Shir, Finance and Accounting Sector Expert at JobTestPrep.
Have a question? Contact me at: ask_the_team@jobtestprep.comBusinesses 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.
Each accounting position tests for various accounting skills here are the most common ones:
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Test your accounting skills by answering the following questions, to see how well you'll do on the real exam.
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$
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
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.
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.
The Accounting test PrepPack includes over 500 Accounting exam questions and answers that will help you ace your assessment and hiring process.
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
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.
What is the value of (I)?
A. 0.
B. 5.
C. 23.
D. 34.
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
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.
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.
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
You can find more information on how to pass an accounting job interview in our detailed Accounting Professional Profile PDF guide.
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.
Basic accounting questions are questions that assess the knowledge of the applicant on basic accountant concepts.
You can find more pre-employment accounting tests with answers in the JobTestPrep preparation pack.
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.