Nobody – The Turnaround – All Accountant/Accounting Exam Answers

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All Answers for Accountant/Accounting Exam

1.“Gross profit” refers to

• C. Sales revenue minus sales cost.

2.Company A finds out it’s missing one machine during property inventory. This should be accounted under?

• B. Non-operating expenses

3.The principle of “parallel accounting” can be summed up as?

• D. Matching amount

4.Which of the following is not part of accounting standards?

• C. Comparable.

5.Which of the following doesn’t belong to purchase cost?

• D. Agent travel.

6.Which of the following is a legitimate account?

• D. Raw materials.

7.Which of the following should be accounted under product cost?

• D. Manufacturing

8.Based on what do accountant record and verify transactions of corporations / governments / institutions?

• B. Monetary unit.

9.The fundamental role of accountants is?

• C. To record and verify.

10.Which of the following does not belong to period cost?

• A. Manufacturing cost.