Free Financial Accounting Aptitude Test

Free Financial Accounting Aptitude Test

Practice questions

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Number of questions: 20

Test Duration: 40 minutes

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Created by examrevision

Accounting Aptitude tests

FREE ACCOUNTING APTITUDE PRACTICE TEST

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Category: Free Accounting Aptitude Test

1. Excel Limited purchased land for  US $ 2.5 million from Why Limited by issuing a note payable. What was the effect on the accounting equation?

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Category: Free Accounting Aptitude Test

2. An error of _________occurs when an amount is entered right and in the correct account but the value is wrong (i.e. it’s subtracted instead of added or vice versa.

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Category: Free Accounting Aptitude Test

3. Zawadi Enterprises has a weekly payroll of US $ 3,600 paid on Saturdays. There are six days in a pay period. Assuming the last day of the Month of March falls on a Thursday, which of the following is the required adjusting journal entry?

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Category: Free Accounting Aptitude Test

4. TRUE or FALSE: Enterprise Resource Planning (ERP) is a fully integrated and comprehensive, end-to-end solution that covers all (or almost all) facets of a business, whereas accounting software is designed to manage only one specific area of a business.

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Category: Free Accounting Aptitude Test

5. The following transactions were extracted from the books of ABC Enterprises for the year ended 30 June 2023:

ABC Transactions

Required
What amount of income from operations should ABC Enterprises report on its multiple-step income statement based on this data?

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Category: Free Accounting Aptitude Test

6. Which of the following is most indicative of the liquidity of a company?

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Category: Free Accounting Aptitude Test

7. Pwani Limited reported a receivable debit balance of US $ 900,000 on December 31, 2022. The company anticipates that some customers will not pay and estimates that US $ 65,750 will not be converted into cash. Additionally, the allowance for doubtful debts on December 1 started with a balance of US $ 10,000. How will Pwani’s accountant account for the allowance for doubtful debts on December 31, 2022?

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Category: Free Accounting Aptitude Test

8. Joana borrowed US $ 3,840 from the Rafiki bank, issuing a 7.5 %, 6-month promissory note on January 1, 2022. What will be Rafiki's entry on the date of payment?

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Category: Free Accounting Aptitude Test

9. Dhahabu’s accounting year ends on December 31. On December 31, 2021, the company issued US $ 500,000 of 6%, 5-year bonds at 100. Interest is payable semi-annually. The journal entry to record the semi-annual interest payment on June 30 would be:

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Category: Free Accounting Aptitude Test

10. Ndovu Limited has 90,000 shares of US $ 5 par value common stock outstanding. On June 1, the Board of Directors declared a 3 percent stock dividend. The market value of the stock was US $ 8 on June 1. The effect of the declaration and issuance of the stock dividend for Ndovu Limited would include a:

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Category: Free Accounting Aptitude Test

11. The following table shows data concerning cash received or paid from various transactions for Mazizi Limited.

Cash received and paid

Required
How much is net cash provided by investing activities in the statement of cash flows?

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Category: Free Accounting Aptitude Test

12. Which of the following methods of calculating the bad debt provision would be unacceptable?

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Category: Free Accounting Aptitude Test

13. ________costs refer to the expenses that cannot be directly attributed to the production process but are necessary for operations, such as electricity or other utilities needed for the manufacturing plant

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Category: Free Accounting Aptitude Test

14. Use the following Table to answer the next three questions (14-16):

GBP Exchange rates

14. In February, Juma converted TZS 5,000 into ZAR. In May, this is converted back into what value in GBP?

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Category: Free Accounting Aptitude Test

15. In January, Malia converted KES 10,000 into BIF. Into what GBP value did she convert this amount in April?

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Category: Free Accounting Aptitude Test

16. In January, Salama converted GBP 1,000 into SSP. Into what KES value did she convert this amount in March?

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Category: Free Accounting Aptitude Test

17. A sole trader has debtors of US $ 6,500, creditors of US $ 5,200, and a cash/bank balance of US $ 3,900. His current ratio is 4:1. His closing stock figure is:

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Category: Free Accounting Aptitude Test

18. If opening stock is US $ 9,600; closing stock is US $ 16,000; sales are US $ 128,000, and mark-up on cost is 15%, the stock turnover ratio is:

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Category: Free Accounting Aptitude Test

19. The amount paid for rent during the year ended 31 December 2022 was US $ 6,600, which represented an 8% increase on the payment for the previous year. If the prepayment on 1 January 2022 was US $ 3,000, then the expense for the year ended 31 December 2022 is:

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Category: Free Accounting Aptitude Test

20. At the end of a financial year, Chui’s debtors were 25% greater than they were at the start. Credit sales during the year were equivalent to 15 times the value of debtors at the start. If cash received from debtors amounted to US $ 150,000, then closing debtors are:

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