government accounting test questions and answers pdf

DPO or Days Payable Outstanding refers to the average number of days which ideally a company takes to clear its credit purchase in regards to the outstanding suppliers.

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�$z�2�(���i�����ÄDB{���0R���(#�|)�.���}=)���Mq�؝]vu���P��/4���Ԓ�`y�L;�,����Qw���z��i�wy��j�8���0�8�M����cy`ULc�gآJ��������G��^�7��hx|r�۰��7���h6���~A)������x�Y\ԏ�3�*.���O8�?� ٽE;�f���k8sxXj���������O-+�޲m�8~Ne@@��!���Y!/H< g��]b��6�. In short, PROFITS. Ans. It also helps in cumulating financial transactions and essential financial reports, which helps stakeholders in decision making. The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB. “Drawings” is a Personal Account & is shown on the liability side of a balance sheet.

Which of the following governmental fund shows funds that can only be used for a specific purpose? As per fair value accounting, a company has to show the value of all of its assets in terms of price on the balance sheet on which that asset can be sold. 4 6. Be ready for this question in accounting interviews for roles related to Accounts Payable and Accounts Receivable. I believe that accounting standards contribute to high quality and accurate reporting and ensure reliable financial statements. All rights reserved. Bank Reconciliation Statement or BRS refers to a statement which is made to reconcile bank balance shown on the bank statement or passbook with the bank balance shown in the cash book. 3 2. You'll need realistic practice tests with lots of accounting questions, answers, and in-depth explanations. It reduces capital invested and is a temporary account which is cleared at the end of each accounting period. What is the Journal Entry for Credit Purchase and Cash Purchase? Ans.

What is the government statement of activities similar to for a corporation? Matching Principle – This principle dictates the companies to report an expense on its income statement the time the related revenues are earned. Ans. Quiz: Best practices in government accounting and auditing By AICPA Professional Ethics Division — AICPA Professional Ethics Division staff contributing to this quiz were Melissa M. Powell, CPA, manager; Summer Young, CPA, manager; Maggie Hutton, CPA, former manager; and Peter DelVecchia, associate director. The owner’s equity is a business owner’s claim against the assets of the business. Ans. The amount a company owes because it purchased goods or services on credit from a vendor or supplier. It decreases the net amount of another account to create a net balance.

If you need to take an accounting or bookkeeping test - this is certainly the perfect page for you. What are the Three Types of Personal Accounts? Naukri Learning offers a list of  professional online accounting certifications and courses, which will make you an expert and improve your chances of acing any accounting interview that you go for. k6���ͭ|�s>���V�Ǥ��I���^�I����6&=��1J���'-����z��@/��\��?�ܪn)7�؇���ah�8ԇ|�+%��� O%o��1-���tͨ$.ⱿLX�����^�Ije�u&lp�sv�ɦ35�U,ّ.��HfVfYI����j� Interviewers are likely to cover all the basics of accounting interview questions which require a thorough understanding of accounting principles to answers correctly. What is the Journal Entry for Discount Received? Examples – Preliminary expenses, promotional expenses of a business, discount allowed on the issue of shares, the loss incurred on issue of debentures, etc. �:��&��ͮ����#/�Q\�O"nvMH��6�>�;���U�~x�'�er=]%�F�f�ͭK�?�u�LS��[X��� p'�z�Op�h#�^�w�A\�� �����4�tCV����(Hܞ�l����Ծ�!�y*�L���͒&X��7�֭���D/�0`^��e�ݐ5�I��'��h؛�o�~��͜Wc^=�oX��Ľ�m�7�|#��f$HO. The equation for Acid-Test Ratio in accounting, Acid-Test Ratio = (Current assets – Inventory) / Current Liabilities.

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