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iMocha’s financial accounting assessment test enables recruiters and hiring managers to hire job-fit candidates effectively and make unbiased hiring decisions. This test is useful for hiring Financial Accountants, Assistant Financial Accountants, and Financial Reporting Accountants. Our test has helped our customers to reduce cost to hire by 40%.
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Financial accounting involves the preparation of financial statements and reporting of financial transactions pertaining to any business. Financial accounting uses standardized guidelines to make financial reports, transactions, income statements, balance sheets, etc, used to keep records. Financial accounting online test helps recruiters and hiring managers with a reliable way to evaluate the financial accounting abilities of potential employees.
#1 Identifying job-fit candidates based on job roles
You can create customized skill assessments for any given job role. Using this feature, you can choose questions from different skill types, including functional, technical, and soft skills. For example, with our customized Financial Accounting assessment test, you can evaluate candidates’ knowledge of Product Costing, Profit Center Accounting, Fixed Assets, General Ledger, and Problem-solving Skills and assess the best individuals for the job.
#2 Skill-gap analysis of your employees
iMocha allows you to measure employees' skill competency through the Accounting and Finance tests. It determines the existing skill level and identifies the areas for growth. It also measures the knowledge and impact of training and traces individual employees’ progress. For example, you can use our Finance and accounting competency test to identify a consultant’s knowledge about Financial Accounting, Cost Element Accounting, and other skills and perform a skill gap analysis.
The Financial accounting assessment test helps to screen candidates who possess skills as follows:
• Good knowledge of accounting fundamentals.
• Experience in accounts receivable and accounts payable
• Understanding financial areas like balance sheets, cash flows, accounting principles, etc.
• Hands-on experience in carrying out certain tasks like journal entries, ledger entries, valuation ratio analysis, etc.
• Familiarity with data interpretation skills and excel skills.
Assessing candidates with a Financial Accounting online test is secure and reliable. You can use our role-based access control feature to restrict system access based on the roles of individual users within the recruiting team—features like window violation and image and video proctoring aid in detecting cheating during the test.
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A business has prepared its accounts for a financial year, which shows a profit of $500,000. The accounts do not include the following items:
• A likely loss on a contract of $25,000.
• A possible court ruling in favor of the company, which is likely to increase profits by $10,000.
• A possible court ruling against the company, which could result in damages of between $5,000 to $15,000.
With regard to the fundamental accounting concepts, which of the following revised profit figures is correct when the aforementioned factors are taken into account?
Options:
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Our subject matter experts (SMEs) can customize the financial accounting skills test to the required primary and secondary skills, such as financial forecasting, managing payroll, understanding the tax code, Mathematics and many more. Similarly, questions can be customized to applicants' difficulty level and experience.
Some popular Financial Accountant certifications are:
• Chartered Financial Analyst (CFA) certification.
• Certified Public Accountant (CPA) certification.
• Financial Modelling & Valuation Analyst (FMVA) certification.
• Chartered Alternative Investment Analyst (CAIA) designation.
• Certified Financial Planner (CFP) designation.
• Certified Fraud Examiner (CFE)
• Certified Internal Auditor (CIA)
• Certified Management Accountant (CMA)
• Chartered Global Management Accountant (CGMA)
• Enrolled Agent (EA)
• Financial Services Audit Certificate (FSAC)
Some of the common questions asked for the Financial Accountants role are:
• What’s the difference between deferred revenue and accounts receivable?
• How do you record PP&E and why is this important?
• Define EBITDA and how it relates to accounting.
• What Happens to the Inventory if the income Statement Goes up by $10?
• Explain TDS? Where is TDS shown in the balance sheet?
• What are the deferred tax asset and the value created?
• Name the branches of accounting?
Financial Accountants are required to perform the following tasks and responsibilities:
• Cost and revenue projections
• Control tax payments
• Plan internal audits
• Make budgets (for the entire company and by department)
• Monitor and report on accounting discrepancies
• Creating weekly financial flow statements and keeping track of expenditure and cash flow
• Assisting with the preparation of year-end accounts and statutory accounts
• Gathering and evaluating data to respond to financial questions
• Complies with state and federal tax filing obligations by researching rules, adhering to them, and advising management on necessary measures
• Improving systems and procedures, as well as initiating remedial actions
• Ensuring compliance with current tax and regulatory systems
You can consider these technical and soft skills while hiring Financial Accountants:
Technical Skills
• Understanding GAAP vs. IFRS Standards
• Financial Forecasting
• Financial Reports
• Forecasting Budgets
• Ledger Posting
• Trial Balance Preparation
• Cash Flow Inventory
• Journal Entries
Soft Skills
• Written and Verbal Communication
• Time Management skills
• Accounting Organizational skills
• Project management
• Developing a Data-Driven Mindset
In the United States, the average Financial Accountants’ salary is $97,500 per year. Starting salaries for entry-level employment start at $60,022 per year.
