How to get ready and do Excellent in Accounting Jobs Tests (Also some free tests)

How to get ready and do Excellent in Accounting Jobs Tests

After the success of my blogs on Wonderlic Free Personnel Test Sample Questions and Administrative Jobs Practice Sample question and GMAT preparation I will create this blog for practice tests in accounting jobs. Answers for free questions is in RED font.

Before I give you some free samples Accounting Jobs Tests questions let us see some tips on Preparing for the Test.

Before taking the test

•For the accounting tests, it may be helpful to review the applicable principles, practices, techniques and procedures. For example, review any introductory text book on accounting.

•Practice taking tests, under timed conditions, to become more accustomed to time pressures.

The day of the test

•If you do not feel well on the day of the test and feel that this will impact on your test results, consider taking the test on an alternative date.  You have to contact the Test coordinator to inform him/her of your decision.

•Determine the exact location, date and time of the test.  The onus is on you to know these details.

•Arrive in plenty of time so that you do not feel rushed or overly stressed.  You will not be admitted to the testing room once the testing session is in progress.

•If you have a disability that could affect your tests results, there may be alternative forms of the test or administrative aids to assist you.  Please identify your concern to the Test coordinator, in advance of the tests session, so that arrangements can be made.

When taking a multiple choice test

•Read the instructions thoroughly and completely before you begin.

•Calculate how many questions you need to complete within the time limit and pace yourself accordingly to finish the test on time.

•Read each question thoroughly.  Make sure you understand the question before answering.

•Try to determine an answer before you look at the choices, but make sure you read all of the choices before identifying a final answer.  If you are not sure of the answer, eliminate those that do not apply first.  From the remaining answers, make your choice.  If you are uncertain, take your best guess.  There is no penalty for incorrect answers.

•Make sure you fill in the correct choice on your answer sheet.  There will be four possible choices for each question.  Only fill one choice on your answer sheet.  If you fill in more than one choice, the question will be scored as a wrong answer.

•Work quickly and do not spend too much time on one question.  If you are uncertain after reviewing the answers, move to the next question.  When you have finished, return to the questions you skipped.

•Ensure that the number on the answer sheet corresponds to the number of the question to which you are answering.

•Review your work if you have finished the exercise before the time limit.  This is time well spent.

•Answer all the questions.  There is no penalty for incorrect answers.  If you are not finished and the test time is almost up, use what is left of it to quickly complete the answer sheet, even if you do not read all the questions.

Accounting - Multiple Choice Tests

Free Personnel Test Sample Questions are aimed at levels 1 and 2. 

Level 1 - Basic Awareness

Description of Test:

A multiple choice test that measures proficiency level 1, containing 33 questions where you choose the correct answer from among 4 choices.

Time limit for test: 40 minutes

What is measured?

Accounting principles, techniques and/or practices, including: the purpose and interrelationship of financial statements (i.e., balance sheet, income statement), general ledger, journal entries, and CICA Handbook

  Pass Mark: You must score 17 or greater to attain level 1 proficiency.

Level 2 - Basic capability

Description of Test:

A multiple choice test that measures proficiency level 2, containing 33 questions where you choose the correct answer from among 4 choices.

Time limit for test: 40 minutes

What is measured: Accounting principles, techniques and/or practices, including: financial statements, journal entries

GAAP, Books of Account, and Organizations

Pass Mark: You must score 18 or greater to attain level 2 proficiency.

 

Sample Test Questions:

Accounting Multiple-choice test

Practice questions have been provided for the technical competency accounting. Try the test. Answers are provided in the end.

Level 1

Question 1

All of the following items are considered part of the owner's equity, EXCEPT:

a. capital

b. drawings

c. net income

d. dividends

Question 2

The purpose of a balance sheet is to:

a. show the financial position of the business on a particular date

b. show the net income for a particular period

c. show the fair market value of the business on a particular date

d. summarize all accounting transactions for the year

Question 3

Chris, the owner of a French fry proprietorship, obtains a loan from the bank for a down payment on a cottage.  How should this be reflected on the financial statements of Chris's French Fries?

a. asset

b. liability

c. asset and liability

d. none of the above

Question 4

The correct sequence of presentation of items on the income statement is:

a. revenue, expenses, extraordinary items

B .expenses, revenue, extraordinary items

c extraordinary items, revenue, expenses

d .extraordinary items, expenses, revenue

_____________________________________________________________

Answer Key

1.d

2.a

3.d

4.a

5.d

6.d

7.d

8. d

9. b

10. c

11. d

12. 24

13. b

14. a

15.b

____________________________________________________________________________

Question 5

Net income equals:

a. assets - liabilities

b. liabilities - owner's equity

c. revenue + expenses

d. revenue - expenses

Question 6

Financial statements are used by:

A .creditors

B .tax authorities

C .investors

D .all of the above

Question 7

 The posting reference in the ledger tells:

a .the page of the ledger that the account is on

b. the date of the transaction

c whether it is a debit or a credit entry

d the page of the journal where the entry can be found

Level 2- Free Personnel Test Sample Questions

Practice questions have been provided for the technical competency accounting

8. Question

An error in determining year-end inventory will cause a misstatement of:

a. cost of goods sold

b. gross profit

c. net income

d. all of the above

9. Question

ABCD Appliance Repair completed repairs of $150 on a customer's dishwasher on June 28th.  Invoice and payment are both made on July 7th.  As of June 30th, the $150 is:

a. a prepaid expense

b. an accrued revenue

c. unearned revenue

d. an accrued expense

10. Question

 On December 1st, fees earned were credited for $24,000, representing six months of revenue for the period December 1st to May 31st.  On December 31st, the company should:

a. credit fees earned for $20,000

b. debit unearned fees for $20,000

c. debit fees earned for $20,000

d. credit unearned fees for $4,000

11. Question

In 1999, an equipment owner sold a front end loader for $75,000, with a book value of $100,000 and accumulated depreciation of $70,000.  What is the accounting gain/loss on the sale of the loader?

a. ($25,000)

b. $30,000

c. $75,000

d. $45,000

12. Question

What is the next number in the sequence? 8, 12, 16, 20, ___

13.  Question

7.95 ÷ 1.5

a.2.4, b. 5.3, c. 6.2, d. 7.3, e. 7.5

14. Question

. -42 + 7 equal to:

a. -35, b. 35, c. -36, d. 36, e. 37

15. Question

 What is the absolute value of -7?

-7, b. 7, c. 0, d. -1, e. 1