Practice Accounting Questions
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This page features a number of accounting exercises..
How are we better?
Other sites just have a bunch of randomized hard-coded questions and answers.
Here you can really drill down and find out if you really understand the concepts, because instead of asking you the same question about a concept over and over, we ask different questions in different ways:
- Different numbers
- Different wording
- Different ordering of facts
- Different facts
As a result, your brain won't subconsciously memorize the question and the specific numbers given, it will learn the concepts and methods to solve the questions.
Traditional methods will leave students panicked and confused on the CPA exam when it doesn't quite look the same as the one example they spent memorizing.
Each exercise will have a small symbol next to its name to give you a heads up about how the question works:
- 📝 Math Problem - What the AICPA refers to as Evaluation or Analysis. These types of questions often appear at the heart of Task-Based Simulations.
- 🗂 Word Problem - What the AICPA refers to as Remembering and Understanding or Application. These types of questions often appear as Multiple-Choice Questions or portions of Task-Based Simulations.
- ❓ Uncategorized - An exercise that has not yet been categorized
Accounts
- 🗂 Account Types - The six basic types of accounts
- 📝 Accounting Equation - A high-level understanding of a company's value
- 🗂 Chart Of Accounts - Organize your accounts like a pro
- 🗂 Debits and Credits - The two most important words in accounting
Bad Debt
- 📝 Aging Method for Estimating Uncollectable Accounts
- 📝 Percentage of Sales Method for Estimating Bad Debt Expense
Bonds
- 📝 Bonds at a Premium or Discount - How do we compensate for a difference in interest rates?
- 📝 Journal Entries for Bonds at Par
- 📝 Present Value of Bonds - How much is a bond really worth?
Cash and Cash Flow
- 📝 Annuities - What's the value of a stream of payments?
- 📝 Bank Reconciliation - Do your books match your bank's records?
- 🗂 Cash and Cash Equivalents - Two types of assets
- 🗂 Cash Flow From Operating Activities: Indirect Method - How do transactions affect the cash flow from operations when using the indirect method?
- 📝 Time Value of Money
Depreciation
- 📝 Double-Declining-Balance Depreciation
- 📝 Straight-Line Depreciation
- 📝 Sum-of-Years-Digits Depreciation
- 📝 Units of Production Depreciation
Government Accounting
- 🗂 Government Forms - The most common SEC and IRS forms
- 🗂 Governmental Funds
Inventory
- 📝 Cost of Goods Sold - Learn to calculate COGS (cost of goods sold)
- 🗂 Free on Board - When does title transfer?
- 🗂 Inventory Errors - Is it fraud? Is it a mistake? Well, it has to be fixed...
- 📝 Lower of Cost or Market
- 📝 Lower of Cost or Net Realizable Value
Leases
Managerial Accounting
Misc
- 📝 Common Stock Classifications - issued, outstanding, and treasury
- 🗂 Financial Ratios
- 🗂 Financial Statements - We have problems. Which financial statement will help?
- 📝 Sales Discounts - Gross method and net method
- 🗂 Subsequent Events
Tax
- 📝 Deferred Tax Assets and Liabilities
- 🗂 IRS Tax Forms
- 🗂 States without Income Tax
- 🗂 States without Sales Tax
Valuation
- 📝 Equity Method - A 20-50% ownership stake
- 📝 Fair Value - Principal markets and most advantageous markets
- 📝 Fair Value Hierarchy - How much is this website worth?
- 📝 Fair Value Method - A <20% ownership stake