Accounting Questions: A Comprehensive Guide to Assessments and Interviews

Are you preparing for an accounting assessment or interview? Look no further! In this comprehensive guide, we will provide you with a wide range of accounting questions and answers to help you ace your assessment or interview.

What is an Accounting Assessment?

An accounting assessment is a test designed to evaluate your knowledge and skills in various accounting topics. It usually consists of multiple-choice questions, problem-solving exercises, and practical scenarios to assess your understanding of accounting principles, financial statements, and other essential topics.

Create Your Own Assessment Prep Kit!

To prepare for your accounting assessment, it's essential to create your own assessment prep kit. Here are some key components to include:

• Review basic accounting concepts and principles.
• Practice solving financial statement questions.
• Familiarize yourself with accounts payable and accounts receivable processes.
• Practice working with accounting tables and tabular data.
• Learn and understand common accounting terms.

By creating your own assessment prep kit, you can focus on the specific areas that you need to improve and enhance your chances of success.

Accounting Assessment Test Questions and Answers

Now, let's dive into some sample accounting test questions and answers:

Accounting Skills Test Topics

1. Financial Statement Practice Question: Explain the purpose of financial statements and how they are used in decision-making.

2. Accounts Payable Practice Question: Define accounts payable and provide an example of an accounts payable transaction.

3. Accounts Receivable Practice Question: What is the difference between accounts receivable and accounts payable?

4. Accounting Tabular Practice Question: Analyze the given accounting table and identify any inconsistencies or errors.

5. Basic Accounting Terms Practice Question: Define accrual accounting and cash accounting.

Accounting Interview Questions

In addition to assessments, accounting interviews often include technical and behavioral questions. Let's explore some common accounting interview questions:

The First Accounting Interview Question

1. Walk me through your background/resume: Provide an overview of your accounting education, work experience, and any relevant certifications.

15 Common Accounting Technical Questions

2. What are the three main financial statements? Explain their purpose and how they are interconnected.

3. Walk me through the major line items of an income statement (negative numbers are shown in parentheses).

4. If you could only use one financial statement to evaluate the financial state of a company, which would you choose and why?

5. What is the purpose of the changes in the working capital section of the cash flow statement?

6. What is the difference between accounts payable and accrued expenses?

7. Give some examples of accounting events that are typically involved in compound entries.

8. Can a company have a negative book value? Explain.

9. What is WACC (Weighted Average Cost of Capital), and how do you calculate it?

10. What is goodwill, and how is it accounted for in financial statements?

11. What is a deferred tax liability, and why might one be created?

12. What's the difference between enterprise value and equity value?

13. Describe the liability items on a balance sheet.

14. Describe the equity items on a balance sheet.

15. What is net working capital, and why is it important in financial analysis?

FAQ and Helpful Accounting Links

Still have questions? Check out our FAQ section for more answers to commonly asked accounting questions. Additionally, we have compiled a list of helpful accounting links to further enhance your accounting knowledge and skills.

Other JobTestPrep Assessments

If you found this guide helpful, be sure to explore other assessments available on JobTestPrep. They offer a wide range of assessment preparation materials to help you succeed in your accounting career.