Accounting Assessment Test Questions and Answers [2023]

If you are looking for a different test, or are not sure which test is relevant for your position, please  contact us, and we will do our best to ensure you get the most accurate preparation for your upcoming assessment.


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 Skills Test Topics

Each accounting position tests for various accounting skills here are the most common ones:

  • Knowledge of Accounting Basics: Fundamental understanding of accounting concepts and principles.
  • Ledger Posting and Trial Balance Preparation: Recording financial transactions accurately and compiling a list of account balances.
  • Proficiency in Excel: Ability to use formulas, functions, and features in Excel for accounting tasks.
  • Leadership: Ability to make sound decisions, and communicate effectively.
  • Accounting Tabular Reasoning: Ability to analyze financial data and draw conclusions from tables, graphs, and charts.
  • Preparation of Financial Statements: Compiling financial information and preparing financial statements like balance sheets and income statements.
  • Proficiency in Accounting Software: Understanding the features and functions of accounting software.

 

Looking for a new job?

Upload your CV into our AI, data-based CV Analyzer System, and get offers specifically tailored to your skill set and experience!


Accounting Assessment Test Questions and Answers

Test your accounting skills by answering the following questions, to see how well you'll do on the real exam.


Financial Statment Practice Question

ABC Corp. purchased equipment for $60,000 on January 1, 2015. The useful life is estimated to be five years, and the salvage value is $10,000 at the end of its useful life. The company’s year-end is 31st December. What would be the depreciation expense for the year ending 31st December 2016 if the company uses the double declining method of depreciation?

A. 10,000$.

B. 12,000$.

C. 24,000$.

D. 14,400$

Answer

The correct answer is (D).

The double declining balance method is a technique of accelerated depreciation in which the majority of the depreciation expense is recognized during the first few years of the asset’s useful life. The formula for the double declining balance method of depreciation is

Book value at the beginning of the year * Straight Line rate * 2
Book Value = Cost – Accumulated Depreciation
Straight Line Rate = 1 / Useful Life (1/5 = 0.2)
Depreciation year 1 = $60,000 * 0.2 * 2 = 24,000
Depreciation year 2 = ($60,000 – $24,000) * 0.2 * 2 = $14,400

 


Accounts Payable Practice Question

Delta Enterprises purchased raw materials worth $12,000 from Beta Inc. on terms 2/15, n/45. What does 2/15 stand for?

A. Delta is entitled to a 2% discount if it pays within 15 days.

B. Delta is expected to pay for the raw materials on February 15.

C. Delta is entitled to a 15% discount if it pays within two days.

D. Delta may pay in two installments 15 days apart.

Answer

The correct answer is (A).

The term 2/15 means that the customer is entitled to a 2% discount if the liability is paid in full 15 days from the invoice date.

Thus, if Delta pays its accounts payable to Beta Inc. within 15 days of the invoice date, its payment would only amount to $11,760 instead of $12,000. This payment term is used to encourage early settlement of the account.

 

 

Accounting Bonus Practice

As part of our preparation, we've added a few extras that can make a big difference to your hiring process, making it easier for you to land your dream job.

  • Interview Prep that includes a detailed Accounting Professional Profile guide explaining the type of characteristics your future employer is most likely to value.
  • 2 Bookkeeping practice tests which include questions on Bookkeeping Entries and other Bookkeeping Functions.
  • 5 SJT Supervision practice tests that will improve your skills at answering managerial situational judgment test questions.
  • Interactive Excel training software along with hundreds of full-length Excel practice questions that will massively improve your Excel proficiency.  

The Accounting test PrepPack includes over 500 Accounting exam questions and answers that will help you ace your assessment and hiring process.

 

Accounts Receivable Practice Question

Accounts receivable turnover ratio is included in which of the following categories of ratios?

A. Liquidity ratios.

B. Activity ratios.

C. Solvency ratios.

D. Profitability ratios

Answer

The correct answer is (B).

Activity ratios evaluate the efficiency of the operations of a business. Liquidity and solvency ratios explain the financial position of a business, while profitability ratios measure the ability of a business to earn profit for its owners.

