Accounting sample exam

Start preparing today for your job assessment with JobTestPrep. What is meant by accounts receivable?

Pre employment accounting test

For the next question - click here 4. Task Based Simulation Testlet with 3 Questions 5. For the next question - click here 3. Explanation: Accounts payable is a short-term obligation. Be subtracted at its present value. However, if the amount so determined exceeds the fair value of the leased property at the inception of the lease, the amount recorded as the asset and obligation shall be the fair value of the l eased property. Investment Trust Fund. For example, an airport charging user fees might be a non-profit but it would have similar accounting to a for-profit organization. Equal the total of the minimum lease payments during the lease term. Cost of goods sold is deducted from net sales revenue to arrive at gross profit.

We have taken our years of experience and put it to use in helping over 1, job seekers reach their career goals. Explanation: A purchase order is a buyer-generated document that authorizes the purchase transaction, and when the seller accepts the terms and conditions indicated therein, it becomes a binding contract between the seller and the buyer.

The correct answer is A. For the next question - click here 2. ANSWER: D When a bargain-purchase option exists, the lessee must increase the present value of the minimum lease payments by the present value of the purchase option price. A lease contains a bargain purchase option.

For the next question - click here 5. Exceed the total of the minimum lease payments during the lease term. Start practicing today.

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Explanation: Net sales revenue is the amount left after deducting sales discounts and sales returns and allowances from gross sales revenue. For the next question - click here 6. Investment Trust Fund.

Explanation: Working capital consists of current assets and current liabilities.

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