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Accounting and Finance for the Human Resources Professional - self test

Test Your Knowledge

Accounting and Finance for the Human Resources Professional (Course T2)

Instructions: Choose an answer for each question and then click on the "Get Results" button at the end of the quiz.
1. Which national body initiates financial accounting standards?
A. SEC
B. GAAP
C. IRS
D. FASB

2. Which group of accounts is recorded on the income statement?
A. Expenses
B. Equity
C. Liabilities
D. Assets
3. What is an example of a noncurrent asset?
A. Cash
B. Machinery
C. Inventory
D. Marketable securities
4. In times of rising costs, which of the following would produce the most profit?
A. Weighted average
B. FIFO
C. LIFO
D. Just in time
5. Which of the following must be known in order to calculate straight-line depreciation?
A. Estimated salvage value
B. Units of production
C. Gross market value
D. Net market value
6. What is a purpose of the statement of cash flows?
A. To increase the ability for a company to generate cash
B. To identify the difference between net income and cash flows
C. To disclose the company's amount of profit/loss
D. To determine values for sales incentive/bonus plans
7. Which of the following is a profitability measure?
A. Gross margin ratio
B. Number of days sales in receivable
C. Current ratio
D. Long-term debt ratio
8. How should a company evaluate a capital project investment?
A. Payback time
B. Discount rate
C. Future value
D. Sales enhancement
9. Which of the following mandatory benefits must employers and employees pay?
A. Unemployment compensation
B. Workers' compensation
C. FUTA
D. FICA
10. Which type of retirement plan does not result in an immediate tax deduction for the organization?
A. Defined contribution plan
B. Defined benefit plan
C. Nonqualified plan
D. 401(k) deferred tax plan


The Test Your Knowledge questions are intended to provide a small sample of the information covered in a particular course. Passing this test should not be considered an indicator that you also will pass the related certification exam. No portion of this document may be reproduced in any form without express written permission from WorldatWork. Copyright 2005 WorldatWork.

 

 

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