Practice Accounting Questions

FAR (Financial Accounting and Reporting)

• Accounts

  • Account Types
  • Accounting Equation
  • Chart of Accounts
  • Debits and Credits

• Bad Debt

  • Aging Method for Estimating Uncollectable Accounts
  • Percentage of Sales Method for Estimating Bad Debt Expense

• Bonds

  • Bonds at a Premium or Discount
  • Journal Entries for Bonds at Par
  • Present Value of Bonds

• Cash and Cash Flow

  • Annuities
  • Bank Reconciliation
  • Cash and Cash Equivalents
  • Cash Flow From Operating Activities: Indirect Method
  • Time Value of Money

• Depreciation

  • Double-Declining-Balance Depreciation
  • Straight-Line Depreciation
  • Sum-of-Years-Digits Depreciation
  • Units of Production Depreciation

• Inventory

  • Cost of Goods Sold
  • Free on Board
  • Inventory Errors
  • Lower of Cost or Market
  • Lower of Cost or Net Realizable Value

• Leases

  • Finance or Operating Lease?

• Misc

  • Common Stock Classifications
  • Financial Ratios
  • Financial Statements
  • Sales Discounts
  • Subsequent Events

• Valuation

  • Equity Method
  • Fair Value
  • Fair Value Hierarchy
  • Fair Value Method

REG (Taxation and Regulation)

• Tax

  • Deferred Tax Assets and Liabilities
  • IRS Tax Forms
  • States without Income Tax
  • States without Sales Tax

BAR (Business Analysis and Reporting)

• Government Accounting

  • Government Forms
  • Governmental Funds

• Managerial Accounting

  • Break-Even Analysis
  • Fixed or Variable Costs
  • Labor Efficiency Variance