0% 123456789101112 TEST Duration: 10 minutesYour test has been automatically submitted due to the time-out.US Accounting (GAAP) Online AssessmentThis US Accounting and Finance aptitude test will help iConsultera evaluate your ability to measure, process, and communicate the financial information of a business, as well as your aptitude for logical, numerical, and verbal reasoning.This assessment is being used as an accounting test for pre-employment screening of candidates applying for a variety of roles, including staff accountant, financial accountant, and management accountant, or as a finance test for candidates applying for financial analyst or financial management positions.This test requires you to demonstrate aptitude for various kinds of reasoning as well as answer multiple-choice and calculation questions about the principles and core subjects within the accounting and finance disciplines. We at iConsultera are grateful to you for taking the online assessment of US Accounting (GAAP) to help us evaluate your generic skills across the US Accounting field. For any questions related to the assessment, please contact your respective Talent Acquisition personnel. 1 / 12 Category: US Accounting1. What would the journal entry be for a company that takes out a five-year, $100,000 business loan? a. Debit $100,000 current liabilities, Credit $100,000 current assets b. Debit $100,000 non-current liabilities, Credit $100,000 non-current assets c. Debit $100,000 current asset, Credit $100,000 non-current liabilities d. Debit $100,000 non-current asset, Credit $100,000 non-current liabilities 2 / 12 Category: US Accounting2. Which accounts are associated with the cost of goods sold? a. Depreciation b. Accrued interest c. Inventory d. Dividends 3 / 12 Category: US Accounting3. Which of the following statements is not true about intercompany accounting? a. Intercompany transactions are between two units within the same legal entity. b. Intercompany transactions are eliminated in consolidated parent financial statements. c. Intercompany transactions are between different legal entities under the same parent control. d. They can significantly impact taxes. 4 / 12 Category: US Accounting4. Which is not classified as a current asset? a. Cash b. Product inventory c. Prepaid liabilities d. Liquid assets e. Property 5 / 12 Category: US Accounting5. What is the result of the following transaction for Company A? Company A’s customer is unable to pay for a previous credit sale in accordance with Company A’s 90-day payment terms. The customer makes a promissory note to Company A that extends payment over a 24-month term including 5% interest. a. No result because the customer didn’t pay. b. Company A records the loan as a liability. c. Accounts receivable increases because of the interest. d. A note receivable is recorded in non-current assets. 6 / 12 Category: US Accounting6. Which financial statement is a report of a company’s revenues and expenses during a certain time period? a. Statement Of Cash Flows b. Statement of Changes in Equity c. All of the options d. Income Statement 7 / 12 Category: US Accounting7. Which of the following is true? a. Accounts receivable are generated when a customer makes payments. b. Accounts receivable increase by credits. c. Accounts receivable become more valuable over time. d. Accounts receivable are found in the current asset section of a balance sheet. 8 / 12 Category: US Accounting8. Which of the following is not a core financial statement? a. The Trial Balance b. The Balance Sheet c. The Income Statement d. Statement of Cash Flows 9 / 12 Category: US Accounting9. Which of the following must a certified public accountant (CPA) have in-depth knowledge of to pass the CPA licensing exam? (Check all that apply.) a. Derivatives b. International banking laws c. Accounting software packages d. Auditing 10 / 12 Category: US Accounting10. A company that uses the cash basis of accounting will: a. Record revenue when it is earned. b. Record revenue at the same time as accounts receivable. c. Record bad debt expense on the income statement. d. Record revenue when it is collected. 11 / 12 Category: US Accounting11. The listing of all the financial accounts within a company’s general ledger is called the _____. a. Chart of accounts b. P&L statement c. Balance sheet d. Journal entry 12 / 12 Category: US Accounting12. Which organizations are involved in the development of US Generally Accepted Accounting Principles (GAAP)? a. Federal Accounting Standards Advisory Board (FASAB) b. Securities and Exchange Commission (SEC) c. All of the options d. Financial Accounting Standards Board (FASB) e. Government Accounting Standards Board (GASB) 0%
