Accounting 101: Financial Accounting Final Exam

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!

Question 1 1. Which of the following is NOT a trait of a corporation?

Question 2 2. Brown's Business is concerned that another company is trying to take it over, what can it do prevent this from happening?

Question 3 3. Which of these statements about retained earnings is true?

Question 4 4. Income tax is paid based on the taxable income. In some cases, the taxable income is not known until after the tax liability is due. What type of liability is this?

Question 5 5. Which of these bond types are bonds in which a portion of the outstanding bonds mature or become due at several dates which typically fall in a series?

Question 6 6. Which of the following statements is true regarding a callable bond?

Question 7 7. Susie is an accountant for XYZ Tech Firm, and she is preparing the post closing trial balance. She goes to one of her co-workers to request the revenue and expense account balances to include in her report. What will her co-worker tell her?

Question 8 8. What is the most common accounting method used by businesses?

Question 9 9. Before you can complete the adjusted trial balance, you first have to create the _____.

Question 10 10. Expenses incurred to generate revenue must be recorded in the same time period as the revenue it generates. Which principle is this?

Question 11 11. What is the formula for calculating interest?

Question 12 12. The costs associated with generating revenue must be reported in the same time period as the revenue is a criteria for which of the following?

Question 13 13. An asset has drastically decreasing production as it becomes older. Which depreciation method will be the most suitable one for such an asset?

Question 14 14. In view of its forthcoming closure, Company A sells its vehicles and machinery (two trucks, one excavator and one dumper) to Company B for $120,000. If the trucks are appraised at $40,000 each, the excavator at $60,000 and the dumper at $20,000, what is the cost of the excavator to company B?

Question 15 15. Which of the following assets would be considered 'long-term'?

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Accounting 101: Financial Accounting 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!

Accounting 101: Financial Accounting  /  Business Courses
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