The Accounting Essentials Test evaluates the candidate's skills and knowledge in accounting essentials. It covers the areas necessary for those interested in pursuing an accounting career. What to Expect: Once you click Next, you have 15 minutes to answer all the questions. You'll be asked to enter your name - it's optional, but you will need it if you would like to get the detailed report or the badge.. The test includes financial accounting questions that include basic, intermediate, and advanced levels. After the Test: You will get: 1. A quick report about your current readiness to pursue an accounting career. 2. You can request a detailed report that shows your strengths, areas of improvement, and the best career choices for you (optional) 3. If you get a top score, you can request the BlueChip Accounting Essentials Badge - a badge that you can add to your CV and a testimony about your advanced skills! Privacy: All the information will be treated confidentially. We take your privacy seriously. If you are taking this test individually, information in this test will only be shared with you. If you are taking this test as part of a job interview, BlueChip may share the information related to that specific test with your employer. BlueChip will not share information any other tests that you take individually. Ready to shine? Click 'Next' to start! Clicking Next will start the test and the timer immediately. 1. Full Name (For the Report and Badge)2. In which period do we record revenue?In November 2020, we signed a sales agreement with a customer.On 24 December, the products were delivered to the customer and an invoice was issued.In January 2021, the customer paid us the full amount as per the payment terms.November 2020December 2020January 2021Other3. Which of the following transactions affect the Trade Receivables account? (select all that apply) Paying for purchased products that we expect to receive in the future Selling office furniture Selling a service to a customer on credit Receiving a cash deposit from a customer4. Which of the following transactions affect the Trade Payables account? (select all that apply) Buying inventory items on account Selling inventory items on account Paying to a supplier the amount of last month purchases Buying fixed assets in cash5. Which of the following transactions directly affect the inventory account? (select all that apply) Buying 10 printers for office use and placing them in the warehouse Buying stationary and tissues that will be used by employees in the current period Buying a car for resale in an automobile company Buying scratch cards to be sold to customers6. Classify the following account: Accumulated depreciationAssetsLiabilitiesEquityRevenueExpense7. Classify the following account: InventoryAssetsLiabilitiesEquityRevenueExpense8. Classify the following account: Prepaid ExpenseAssetsLiabilitiesEquityRevenueExpense9. Classify the following account: Retained EarningsAssetsLiabilitiesEquityRevenueExpense10. Classify the following account: Unearned RevenueAssetsLiabilitiesEquityRevenueExpense11. Classify the following account: Advances from customersAssetsLiabilitiesEquityRevenueExpense12. Classify the following account: CashAssetsLiabilitiesEquityRevenueExpense13. Classify the following account: Loan from a BankAssetsLiabilitiesEquityRevenueExpense14. We purchased a laptop for office use. Which of the following entries can be correct? (select all that apply) Dr. Fixed assets Cr. Payables Dr. Maintenance Cr. Cash Dr. Purchases Cr. Cash Dr. PP&E Cr. Cash15. Under the perpetual inventory accounting system, what is the accounting entry for sales?Dr. Cash Cr. SalesDr. Accounts receivable Cr. Sales and Dr. Cost of Goods Sold Cr. InventoryDr. Sales Cr. InventoryDr. Accounts receivable Cr. Sales and Dr. Cash Cr. Inventory16. We bought a 5-year license for USD 1,000,000 that covers the period starting 1-Jan-2021. What accounting treatment do we should normally make on 31-Dec-2021?Expense 400,000 of the license as depreciationExpense 200,000 of the license as amortizationExpense the full licenseNothing17. Select the "financial statements" among the following: Balance sheet Trial balance Aging report Other comprehensive income Statement of account Statement of profit and loss Cash flows Bank reconciliation Changes in equity Notes to the financial statements Audit report Executive summary18. Which of the following accounts should be revaluated at the end of the period?Our functional currency is IQD. On 1-Dec-2020, we purchased inventory items for USD 100,000 at an exchange rate of 1200.At the end of the period, the amount had not been paid yet and the exchange rate increased to 1450. Which accounts should be revaluated for the exchange rate change?Accounts payableExpenseInventoryBoth accounts payable and inventory Name Email Categories: Career DevelopmentHome Page 0 Comments Leave a Reply Cancel replyYour email address will not be published. Required fields are marked * Name * Email * Website What's on your mind? Save my name, email, and website in this browser for the next time I comment.