Exit Exam for Accounting and Finance (Part 1)
Try it to answer all questions
1. Which of the following is not an example of a current asset?
A) Accounts payable
B) Cash
C) Inventory
D) Marketable securities
2. Which of the following is not a characteristic of a partnership?
A) Limited liability
B) Shared control
C) Division of profits and losses
D) Joint and several liability
3. Which of the following is not a type of financial statement?
A) Income statement
B) Balance sheet
C) Statement of cash flows
D) Statement of stockholders’ equity
4. Which of the following is not a type of budget?
A) Operating budget
B) Capital budget
C) Investment budget
D) Cash budget
5. Which of the following is not a type of cost?
A) Direct cost
B) Indirect cost
C) Variable cost
D) Fixed cost
6. Which of the following is not a type of financial ratio?
A) Profitability ratio
B) Liquidity ratio
C) Activity ratio
D) Sales ratio
7. Which of the following is not a type of financial market?
A) Stock market
B) Bond market
C) Commodity market
D) Housing market
8. Which of the following is not a type of financial institution?
A) Commercial bank
B) Investment bank
C) Credit union
D) Law firm
9.Which of the following is not a type of financial risk?
A) Market risk
B) Credit risk
C) Operational risk
D) Legal risk
10. Which of the following is not a type of financial instrument?
A) Stock
B) Bond
C) Option
D) Patent
11. The accounting equation is:
A) Assets = Liabilities + Equity
B) Assets – Liabilities = Equity
C) Assets + Liabilities = Equity
D) Assets x Liabilities = Equity
12. Which of the following is not a source of financing for a company?
A) Debt
B) Equity
C) Revenue
D) Retained earnings
13. Which of the following is not a type of financial statement analysis?
A) Horizontal analysis
B) Vertical analysis
C) Ratio analysis
D) Linear analysis
14. Which of the following is not a type of account?
A) Asset account
B) Liability account
C) Revenue account
D) Expense account
15. Which of the following is not a type of audit?
A) Financial statement audit
B) Internal audit
C) Operational audit
D) Marketing audit
16. Which of the following is not a type of financial reporting standard?
A) GAAP
B) IFRS
C) SOX
D) SEC
17. Which of the following is not a type of financial fraud?
A) Embezzlement
B) Money laundering
C) Insider trading
D) Whistleblowing
18. Which of the following is not a type of financial decision?
A) Investment decision
B) Financing decision
C) Dividend decision
D) Marketing decision
19. Which of the following is not a type of financial statement ratio?
A) Debt-to-equity ratio
B) Return on investment ratio
C) Gross profit margin ratio
D) Employee turnover ratio
20. Which of the following is not a type of financial market efficiency?
A) Weak form efficiency
B) Semi-strong form efficiency
C) Strong form efficiency
D) Perfect form efficiency
21. Which of the following is not a type of financial statement error?
A) Fictitious revenue
B) Overstated expenses
C) Understated assets
D) Accrued liabilities
22. Which of the following is not a type of financial statement adjustment?
A) Depreciation expense
B) Accrued revenue
C) Prepaid expense
D) Deferred revenue
23. Which of the following is not a type of financial statement disclosure?
A) Footnotes
B) Management discussion and analysis
C) Auditor’s opinion
D) Press release
24. Which of the following is not a type of financial analysis tool?
A) Spreadsheet software
B) Accounting software
C) Statistical software
D) Graphic design software
25. Which of the following is not a type of financial statement item?
A) Accounts receivable
B) Accounts payable
C) Common stock
D) Property, plant, and equipment
26. Which of the following is not a type of financial statement user?
A) Investors
B) Creditors
C) Regulators
D) Employees
27. Which of the following is not a type of financial statement assertion?
A) Existence
B) Completeness
C) Valuation
D) Accuracy
28. Which of the following is not a type of financial statement objective?
A) Relevance
B) Reliability
C) Comparability
D) Profitability
Exit Exam for Accounting and Finance
29. Which of the following is not a type of financial statement review?
A) Compilation
B) Review
C) Audit
D) Inspection
30. Which of the following is not a type of financial statement presentation?
A) Classified balance sheet
B) Multi-step income statement
C) Statement of retained earnings
D) Statement of comprehensive income
31. Which of the following is not a type of financial statement element?
A) Assets
B) Liabilities
C) Equity
D) Revenue
32. Which of the following is not a type of financial statement framework?
A) COSO
B) COBIT
C) ISO
D) NIST
33. Which of the following is not a type of financial statement issue?
A) Materiality
B) Consistency
C) Conservatism
D) Timeliness
34. Which of the following is not a type of financial statement regulation?
A) SEC
B) FASB
C) IASB
D) NASDAQ
35. Which of the following is not a type of financial statement preparation method?
A) Manual
B) Electronic
C) Automated
D) Oral
36. Which of the following is not a type of financial statement disclosure requirement?
A) Related-party transactions
B) Segment reporting
C) Cost of goods sold
D) Contingencies
37. Which of the following is not a type of financial statement audit procedure?
A) Inquiry
B) Observation
C) Confirmation
D) Persuasion
38. Which of the following is not a type of financial statement assertion test?
A) Substantive
B) Test of controls
C) Analytical
D) Compliance
39. Which of the following is not a type of financial statement assertion error?
A) Factual
B) Judgmental
C) Timing
D) Sampling
40. Which of the following is not a type of financial statement audit opinion?
A) Unqualified
B) Qualified
C) Adverse
D) Disclaimer
41. Which of the following is not a type of financial statement reporting requirement?
A) Annual report
B) 10-K
C) 8-K
D) 1099
42. Which of the following is not a type of financial statement disclosure control?
A) Authorization
B) Segregation of duties
C) Access control
D) Encryption
43. Which of the following is not a type of financial statement error detection method?
A) Sampling
B) Reconciliation
C) Observation
D) Simulation
45. Which of the following is not a type of financial statement fraud detection method?
A) Whistleblowing
B) Data analytics
C) Forensic accounting
D) Adverse opinion
46. Which of the following is not a type of financial statement audit report element?
A) Title
B) Scope
C) Conclusion
D) Footnotes
47. Which of the following is not a type of financial statement audit objective?
A) Existence
B) Completeness
C) Accuracy
D) Profitability
48. Which of the following is not a type of financial statement audit risk?
A) Inherent risk
B) Control risk
C) Detection risk
D) Market risk
49. Which of the following is not a type of financial statement audit evidence?
A) Documentation
B) Observation
C) Confirmation
D) Opinion
50. Which of the following is not a type of financial statement audit documentation?
A) Workpapers
B) Financial statements
C) Audit program
D) Audit report
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