Accounting and Finance Exit Exam Practice Exam
in University Exit Exam
What you will learn?
Demonstrate proficiency in Financial Accounting
Increase marketability to potential employers
Identify areas of strength and weakness in accounting knowledge and skills
About this course
As an undergraduate student in Ethiopia, it is crucial to showcase your proficiency in Financial Accounting before graduation. This exit exam will challenge you to apply your knowledge and skills in real-world scenarios. The exam covers topics such as financial statements, revenue recognition, inventory valuation, and accounting for liabilities and equity.
Throughout the exam, you will analyze financial data and use accounting principles to prepare financial statements and make important business decisions. The exam also includes case studies that test your ability to apply accounting information to solve complex business problems.
By taking this exam, you will not only demonstrate your competency in Financial Accounting but also increase your marketability to potential employers.
Requirements
Completion of Financial Accounting course
Basic computer skills
Reliable internet connection
FAQ
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The process of recording, summarizing, and reporting financial transactions.
Accounting principles and concepts are the foundation of financial accounting.
The accounting equation is the foundation of financial accounting.
Recording transactions is the process of entering financial transactions into the accounting records.
Adjusting entries are journal entries made at the end of an accounting period to record transactions that have been incurred but not yet recorded, or to adjust the timing of the recording of transactions.
Closing entries are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
A reversing entry is an accounting entry made at the beginning of an accounting period to reverse the effects of a previous adjusting entry.
The income statement is one of the three main financial statements that businesses prepare.
The balance sheet is one of the three main financial statements that businesses prepare.
The statement of cash flows is one of the three main financial statements that businesses prepare.
The revenue recognition principle is an accounting principle that states that revenue should be recognized when it is earned, not when cash is received.
There are several revenue recognition methods that businesses can use to determine when to recognize revenue.
Revenue recognition for long-term contracts is a complex topic, and the specific method used will depend on the specific circumstances of the contract.
Inventory valuation is the process of determining the value of a company's inventory.
The cost of goods sold (COGS) is the direct cost of producing the goods that a company sells.
Inventory errors can have a significant impact on a company's financial statements.
Liabilities are debts or obligations that a company owes to others.
Bonds payable is a type of long-term debt that a company issues to raise capital.
Stockholders' equity (SE) is the residual interest in the assets of a company after all liabilities have been paid.
Ratio analysis is a quantitative technique for comparing and evaluating the financial performance of a company over time or relative to other companies.
Horizontal analysis and vertical analysis are two financial analysis techniques that can be used to assess a company's financial performance.
A common-size financial statement is a financial statement in which all of the items are expressed as a percentage of a common base figure.
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