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 non-current liabilities, Credit $100,000 non-current assets b. Debit $100,000 non-current asset, Credit $100,000 non-current liabilities c. Debit $100,000 current liabilities, Credit $100,000 current assets d. Debit $100,000 current asset, Credit $100,000 non-current liabilities 2 / 12 Category: US Accounting2. A company that uses the cash basis of accounting will: a. Record revenue when it is collected. b. Record revenue when it is earned. c. Record bad debt expense on the income statement. d. Record revenue at the same time as accounts receivable. 3 / 12 Category: US Accounting3. The income statement, which presents the results of operations, can be prepared in many forms including: a. Single Step Income Statement b. Condensed Income Statement c. Common Sized Income Statement d. All of the options 4 / 12 Category: US Accounting4. 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 payable; $1,200 debit in cash; $3,000 credit in retained earnings b. $3,000 debit in retained earnings; $1,200 credit in cash; $1,800 credit in accounts receivable c. $1,800 debit in accounts receivable; $3,000 credit in retained earnings; $1,200 debit in cash d. $1,200 credit in cash; $1,800 credit in accounts payable; $3,000 debit in retained earnings 5 / 12 Category: US Accounting5. Which inventory valuation method reflects the most current market value for inventory on hand? a. Average Costs b. Specific Identification c. First-in-First-Out (FIFO) d. Last-in-First-Out (LIFO) 6 / 12 Category: US Accounting6. Which of the following is not a core financial statement? a. The Income Statement b. The Trial Balance c. Statement of Cash Flows d. The Balance Sheet 7 / 12 Category: US Accounting7. What are the main sections on a balance sheet? a. Assets, gains, revenue b. Assets, liabilities, equity c. Assets, liabilities, expenses d. Assets, liabilities, income 8 / 12 Category: US Accounting8. In a journal entry, a debit decreases which of the following accounts? a. Accounts Payable b. Both Cash and Supplier Expenses c. Supplies Expense d. Cash 9 / 12 Category: US Accounting9. Which of the following statements is not true about intercompany accounting? a. They can significantly impact taxes. b. Intercompany transactions are eliminated in consolidated parent financial statements. c. Intercompany transactions are between two units within the same legal entity. d. Intercompany transactions are between different legal entities under the same parent control. 10 / 12 Category: US Accounting10. Which of these statements about accrual accounting is true? a. Revenue is recorded only when payments are received, while expenses are recognized when they're incurred. b. The matching principle dictates that expenses should be recognized when they are incurred, regardless of when revenue is recognized. c. All revenue from prepayments should be recognized when the payment is received, while expenses accrue over the life of the obligation. d. If the business has provided the goods or services and can reasonably expect to receive cash, it can recognize the revenue in that period. 11 / 12 Category: US Accounting11. Which of the following account types increase by debits in double-entry accounting? a. Assets, Revenue, Gains b. Expenses, Liabilities, Losses c. Assets, Expenses, Losses d. Gains, Expenses, Liabilities 12 / 12 Category: US Accounting12. Which formula is used to calculate operating income? a. Gross Profit - Indirect Operating Cost = Operating Income b. None of the options c. Indirect Operating Cost - Revenue = Operating Income d. Gross Income - Operating Expenses = Operating Income e. Revenue + Direct Operating Cost = Operating Income 0%
