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. Which is not an example of financing cash flow? a. Paying $12,000 worth of dividends to shareholders b. Issuing $42,000 worth of shares c. None of the options d. Investing in equipment worth $90,000 e. Paying off a debt of $25,000 2 / 12 Category: US Accounting2. What is the most-used method to amortize intangible assets on a company’s financial statements? a. Units of production method b. Straight-line method c. Double-declining balance method d. Sum of the years’ digits method 3 / 12 Category: US Accounting3. Which accounts are associated with the cost of goods sold? a. Inventory b. Dividends c. Depreciation d. Accrued interest 4 / 12 Category: US Accounting4. How are a company’s financial statements used? a. For internal analysis b. For external negotiation c. All of the options d. For compliance 5 / 12 Category: US Accounting5. Which of the following scenarios increases accounts payable? a. Office supplies are purchased with cash. b. A customer fails to pay an invoice. c. None of the options d. A supplier delivers raw materials on credit. 6 / 12 Category: US Accounting6. Which describes the double-declining balance depreciation method? a. This method decreases the useful life of the asset and disposal costs by half. b. Estimated salvage value is greater at the end of the assets’ useful life than with straight-line depreciation. c. The depreciation expense is larger in the first few years and gets smaller as time goes on. d. It yields reports of higher income in the early years and lower income later on. 7 / 12 Category: US Accounting7. When a company purchases property, plant, and equipment, how is it reflected on the statement of cash flows? a. As a use of cash in the "cash from operating activities" section. b. As a use of cash in the "cash from investing activities" section. c. As a source of cash in the "cash from investing activities" section d. As a source of cash in the "cash from financing activities" section. 8 / 12 Category: US Accounting8. Which of the following is true? a. Accounts receivable increase by credits. b. Accounts receivable are found in the current asset section of a balance sheet. c. Accounts receivable become more valuable over time. d. Accounts receivable are generated when a customer makes payments. 9 / 12 Category: US Accounting9. Which organizations are involved in the development of US Generally Accepted Accounting Principles (GAAP)? a. Government Accounting Standards Board (GASB) b. All of the options c. Financial Accounting Standards Board (FASB) d. Securities and Exchange Commission (SEC) e. Federal Accounting Standards Advisory Board (FASAB) 10 / 12 Category: US Accounting10. When are liabilities recorded under the accrual basis of accounting? a. When paid b. At the end of the fiscal year c. When incurred d. When bank accounts are reconciled 11 / 12 Category: US Accounting11. Which is the method of depreciation used for US tax returns that is not GAAP-compliant? a. Straight-line method b. Double-declining balance method c. Units of production method d. Modified accelerated cost recovery systems 12 / 12 Category: US Accounting12. Which of the following is not a core financial statement? a. The Income Statement b. Statement of Cash Flows c. The Balance Sheet d. The Trial Balance 0%