 

The JobTestPrep preparation contains 160 Accounts payable and receivable accounting questions and answers to help you practice and ace your accounting exam.


Accounting Tabular Practice Question

accounting tabular questions

What is the value of (I)?

A. 0.

B. 5.

C. 23.

D. 34.

Answer

The correct answer is A.


The first step to approaching tables with missing values is to analyze the descriptions given and identify the relationships between them.


We are given three different types of liquors and two brands of each.


VOL (oz) refers to the number of ounces in a bottle. 


SALES PRICE refers to the price the store sells a bottle for. 


MONTHLY BEGINNING refers to the number of bottles on stock at the beginning of the month.


MONTHLY RESTOCK refers to the number of bottles the store purchases, or adds to its stock, throughout the month. 


MONTHLY SALES refers to the number of bottles the store sold throughout the month. To keep track of the number of bottles in stock, this number will be subtracted from the monthly beginning. 


MONTHLY ENDING refers to the number of bottles in stock at the end of the month.


Based on the information above we can formulate the following equation: 


MONTHLY BEGINNING + MONTHLY RESTOCK - MONTHLY SALES = MONTHLY ENDING


We can verify that this equation is correct by checking with the first row where all of the values are given:


4 + 5 - 3 = 6


We can find the value of (I), which is the MONTHLY RESTOCK of aroux, by placing the values given into the equation above:


17 + MR - 11 = 6                          Subtract 11 from 17:


6 + MR = 6                                   Subtract 6 from each side:


MR = 0 

 


Basic Accounting Terms Practice Question

Owner’s equity is the difference between:

A. Assets and liabilities.

B. Revenues and Expenditures.

C. Common stock and preferred stock.

D. Revenues and liabilities.

Answer

The correct answer is A.

The accounting equation is: Assets = Liabilities + Owner’s Equity. We can isolate Owner’s Equity by subtracting Liabilities from both sides and see that Owner’s Equity is the difference between Assets and Liabilities.

 

Interested in more Basic Terms, and Tabular accounting test questions and answers? Look no further than the JobTetsPrep PrepPack. It includes all the questions you just practiced and a lot more.


Accounting Interview Questions 

If you’re taking an accounting test for a job interview, you’ll probably encounter open accounting interview questions that will test whether your personality matches the requirements of the position.

The work of an accountant consists of two major areas: one is data analysis, and the other is using analyzed information to make decisions and solve problems. 

When assessing your personality employers are searching for workers who get high scores on all the following reasoning ability scales, i.e. Thoroughness, Directness, Analytical Skills, Autonomy, and Conceptual Elaboration.

The following are examples of Accounting interview questions you might encounter

  • Do you have any experience developing your own accounting process?
  • Do you have any tips for reducing human errors in accounting?
  • In one of your previous positions, describe how you decreased operational costs.
  • What is project implementation?

You can find more information on how to pass an accounting job interview in our detailed Accounting Professional Profile PDF guide.


FAQ

What Is an Accounting Aptitude Test?

An accounting aptitude test evaluates a candidate's ability to measure, process, and communicate financial information by using logical, numerical, and verbal reasoning aptitude questions.

What Are Basic Accounting Test Questions?

Basic accounting questions are questions that assess the knowledge of the applicant on basic accountant concepts.

What Are the Principles of an Accounting Assessment?
  • Revenue Recognition Principle.
  • Cost Principle.
  • Matching Principle.
  • Full Disclosure Principle.
  • Objectivity Principle.
Where Can I Find More Pre-Employment Accounting Tests with Answers?

You can find more pre-employment accounting tests with answers in the JobTestPrep preparation pack.

 


Helpful Accounting Links

 

Other JobTestPrep Assessments


note

If you are looking for a different test, or are not sure which test is relevant for your position, please  contact us, and we will do our best to ensure you get the most accurate preparation for your upcoming assessment.

 

 

Accounting firms and other trademarks are the property of their respective trademark holders. None of the trademark holders are affiliated with JobTestPrep or this website.