. 7
6-Week Study Plan	p. 8
Test-taking Tips	p. 9
The Day of the Exam	p. 10
Online Diagnostic Test.. www.rea.com/studycenter
Getting Started	p. 11
Balloon Party, Lauren's New Business	p. 13
Lauren's First Accounting	p. 14
The Balance Sheet Introduced	p. 16
Analyzing the Balance Sheet	p. 19
Operating Cycle and Fiscal Year	p. 20
Making Money	p. 25
Operating the Business	p. 27
Making Adjustments	p. 29
The Income Statement Refined	p. 31
The Statement of Owner's Equity	p. 34
Keeping Track of Numbers in Accounts	p. 35
Using T-Accounts	p. 37
How Operations Affect the Balance Sheet	p. 38
Watching Over Cash	p. 45
Lauren Decides She Needs to Watch Over Cash	p. 47
Cash from Operations	p. 49
Cash from Investing Activities	p. 50
Cash from Financing Activities	p. 51
The Direct Method of Presenting the Cash Flow Statement	p. 52
Accounting Reports and the Outside World	p. 57
Other Users of Lauren's Financial Statements	p. 59
Making Sure the Statements Are Accurate	p. 60
Debits and Credits	p. 67
Introducing Debits and Credits	p. 69
Posting the Start-Up Transactions in the T-Accounts	p. 70
T-Accounts for Income and Expenses	p. 72
Posting Operations to T-Accounts	p. 73
Closing Temporary Accounts	p. 76
Correcting Errors	p. 78
Normal Balances of Accounts	p. 78
Journals and Ledgers	p. 83
The General Journal	p. 85
The General Ledger	p. 88
Specialized Journals	p. 90
How to Write Vertical Journal Entries	p. 90
Controls and Ethics	p. 97
Why Balloon Party Should Have Internal Controls	p. 99
Lauren Designs Balloon Party's Internal Controls	p. 100
Ethics	p. 102
All Internal Controls Are Imperfect	p. 103
This Chapter Has Not Told Everything	p. 104
Cash and Short-Term Investments	p. 107
Reconciling the Bank Statement	p. 109
Setting Up a Petty Cash System	p. 114
Investing in Short-Term Securities	p. 116
Accounts Receivable	p. 123
Accrual Accounting for Accounts Receivable	p. 125
Cash Basis Accounting for Sales on Account	p. 131
The Direct Write-Off Method for Bad Debts	p. 132
Other Receivables	p. 139
Discounting a Note Receivable at the Bank	p. 141
Accruing Interest Receivable	p. 145
A Customer Dishonors a Note	p. 145
Loans Receivable	p. 146
Analysis of Current Assets	p. 146
Merchandise Inventories	p. 153
Two Methods for Handling Inventory	p. 155
The Perpetual Inventory Method	p. 156
Following the Trail of Debits	p. 161
The Periodic Inventory Method	p. 161
Comparing the Four Inventory Systems and Two Methods	p. 164
Analyzing How Well a Business Handles Inventory	p. 167
Supplies and Prepaids	p. 175
Accounting for Prepaid Assets	p. 177
Two Methods to Account for Operating Supplies	p. 179
Buying and Selling Plant Assets	p. 185
Balloon Party Buys a Group of Machines	p. 187
Repairs or Improvements	p. 189
Disposing of Fixed Assets	p. 189
Vertical Journal Entries for Fixed Assets	p. 190
The Cash Flow Statement and Fixed Assets	p. 19
Depreciation	p. 199
Depreciation: Allocating the Cost of Plant Assets	p. 201
The Depreciation Expense Formula	p. 202
Depreciation Conventions	p. 208
The Depreciation Schedule	p. 209
Changing Accounting Estimates	p. 212
Land, Natural Resources, and Intangible Assets	p. 217
Land or Land Improvement?	p. 219
Assets You Cannot Grab Hold Of	p. 220
Natural Resources	p. 222
Vertical Journal Entries for Intangible Assets	p. 223
Current Liabilities	p. 229
What Does It Mean to "Accrue" a Liability?	p. 231
Adjusting Entries at the End of the Period	p. 235
Make Sure Wages Get Counted at the End of the Period	p. 236
Estimating Warranty Expense	p. 237
Loan Amortization Schedules	p. 238
Accruing Interest Expense	p. 241
Reversing Entries�Making Adjusting Entries Easier	p. 242
Long-Term Liabilities	p. 247
What Are Bonds?	p. 249
Recording the Money Received When Issuing Bonds	p. 250
Making the Periodic Cash Payments for Bonds	p. 255
Deferring the Recognition of Revenues	p. 258
The Equity Section	p. 265
The Sole Proprietorship Becomes a Partnership	p. 267
What Is a Corporation?	p. 271
Balloon Party Partnership Incorporates	p. 275
Paying a Dividend	p. 276
Treasury Stock	p. 278
Closing Entries for a Corporation	p. 279
The Final Word on Financial Statements	p. 285
The Complete Income Statement	p. 287
The Complete Statement of Stockholders' Equity	p. 295
The Comprehensive Balance Sheet	p. 297
The Complete Cash Flow Statement	p. 300
Financial Analysis Methods	p. 302
Practice Test 1 (also available online at www.rea.com/studycenter)	p. 311
Answer Key	p. 337
Detailed Explanations of Answers	p. 338
Practice Test 2 (also available online at www.rea.com/studycenfer)	p. 351
Answer Key	p. 379
Detailed Explanations of Answers	p. 380
Anser Sheets	p. 393
Index	p. 397
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