Financial Accounting Basics Online Test

Creditor A

A company bought 250 @ $1 each goods from A and recorded it correctly but the goods worth $5 were found to be faulty.What would be its impact on the T account of Creditor A?




An item should be recognised as an Asset if there are probable chances of its aquisition?

IFRS includes:

What is Working Capital?

Can Staff training cost be capitalised when there is a condition imposed on Staff that they cannot leave the job without Management's permission?

If goods purchased for $50 are mistakenly recorded on the credit side of goods purchased then what will be the correct entry in the Inventory's account?

An increase in the value of Land will also lead to an increase in its depreciation.

Which of the following will increase the cash flow of a company?

Financial Accounting is mainly adapted for internal usage.

Financial Accounting is based upon Historic data.


This test demonstrates how much the user has gained the knowledge of Financial Accounting which is the major form of accounting.This is a time based test and there are 2 marks and 2 minutes for each question.Its only a test and does not lays down that the pass candidates are having sufficient knowledge and vice versa.


Srinu Mudiraj

it's good for new learners

2310 days 6 hours 28 minutes ago

Brijesh Kumar

its very nice this method because something learning knowledge.

2703 days 9 hours 13 minutes ago


yes ty

3106 days 18 hours 7 minutes ago


Good Test

3138 days 4 hours 56 minutes ago

Kazi Haris Hussain
Chartered Certified Accountant
1 Follower
Test: 1

Your Facebook Friends on WizIQ