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Financial Accounting Assessment Test

Topics Covered

  • Accounting Principles
  • journal entries
  • ledgers entries
  • trial balance
  • Profit & Loss Statement
  • Balance Sheet
  • provisions depreciation
  • Cash Flow Inventory
  • Valuation Ratio Analysis

Useful for hiring

  • Financial Accountant
  • Assistant Financial Accountant
  • Financial Reporting Accountant

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Question

Sole traders differ from other types of trading organizations. Which of the following statements correctly summarizes the key characteristics of a sole trader’s business?

Answer
    • Liability is limited to the providers of loan finance and only the trader takes an active part in managing the business.

    • The trader has unlimited liability and runs the business in conjunction with the providers of loan finance.

    • The trader has unlimited liability and must have the business accounts audited.

    • The trader has unlimited liability, takes sole responsibility for management of the business and no audit is needed.

Question

Which of the following statements best describes the purpose of financial accounting in a limited liability company?

Answer
    • To assist in the day-to-day management of the company.

    • To enable the business to pay the correct amount of tax.

    • To ensure that the business pays the correct dividend.

    • To help the directors discharge their obligations to the shareholders.

Question

A business has prepared its accounts for a financial year and these show a profit of $500,000. The accounts do not include the following items:

• a likely loss on a contract of $25,000
• a possible Court ruling in favor of the company which is likely to increase profits by $10,000 
• a possible Court ruling against the company which could result in damages of between $5,000 to $15,000

Having regard to the fundamental accounting concepts, which of the following revised profit figures is CORRECT when the above factors are taken into account?

Answer
    • $480,000

    • $460,000

    • $510,000

    • $475,000

Test details:

The Financial Accounting test enables employers and recruiters to identify potential hires by evaluating working skills and job readiness. For this reason, emphasis is laid upon evaluating the knowledge of applied skills gained through real work experience, rather than theoretical knowledge.
Questions : 30
Duration : 30 minutes

  • Financial Accounting : The test contains 30 questions on Accounting Fundamentals to assess the candidate in the area of financial accounting.

Test description:

Financial Accounting involves preparation of financial statements and reporting of financial transactions pertaining to any business. Financial Accounting uses standardized guidelines to make financial reports, transactions, income statements, balance sheets, etc. which are used to keep the records.

The Financial Accounting Online test is been designed to assess the candidates in the area of accounting, auditing, financial skills, managing profitability, research skills, etc. This test consists of meaningful questions on Accounting Principles, journal entries, ledgers entries, trial balance, Profit & Loss Statement, Balance Sheet, provisions depreciation, Cash Flow Inventory, Valuation Ratio Analysis and many more. 

Using powerful reporting, you will have detailed analysis of test results to help you make better decisions and predict candidate and employee success.

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