Hello Learners, Today we are going to share LinkedIn Accounting Skill Assessment Answers. So, if you are a LinkedIn user, then you must give Skill Assessment Test. This Assessment Skill Test in LinkedIn is totally free and after completion of Assessment, you’ll earn a verified LinkedIn Skill Badge🥇 that will display on your profile and will help you in getting hired by recruiters.
Who can give this Skill Assessment Test?
Any LinkedIn User-
- Wants to increase chances for getting hire,
- Wants to Earn LinkedIn Skill Badge🥇🥇,
- Wants to rank their LinkedIn Profile,
- Wants to improve their Programming Skills,
- Anyone interested in improving their whiteboard coding skill,
- Anyone who wants to become a Software Engineer, SDE, Data Scientist, Machine Learning Engineer etc.,
- Any students who want to start a career in Data Science,
- Students who have at least high school knowledge in math and who want to start learning data structures,
- Any self-taught programmer who missed out on a computer science degree.
Here, you will find Accounting Quiz Answers in Bold Color which are given below. These answers are updated recently and are 100% correct✅ answers of LinkedIn Accounting Skill Assessment.
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LinkedIn Accounting Skill Assessment Answers
- Bots are more creative than humans
- Bots do no need to take time off
- Bots improve efficiency
- Bots can eliminate human errors
- A contra asset is not an accounting term
- A contra asset has a credit balance and therefore a negative effect on total assets
- A contra asset with a positive balance will increase overall liabilities
- A contra asset has a debit balance and therefore a positive effect on total assets
Q3. Internal controls may be preventative, detective, corrective, or directive. Which is a detective control?
- data backups
- physical inventory check
- employee background checks
- physical locks on inventory warehouse
Q4. On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April 1. The business uses accrual-based accounting. Which month should the business recognize the expense?
- no record required
Q5. Which choice is a general guideline for adequate separation of duties to prevent both fraud and error?
- A person who has control over an asset should not safeguard that asset.
- A person who has temporary or permanent custody of an asset should not account for that asset.
- A person who has record-keeping responsibility should not make journal entries.
- A person who has operational responsibility should not authorize transactions for the area.
- direct materials, direct and indirect labor, and fixed overhead
- direct materials, indirect labor, and variable and fixed overhead
- direct materials, direct labor, and both variable and fixed overhead
- direct materials, direct and indirect labor, and variable overhead
- Accruals are past cash receipts and payments, while deferrals are expected future cash receipts and payments.
- Both accruals and deferrals are both expected future cash receipts and payments.
- Accruals are expected future cash receipts and payments, while deferrals are past cash receipts and payments.
- Both accruals and deferrals are not expected past cash receipts and payments.
Q8. What do you call a situation where more than one person collaborates to circumvent existing internal controls?
- assigned responsibility
- segregation of duties
- fraud prevention
- review of manufacturing plan
- segregation of duties
- bank reconciliations
- approval process
- zero-based budgeting
- master budgeting
- rolling budgets
- bottom-up budgeting
- disposal of a major product line or major geographical area of operations
- sale of unused or obsolete equipment and discontinued inventory
- a plant shutdown or decommissioning of a facility
- net income or loss for products completed and sold
Q12. How are the three financial statements (income, statement, balance sheet, and cash flow statement) linked?
- Only the assets are reflected in the cash flow statement, and the net income expenses correlate with the liabilities.
- The net income goes to retained earnings, but the cash flow remains independent.
- The gross profit goes to retained earning, and the shareholder equity total is added to the cash flow statement
- The net income goes to the retained earning and to the cash flow statement
- internal business
- learning and growth
- deposits in transit
- bank service fees
- outstating checks
- electronic fund transfers/payments
Q15. What situation could be the results of the three retails store employees sharing the same cash register?
- a thorough internal control activity
- a violation of assignment of responsibility
- a violation of segregation of duties
- a support process to avoid fraud
- all attestation services
- all professional services
- all tax services
- all consulting engagements
- custody, payment, and recording
- authorization, custody, and execution
- authorization, custody, and recording
- custody, execution, and payment
- how much the value of capital assets will change in response to a change in sales
- how much the operating income of a company will change in response to a change in sales
- the valuation of assets to determine how much additional debt the company can borrow
- how much the sales of a company will change in response to a change in operating income
Q20. Which characteristic would concern an auditor about the risk of material misstatements arising from fraudulent financial reporting?
- limited employee turnover within the accounting and finance department
- management’s disregard of regulations and regulatory authorities
- regularly reported bank reconciliations, including deposits in transit
- capital assets sold at a loss before being depreciated fully
Q21. An employee who makes a sale, ships the goods, and bills the customer violates which control activity?
- assignment of responsibility
- audit verification
- segregation of duties
- review and reconciliation
- The auditor can interpret accounting principles applicable to the country in which the client operates.
- The auditor has extensive education beyond what is required for an accountant
- The auditor can adapt to a rapidly changing profession.
- The auditor has expertise in the gathering and interpretation of audit evidence.
- assessing the company’s compliance with environmental laws and regulations
- evaluating whether the organization is meeting the metrics set by management in order to achieve the goals and objectives set forth by the board of directors
- assessing the organization’s control mechanisms for overall efficiency and reliability
- evaluating compliance with applicable laws, regulations, policies, and procedures
- The balanced scorecard aligns an organization’s operational activities with its mission.
- The balanced scorecard focuses on these four primary areas: financial, customer, internal process, and learning and growth.
- The balanced scorecard measures, tracks, and reports on a balance of qualitative and financial data and metrics.
- The balanced scorecard ensures the organization’s profitability aligns with director compensation and dividend expectations.
- information and communication
- risk mitigation
- control environment
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Is this Skill Assessment Test is free?
Yes Accounting Assessment Quiz is totally free on LinkedIn for you. The only thing is needed i.e. your dedication towards learning.
When I will get Skill Badge?
Yes, if will Pass the Skill Assessment Test, then you will earn a skill badge that will reflect in your LinkedIn profile. For passing in LinkedIn Skill Assessment, you must score 70% or higher, then only you will get you skill badge.
How to participate in skill quiz assessment?
It’s good practice to update and tweak your LinkedIn profile every few months. After all, life is dynamic and (I hope) you’re always learning new skills. You will notice a button under the Skills & Endorsements tab within your LinkedIn Profile: ‘Take skill quiz.‘ Upon clicking, you will choose your desire skill test quiz and complete your assessment.