CLEP Financial Accounting Practice Test 1

Answer all 75 questions in 90 minutes. Every question has one best answer chosen from five options (A--E). Several items share a common trial balance, journal-entry scenario, T-account, financial-statement excerpt, or data table presented immediately before the questions that use it; read each stimulus carefully before answering. Coverage is proportioned across the official content categories: General Topics (about 20--30%, including the accounting equation, double-entry bookkeeping, the accounting cycle, adjusting and closing entries, and forms of business organization), the Income Statement (about 20--30%, including revenue and expense recognition, inventory costing methods, and profitability analysis), the Balance Sheet (about 30--40%, including cash controls, receivables, inventory valuation, plant assets, liabilities, and stockholders' equity), and the Statement of Cash Flows (about 5--10%), with a small share of items on corporate and partnership accounting matching the exam's miscellaneous category. No calculator is needed or permitted, matching the official exam. This independently written practice test is not an official CLEP form and is not endorsed by or affiliated with the College Board.