Accounting Assessment Test Questions and Answers [2022]

The Accounting & Bookkeeping test preparation was created by our experienced team, based on thorough research and after getting feedback from hundreds of candidates. If you have any additional questions about the assessments, feel free to send us an email, we usually reply within 24 hours.

What is an Accounting Assessment?

Businesses and accounting firms are looking for bookkeepers and accountants who possess fine attention to detail in their work. Accounting assessment tests are designed to measure your ability to process and analyze numerical data, and to solve problems using logical reasoning abilities. These are used to select the best candidates for entry-level and other roles. 

 

Accounting Assessment Test Questions and Answers

Sample Bookkeeping Questions

1. Which of the following is an item of working capital?

  1. Fixed assets
  2. Long-term investments
  3. Accounts receivable
  4. Bonds payable
Answer and explanation

1. The correct answer is C.

Explanation: Working capital consists of current assets and current liabilities.

 

2. To which account in the Balance Sheet is the net income or net loss

    transferred to at the end of the accounting period?

  1. Cash
  2. Accounts Receivable
  3. Inventory
Answer and explanation

2. The correct answer is A.

Explanation: The amount of net income or net loss is transferred to Retained Earnings, which is an equity account.

 

Sample Accounts Payable Questions

3. Accounts Payable is classified as a/an ___________ in the _____________.

  1. Current asset; Balance Sheet
  2. Current liability; Balance Sheet
  3. Expense; Income Statement
  4. Revenue; Income Statement
Answer and explanation

3. The correct answer is B.

Explanation: Accounts payable is a short-term obligation. Hence, it is classified as a current liability in the Balance Sheet.

 

4. Which of the following documents authorizes the purchase transaction?

  1. Credit memo from supplier
  2. Invoice or bill from supplier
  3. Purchase order
  4. Purchase requisition
Answer and explanation

4. The correct answer is C.

Explanation: A purchase order is a buyer-generated document that authorizes the purchase transaction, and when the seller accepts the terms and conditions indicated therein, it becomes a binding contract between the seller and the buyer.

 

Sample Accounts Receivable Questions

5. Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000.

What would be the net sales revenue of Brown Glory Corp.?

  1. $102,000
  2. $54,000
  3. $90,000
  4. $114,000
Answer and explanation

5. The correct answer is D.

Explanation: Net sales revenue is the amount left after deducting sales discounts and sales returns and allowances from gross sales revenue. Cost of goods sold is deducted from net sales revenue to arrive at gross profit.

Gross Sales Revenue – Sales Discounts – Sales Returns and Allowances

$150,000 – $12,000 – $24,000 = $114,000.

6. What is meant by accounts receivable?

  1. Money owed to a company by its debtors
  2. Money owed by a company to its creditors
  3. Money owed to a company by its employees
  4. Money owed by a company to its vendors
Answer and explanation

6. The correct answer is A.

Explanation: Accounts receivable is defined as money owed to a company by its debtors. When a company sells goods on credit, it creates a current asset by the name of accounts receivable and books the corresponding revenue. When the cash is received, the asset is reversed.

 

To further test your knowledge of essential accounting principles, and get access to a lot more practice questions, get our full Accounting preparation pack. 

Accounting Exam Topics

Each position utilizes its own assessment test based on the responsibilities that position will entail. Still, various accounting tests can have many overlaps.

Here are some of the topics covered by our Accounting Bundle Pack:

Journal Entry Cash Flow Dividends Account Balancing
Documentation Analysis Inventory Account Types
Ratios Credit Terms Provisions Presentation

Our accounting assessment preparation includes questions and answers for all the above topics, so that you'll improve your score on accounting-related questions. Get online access to our comprehensive practice materials, improve your data processing and mathematical skills, and ace your accounting exam. 


We Offer the Most Complete Accounting & Bookkeeping Preparation Package on the Web:

 

Accounting exams preparation

 

 

Some of the Accounting Tests included in the Bundle Accounting PrepPack™ are:

Accounts Receivable ClerkAccounts Payable ClerkBookkeeper, Financial Record Keeper

Accounting & Bookkeeping Test Prep FAQ

How can I be sure this preparation will prepare me for my test?

Our test experts created this practice pack after extensive research and getting feedback from dozens of customers.

It includes every subject you might encounter on your upcoming accounting test.

If, however, you find that the actual test’s content was different from what you’ve practiced here, you’ll get your money back. Clean and simple.

What positions benefit from this accounting test preparation?

Tax accountants
Bookkeepers
Business analysts
Auditors
Forensic accountants
Finance professionals
Retail or finance management
And many more

 Why should I prepare if the questions are easy for me?

The sample questions may be easy, but remember –this is not the full test, in it, you have a tight time limit.

If you are not well prepared you will find it is very hard to get a good score.

The more you practice, the better you get. The better you get, the higher your chance to ace your upcoming accounting test.

Why free samples are not enough?

Who does not like a free product? But, when it comes to preparing for a pre-hire test, you should think twice. As the saying goes, you get what you pay for.

With our preparation pack, you get what you pay for and then some:

Timed interactive tests simulating real accounting exam conditions.

Targeted drills to quickly strengthen any subject demanding improvement, along with unique study guides, and detailed answer explanations

With these tools in hand, you will maximize both your buck and prepping experience. 

Is this preparation even the right for me?

This preparation is for those readying to take either an accounting exam or a bookkeeping test.

There are some accounting tests with specific providers like the Kenexa Prove it Test - for these, we have you covered with a dedicated preparation kit.

We are positive that our PrepPack will closely mirror the real test. If somehow, you find that the actual test’s content was different from what you’ve practiced here, you’ll get your money back. Clean and simple.

 

 

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