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Accountant
andvaris
2022-12-27T16:17:14+00:00
Accountant Assessment
A 20-question assessment with a 30-minute timer will start on the first question.
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Total Timer
Q1 Timer
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What effect does a contra-asset account have on a balance sheet?
A contra asset has a debit balance and, therefore, a positive effect on total assets.
A contra asset has a credit balance and, therefore, a negative effect on total assets.
A contra asset is not an accounting term.
A contra asset with a positive balance will increase overall liabilities.
Q2 Timer
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On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April 1. The business uses accrual-based accounting. Which month should the business recognize the expense?
April
February
No record required
March
Q3 Timer
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Which answer best describes accruals and deferrals?
Both accruals and deferrals are both expected in future cash receipts and payments.
Both accruals and deferrals are not expected past cash receipts and payments.
Accruals are expected future cash receipts and payments, while deferrals are past cash receipts and payments.
Accruals are past cash receipts and payments, while deferrals are expected future cash receipts and payments.
Q4 Timer
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How are the three financial statements (income statement, balance sheet, and cash flow statement) linked?
The gross profit goes to retained earnings, and the shareholder equity total is added to the cash flow statement.
The net income goes to the retained earnings and to the cash flow statement
Only the assets are reflected in the cash flow statement, and the net income expenses correlate with the liabilities.
The net income goes to retained earnings, but the cash flow remains independent.
Q5 Timer
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What would be deducted from the balance per book when doing a bank reconciliation?
Bank service fees
Deposits in transit
Outstanding checks
Electronic fund transfers/payments
Q6 Timer
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A firm has $1,000 in debt and $3,000 in assets. What is the firm's debt-to-equity ratio?
0.5
3
0.33
2
Q7 Timer
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What trait distinguishes auditors from accountants?
The auditor has expertise in the gathering and interpretation of audit evidence.
The auditor has extensive education beyond what is required for an accountant.
The auditor can adapt to a rapidly changing profession.
The auditor can interpret accounting principles applicable to the country in which the client operates.
Q8 Timer
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What is the difference between the cost of an asset and the accumulated depreciation for that asset?
Prepaid asset
Depreciation value
Depreciation expense
Book value
Q9 Timer
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A company budgeted 1,200 washers, but only 1,000 are produced. It costs $10 to produce a widget. What is the materials variance?
2000
20
350
200
Q10 Timer
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A business purchased office equipment by issuing a one-year note payable. The entire amount of the note is due at the end of one year. How do you record this transaction?
Debt asset, credit equity
Debt liability, credit asset.
Debit equity, credit asset.
Debit asset, credit liability
Q11 Timer
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Which section of a financial annual report describes the corporation's accounting methods?
Management discussion and analysis
An auditor's report
Notes to the financial statements
Listing of the stockholders
Q12 Timer
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Which statement about current liabilities is true?
Current liabilities are obligations due within a year.
Current liabilities are obligations owed after a 12-month period.
Current liabilities should be included under long-term liabilities.
Current liabilities are obligations owed over 5 years.
Q13 Timer
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How do variable costs and fixed costs act within the relevant range?
Both total variable costs and total fixed costs remain constant.
Both total variable costs and total fixed costs vary.
Variable costs per unit remain constant, and fixed costs per unit vary.
Fixed costs per unit remain constant and variable costs per unit vary.
Q14 Timer
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When applying a cost-volume-profit analysis (CVP), certain assumptions must be respected. Which answer is not one of these assumptions?
The unit fixed cost will decrease.
The unit sales price will remain constant.
Actual unit variable cost will vary over the production range.
The cost behavior is expressed as intersecting straight lines.
Q15 Timer
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What is a conversion cost the sum of?
Direct materials cost + Manufacturing overhead cost
Direct materials cost + Marketing cost
Direct labor cost + Manufacturing overhead cost
Direct materials cost + Administration cost
Q16 Timer
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What type of cost changes in proportion to a company's production volume?
Conversion cost
Variable cost
Indirect cost
Fixed cost
Q17 Timer
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Permanent accounts are on what financial statement?
Balance sheet
Shareholder equity statement
Cash flow statement
Income statement
Q18 Timer
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The asset-turnover ratio calculation measures?
How efficiently a company uses its assets to generate revenue
How often a company must replace existing assets and equipment
When the company must decide to purchase assets and what investment is required
How much of a company's assets are financed by creditors
Q19 Timer
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Which is the appropriate term for an incurred cost that cannot be changed by any decision?
Variable cost
Previous cost
Sunk cost
Opportunity cost
Q20 Timer
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What cost is easily traceable to a cost object?
Variable
Fixed
Indirect
Direct
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