Can You Pass This Basic Finance Assistant Test?

10 Questions | By Catherinehalcomb | Last updated: Mar 22, 2022 | Total Attempts: 4602

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Can You Pass This Basic Finance Assistant Test? - Quiz

A finance assistant is a person who assists, manage, processes and deals with troubleshooting issues related to accounts and transactions. He is supposed to prepare and process financial forms such as account balances, performing calculations, analysing and reporting the financial data. This quiz has been designed to test your knowledge about the various process and roles of a finance assistant. So, let's try out the quiz. All the best!

Questions and Answers

1.

What financial statement lists assets from current to long term?
- A.
  
  Balance Sheet
- B.
  
  Income Statement
- C.
  
  Cash Flow Statement
- D.
  
  Statement of Retained earnings
2.

What balance sheet formal is verticle?
- A.
  
  Standard
- B.
  
  Report
- C.
  
  Account
- D.
  
  Inverted
3.

Income statement format that separates the cost of goods sold into categories?
- A.
  
  Standard
- B.
  
  Detailed
- C.
  
  Expanded
- D.
  
  Multi-Step
4.

Which is not a cash activity listed on the cash flow statement?
- A.
  
  Operating activities
- B.
  
  Investing activities
- C.
  
  Purchasing activities
- D.
  
  Financing activities
5.

Earnings per share show investors the __________ earned per outstanding share of stock.
- A.
  
  Operating Income
- B.
  
  Income before taxes
- C.
  
  Net Income
- D.
  
  Income before interest and taxes
6.

After a business transaction has occurred, journal entries are recorded in the:
- A.
  
  General Ledger
- B.
  
  General Journal
- C.
  
  Expense Accounts
- D.
  
  Balance Sheets
7.

Which trial balance lists all the business accounts before year-end adjusting journal entries are made.
- A.
  
  Adjusted Trial Balance
- B.
  
  Unadjusted Trial Balance
- C.
  
  Post Closing Trial Balance
- D.
  
  Pre Closing Trial Balance
8.

Entries that are made at the end of a period to correct accounts before financial statements are prepared.
- A.
  
  Closing entries
- B.
  
  Adjusting entries
- C.
  
  Reversing entries
- D.
  
  Journal entries
9.

The assumption that states that businesses can divide up their activities into artificial time periods.
- A.
  
  Business entity concept
- B.
  
  Going concern concept
- C.
  
  Monetary unit assumption
- D.
  
  Periodicity assumption
10.

Which of these is not included as a separate item in the basic accounting equation?
- A.
  
  Assets
- B.
  
  Revenue
- C.
  
  Liabilities
- D.
  
  Stockholder's equity