Home > CompTIA A+ Exam > Quizzes > General Financial Accounting Test (Upwork)
General Financial Accounting Test (Upwork)
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 19% • Most missed: “A residual claim of owners having certain preferences relative to other owners' …”
General Financial Accounting Test (Upwork)
Time left 00:00
25 Questions

1. Amounts due from customers - for which the claim is in the form of a written promise to pay - are called ________________.
2. A debit balance is normal for all of the following accounts except _______________.
3. A manufacturing firm's cost of producing its product is called ______________.
4. XYZ Company has assets and liabilities of $15 - 000 and $12 - 000 - respectively. If the company issues an additional $1 - 500 of stock for cash - what will be the balance in shareholders' equity following the transaction?
5. A ____________ is the right to use property owned by someone else.
6. A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an _________________.
7. Unused materials for manufacturing products are called ______________.
8. Which of the following would cause the accounting equation to be out of balance?
9. XYZ Company reported a balance in Accounts Receivable of $40 - 500 on January 1 of year 2. During Year 2 - the company collected $127 - 500 from its customers who had purchased on account. On December 31 of Year 2 - the company reported a balance in Accounts Receivable of $21 - 250. How much were XYZ Company's credit sales for Year 2?
10. Which of the following accounts is NOT an expense?
11. Which of the following accounts is not closed during the closing process?
12. Amounts owed for goods or services acquired under an informal credit agreement are called ___________________.
13. ______________ refers to shares originally issued and outstanding that have been reacquired from the owners.
14. A trial balance that shows revenue and expense accounts with zero balances and balance sheet accounts at the end of the period is called a __________________.
15. A right granted to an individual or company that excludes others from manufacturing - using - or selling a certain process or device is called a _____________.
16. The balance in all asset accounts combined is $100 - 000 on December 1. During December - the following transactions took place: - Purchase of $10 - 000 of inventory for cash - Purchase of $15 - 000 of machinery on account - Retirement of $20 - 000 in bonds with cashGiven this information - what is the combined balance in the asset accounts on December 31?
17. Amounts paid for various fees incurred in organizing a corporation are called ____________.
18. A residual claim of owners having certain preferences relative to other owners' claims is called __________________.
19. Which of the journal entries below is incorrectly recorded?
20. At the beginning of the year - XYZ Company owed $14 - 500 to its creditors for inventory purchases. At year end - the company owed $9 - 150. During the year - the company made payments totaling $48 - 500 to its creditors for inventory purchases. What was the cost of the additional inventory that was purchased during the year?
21. XYZ Company failed to record the purchase of inventory on account at the end of 2008. In which of the following ways is the Balance Sheet misstated?
22. Amounts received for the par value of a firm's voting stock are called ___________.
23. XYZ Company is interested in disposing of one of its subsidiaries and is trying to decide on the maximum price it might be able to charge. Which valuation method below would the company be most likely to use?
24. During the year - XYZ Company's inventory account balance increased from $26 - 000 to $31 - 500. During the year - the company made payments totaling $152 - 500 to creditors for inventory purchases and reported Cost of Goods Sold of $159 - 500 on its Income Statement. How much inventory was purchased during the year?
25. XYZ Company completed its second year of operations in Year 2. On January 1 of Year 2 - the balance in Retained Earnings was $84 - 000. During the year - the company declared and paid a dividend of $65 - 000 to shareholders. The company reported net earnings of $105 - 000 in its Year 2 Income Statement. What was the balance in Retained Earnings on December 31 of Year 2?

⚡ Recently practiced quizzes in this topic
Live quiz activity
Comptia A+ Port Numbers CompTIA A+ Windows Command Line A+ Guide To IT Technical Support Glossary CompTIA A+ Certification 802 Exam Practice CompTIA A+ 220-801 Exam A+ Guide To IT Technical Support - Network Hardware CompTIA A+ 220-901 Exam Practice Questions CompTIA A+ 220-901 Practice Questions Comptia A+ 220-902 Exam Terms A+ Guide To IT Technical Support - Hard Drives and Other Storage Devices
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.