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Accounting and Finance Exit Exam 2025 Mock

The document is a mock exit exam for Accounting and Finance based on a 2025 blueprint. It includes questions on financial accounting, components of financial statements, the accounting equation, depreciation, and cash account entries. Correct answers are provided for each question, emphasizing key concepts in the field.

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henokgebremedhin09
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4K views2 pages

Accounting and Finance Exit Exam 2025 Mock

The document is a mock exit exam for Accounting and Finance based on a 2025 blueprint. It includes questions on financial accounting, components of financial statements, the accounting equation, depreciation, and cash account entries. Correct answers are provided for each question, emphasizing key concepts in the field.

Uploaded by

henokgebremedhin09
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Mock Exit Exam - Accounting and Finance (2025 Blueprint)

1. The main purpose of financial accounting is to:

a) Prepare budgets

b) Provide financial information to external users

c) Calculate tax

d) Control internal processes

Correct Answer: b

2. Which of the following is not a component of financial statements?

a) Balance sheet

b) Trial balance

c) Statement of cash flows

d) Income statement

Correct Answer: b

3. The accounting equation is:

a) Assets = Liabilities - Equity

b) Assets = Liabilities + Equity

c) Equity = Revenue - Expenses

d) Assets = Revenue + Expenses

Correct Answer: b

4. Depreciation is recorded to:

a) Increase asset value

b) Allocate cost of an asset over time

c) Track sales

d) Increase profit

Correct Answer: b
5. A debit entry in the cash account indicates:

a) A decrease in cash

b) An increase in cash

c) A transfer to equity

d) None of the above

Correct Answer: b

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