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Online GAAP Test

Topics Covered

  • Financial Instruments
  • Intangible Reporting Unit
  • Recognizing Revenue
  • Capitalization of Intangibles
  • Provision against NRV
  • Capitalization of Borrowing Costs
  • Deferred Taxation
  • Discontinued Operations

Useful for hiring

  • Sr. Accountant
  • GAAP Accountant
  • Staff Accountant
  • Investment Accountant
  • Audit Associate
  • Accounting Consultant

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Question

Gary Biz Ltd. is planning to issue Financial Instruments of Equity sort in 20X9. However, the Lead Accountant is unsure on how to measure or present that in the Financial Statements, so it is properly in line with GAAP.

The Accountant has asked for you to meet him to discuss how to solve this. Which of the following advice should you provide to him?

Answer
    • To measure and present the Equity instrument at amortized cost method in the Financial Statements.
       

    • To measure and present the Equity instrument at Fair Value with changes in fair value recognized in net income.
       

    • To measure and present the Equity instrument at a consolidated cost of all expenses.
       

    • To measure and present the Equity instrument at Historical cost.
       

Question

Crown Ltd has different sectors or “Reporting Units” of a business. On one night, because of a fire, a particular “Reporting Unit” was heavily affected. It had different assets and different liabilities before the accident occurred. After the accident, it was determined that the segment had to go through an impairment of $80,000.

However, the directors are not sure how to do this and therefore has come to you for help. Which of the following correctly explains how the process should be carried out?

Answer
    • The unit (as a whole) should be impaired with goodwill first and then the others on pro rata basis.
       

    • All assets and liabilities should be processed individually.
       

    • The total off assets less total liabilities must be ascertained, and then $80,000 will be subtracted.
       

    • An impairment cannot occur just for a single Reporting Unit, but for the whole business, therefore this is not applicable.
       

Question

Brand Ltd is planning on discontinuing their operations and has asked you for help on how to proceed with this, especially regarding changes in the Financial Statements. They want to be in line with GAAP. Which of the following is the right process in this regard?

Answer
    • They must present a Board Resolution first and then change accounts as per GAAP.
       

    • They must show all their Fixed Assets as “Held for Sale” current asset and show proper notes to the accounts.
       

    • They must show a different closing account for the final year where all the profit must be equal to Owner’s dividend distribution.
       

    • There will be no impact on the financial statements regarding the decision of discontinued operations as per GAAP guidelines.
       

Test details:

GAAP skills test will evaluate candidate's practical knowledge and will identify whether the candidate is ready to be employed. GAAP assessment test can be taken online by candidates from anywhere in the comfort of their time zone.
 
GAAP skill test may contain MCQ's (Multiple Choice Questions), MAQ's (Multiple Answer Questions), Fill in the Blank, Descriptive, Whiteboard Questions, Audio / Video Questions, True or False.
 
Test Duration: 20 minutes

10 Application Questions

Test description:

GAAP (Generally Accepted Accounting Principles) is a collection of commonly-followed accounting rules and standards for financial reporting. The purpose of U.S GAAP is to ensure that the financial reporting is transparent and is performing consistently from one organization to another. GAAP is used often by businesses reporting their financial results in the United States. It is much more rules-based than IFRS and is considered to be the more comprehensive accounting framework.
 
Online GAAP test helps recruiters and hiring managers to assess candidate’s knowledge of GAAP accounting. GAAP online test is created & validated by experienced industry experts to assess & hire GAAP accountant as per the industry standards.

GAAP assessment test helps to screen the candidates who possess traits as follows: 

1.  Solid understanding of US GAAP/IFRS
2.  Strong technical accounting knowledge in U.S. GAAP
3.  Experience in researching complex accounting issues
4.  Ability to prepare GAAP financial statements
 
Our powerful reporting will give you an instant result and an option to share this result with your recruiting team. You can analyse section wise performance of candidate to gauge his/her strengths and weaknesses. Features like window violation and webcam proctoring help detect cheating during the test.

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