Accounting - India skills assessment: Evaluate your abilities

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Test Duration: 30 mins |
No of questions: 40 |
Level of experience: Beginner/Intermediate/Expert

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Accounting - India Online Test Summary

Accounting - India tests by Elite Learning is a scientifically designed assessment by our subject experts. This test evaluates an individual's skills and knowledge in Accounting - India . Employers can use the results to evaluate candidates proficiency in Accounting - India and make informed hiring decisions. Additionally individuals can use their test results to identify areas where they need to improve their skills and knowledge in Accounting - India .

Topics Covered In Accounting - India

Introduction to financial accounting

Accounting concepts

principles

Recording of transactions

Secondary books

Trial balance and rectification of errors

Final accounts

Bank reconciliation statement

Bill of exchange

Partnership accounts

Retirement and death of a partner

Depreciation Accounting

Introduction to company accounts

Accounting standards

miscellaneous

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Sample Questions for Accounting - India are:

Q. What is dividends?

A. dividends is the amount of money left over and returned to shareholders after a business sells all assets and pays off all debt

B. Dividends consist of company earnings, or profit, which a business pays to its shareholders as a reward for their investment in its equity

C. dividends is the profit businesses make after subtracting the costs related to supplying their services or making and selling their products

Q. According to which concept, profit is recognised only when it is earned. An advance or fee paid is not considered a profit until the goods or services have been delivered to the buyer?

A. realisation concept

B. matching concept

C. accounting year concept

D. cost concept

Q. A complete record of financial transactions over the life of a company is known as.

A. journal entry

B. general ledger

C. income statement

D. double-entry bookkeeping

Q. Match the item of List I with the items of List II and choose the correct answer from the code given below. List I List II (a) It is the convention by which, when two values of a available, the lower-value transaction is recorded. By this convention, profit should never be overestimated, and there should always be a provision for losses. (i) Consistency (b) It prescribes the use of the same accounting principles from one period of an accounting cycle to the next, so that the same standards (ii) Conservatism are applied to calculate profit and loss. (c) It means that all material facts should be recorded in accounting. Accountants should record important data and leave out insignificant information. (iii) Full disclosure (d) It entails the revelation of all information, both favourable and detrimental to a business enterprise, and which are of material value (iv) Materiality to creditors and debtors.

A. (a)- (ii),(b)-(i), (c)- (iii), (d)-(iv)

B. (a)- (iii),(b)-(i), (c)- (iv), (d)-(ii)

C. (a)- (ii),(b)-(i), (c)- (iv), (d)-(iii)

D. (a)- (ii),(b)-(iv), (c)- (i), (d)-(iii)

Q. Identify the false statement about Convention of full disclosure.

A. The Convention of full disclosure provides that all the relevant and material information shall be properly disclosed in the preparation and presentation of financial statements.

B. Financial statements are analyzed by various stakeholders as management, employees, debtors, creditors, governments, banks, etc.

C. The management and employees are concerned that the business shall be on the right trajectory to achieve its medium- and long-term objectives related to growth.

D. The convention of full disclosure states that businesses shall include all the relevant and material facts separately in the financial statements.

Top Job Roles that need Accounting - India are:

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Top Related Skills to Accounting - India are:

month-end close

cash handling

tax preparation

gst

investment planning

general ledger accounting

financial accounting

financial reporting

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Frequently Asked Questions(FAQ)

The questions in the Accounting - India online test will be multiple choice and may cover topics such as Introduction to financial accounting,Accounting concepts, principles,Recording of transactions,Secondary books,Trial balance and rectification of errors,Final accounts,Bank reconciliation statement,Bill of exchange,Partnership accounts,Retirement and death of a partner,Depreciation Accounting,Introduction to company accounts,Accounting standards,miscellaneous

You can use the 3 hrs of learning content including 40 videos available on the EliteLearning platform to prepare for the Accounting - India online test.

Accounting - India test on the EliteLearning platform is an online proctored assessment and requires you to complete the test without any external help.

This test evaluates an individual's skills and knowledge of Accounting - India. It can also be useful for identifying areas that you need to improve upon, as well as for preparing for job interviews or certification exams in Accounting - India.

Yes, these tests can be used to demonstrate your knowledge and skills in Accounting - India for certification or job interviews. Job roles such as Accounting - India require Accounting - India as a primary skill set

Yes. You can take the Accounting - India online test for free as part of the EliteLearning free plan.