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Financial Accounting Fundamentals Test (Upwork)
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Financial Accounting Fundamentals Test (Upwork)
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25 Questions

1. Assets are depreciated:
2. Which is considered Extraordinary Items?
3. Which of the following can be found in the INVESTING section of the cash flow statement?
4. To account for an increase in Accounts Payable:
5. On the cash flow statement
6. A large company purchases a $250 digital camera and expenses it immediately instead of recording it as an asset and depreciating it over its useful life. This practice may be acceptable because of which principle/guideline?
7. Accounting equation is given as
8. What is a Perpetual Inventory System?
9. Which of the following is the Control Account?
10. Notes to Financial Statements are given to
11. In a cash flow statement the payment of a preference dividend will be included:
12. Which of the following would NOT be included on a balance sheet?
13. How are Accounts Receivables classified on the Balance Sheet?
14. Which of the following is an asset account?
15. You purchase $1200 worth of inventory on credit. Your journal entries would have __
16. What is interest payable considered?
17. The purpose of the income statement is to show cash sources and uses during a specific period of time.
18. Realized revenue means a transaction where goods and services are exchanged for cash or claims to cash.
19. What is a fundamental concept of accrual accounting?
20. Where is comprehensive income reported in the income statement?
21. After the initial recognition
22. Which of the following is considered an internal user of financial information?
23. What are the journal entries for a company issuing 1
24. Which of the following is an example of a contingent liability?
25. On the financial statements

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