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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. The normal balance for equity accounts:
2. What is the Balance Sheet version of the accounting equation?
3. At which cost are sale securities reported?
4. What is an increase in the inventory account journaled as?
5. What is an example of an extraordinary item?
6. What is a compensating balance of cash?
7. Which of the following statements is true about the reporting of operating segments by a business?
8. After the initial recognition
9. Which organization is most like IASB
10. Public companies use external auditors to issue an opinion on their financial statements. The opinion that expresses that all statements are presently fairly and in accordance with GAAP is:
11. The financial statement that reports the revenues and expenses for a specific period of time is the:
12. At the end of the accounting period
13. Mergers and acquisitions are covered under which accounting concept?
14. Which of the following defines current assets on the balance sheet?
15. On the cash flow statement
16. In the financial statements
17. What are the assets of a business?
18. What is the normal balance of revenue accounts?
19. What is the best definition for Amortization?
20. The following items are current assets except:
21. According to IFRS 18 revenue recognition
22. What is plant (facility) considered?
23. What is the purpose of an adjusting journal entry?
24. On the financial statements
25. What is a fundamental concept of accrual accounting?

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