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 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. 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. Double-declining balance method c. Sum of the years’ digits method d. Straight-line method 3 / 12 Category: US Accounting3. 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. 4 / 12 Category: US Accounting4. Which is not classified as a current asset? a. Product inventory b. Cash c. Property d. Prepaid liabilities e. Liquid assets 5 / 12 Category: US Accounting5. Which one of these WILL NOT yield earnings before interest and taxes (EBIT)? a. Net income + Tax expense + Interest expense b. Sales + Taxes + Interest c. Revenue - Cost of goods sold - Operating expenses d. Gross profit - Operating expenses 6 / 12 Category: US Accounting6. Which of the following account types increase by debits in double-entry accounting? a. Gains, Expenses, Liabilities b. Expenses, Liabilities, Losses c. Assets, Revenue, Gains d. Assets, Expenses, Losses 7 / 12 Category: US Accounting7. 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. Journal entry d. Balance sheet 8 / 12 Category: US Accounting8. Which is not an example of financing cash flow? a. Issuing $42,000 worth of shares b. Paying off a debt of $25,000 c. Investing in equipment worth $90,000 d. Paying $12,000 worth of dividends to shareholders e. None of the options 9 / 12 Category: US Accounting9. In a journal entry, a debit decreases which of the following accounts? a. Cash b. Accounts Payable c. Supplies Expense d. Both Cash and Supplier Expenses 10 / 12 Category: US Accounting10. Are assets on the balance sheet recorded at their estimated fair market value? a. Yes b. No c. Sometimes; it’s situational 11 / 12 Category: US Accounting11. 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. Auditing b. Derivatives c. Accounting software packages d. International banking laws 12 / 12 Category: US Accounting12. Which describes the double-declining balance depreciation method? a. It yields reports of higher income in the early years and lower income later on. b. This method decreases the useful life of the asset and disposal costs by half. c. The depreciation expense is larger in the first few years and gets smaller as time goes on. d. Estimated salvage value is greater at the end of the assets’ useful life than with straight-line depreciation. 0%
