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 is the most-used method to amortize intangible assets on a company’s financial statements? a. Double-declining balance method b. Units of production method c. Sum of the years’ digits method d. Straight-line method 2 / 12 Category: US Accounting2. What are the main sections on a balance sheet? a. Assets, gains, revenue b. Assets, liabilities, income c. Assets, liabilities, equity d. Assets, liabilities, expenses 3 / 12 Category: US Accounting3. In a journal entry, a debit decreases which of the following accounts? a. Supplies Expense b. Both Cash and Supplier Expenses c. Accounts Payable d. Cash 4 / 12 Category: US Accounting4. When are liabilities recorded under the accrual basis of accounting? a. When bank accounts are reconciled b. At the end of the fiscal year c. When paid d. When incurred 5 / 12 Category: US Accounting5. After making a sale of $3,000, where $1,200 is paid in cash and $1,800 is sold on credit, how would a company go about updating its balance sheet? a. $1,800 debit in accounts receivable; $3,000 credit in retained earnings; $1,200 debit in cash b. $1,800 debit in accounts payable; $1,200 debit in cash; $3,000 credit in retained earnings c. $3,000 debit in retained earnings; $1,200 credit in cash; $1,800 credit in accounts receivable d. $1,200 credit in cash; $1,800 credit in accounts payable; $3,000 debit in retained earnings 6 / 12 Category: US Accounting6. The income statement, which presents the results of operations, can be prepared in many forms including: a. Single Step Income Statement b. All of the options c. Condensed Income Statement d. Common Sized Income Statement 7 / 12 Category: US Accounting7. Which is not classified as a current asset? a. Liquid assets b. Product inventory c. Property d. Cash e. Prepaid liabilities 8 / 12 Category: US Accounting8. Unearned revenues are recorded on a company’s balance sheet under which kind of account? a. Liability b. Non-current asset c. Current asset d. Owners’ or stockholders’ equity 9 / 12 Category: US Accounting9. 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 10 / 12 Category: US Accounting10. 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) 11 / 12 Category: US Accounting11. Which of the following is not a core financial statement? a. Statement of Cash Flows b. The Balance Sheet c. The Income Statement d. The Trial Balance 12 / 12 Category: US Accounting12. Which of the following scenarios increases accounts payable? a. None of the options b. Office supplies are purchased with cash. c. A supplier delivers raw materials on credit. d. A customer fails to pay an invoice. 0%
