Financial Accounting Syllabus Resource & Lesson Plans Final Exam

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Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

Question 1 1. How is Adjusted Trial Balance used for preparing financial statements?

Question 2 2. Return on Assets measures how well a company uses its assets to generate _____.

Question 3 3. In her role as an accountant for ABC Manufacturing Janis has uncovered a pattern of errors made by one clerk in the parts department. How should Janis handle this situation?

Question 4 4. What is a liability that has not yet occurred but the conditions are favorable that it will occur called?

Question 5 5. Account adjustments are a result of _____.

Question 6 6. In which account is equity that comes from the sale of stocks or bonds categorized?

Question 7 7. What is the formula for the basic accounting equation?

Question 8 8. The chart of accounts is broken down into _____ types of accounts.

Question 9 9. Which statement best describes earnings management?

Question 10 10. The book that contains every single transaction that has occurred in a business and is recorded in chronological order is called a _____.

Question 11 11. How has technology increased efficiency by using separation of duties?

Question 12 12. Using the image of the balance sheet, what is this company's debt-to-assets ratio?

Question 13 13. In order to perform a bank reconciliation you will need the check register and which of the following?

Question 14 14. Leno's Tux Boutique is in dire need of additional blue bow ties for the start of wedding season. He has to quickly order more for his inventory. Which of the following would NOT incur a shortage cost for the business?

Question 15 15. Double entry accounting requires that for every one transaction there will be at least _____ accounts affected.

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Financial Accounting Syllabus Resource & Lesson Plans Final Free Practice Test Instructions

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

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