GAAP (Generally Accepted Accounting Principles) is a collection of commonly-followed accounting rules and standards for financial reporting. The purpose of US GAAP is to ensure that financial reporting is transparent and performs consistently from one organization to another.
GAAP is often used by businesses reporting their financial results in the United States. It is much more rules-based than IFRS and is considered to be the more comprehensive accounting framework.
The GAAP skills test evaluates a candidate’s practical knowledge and will help identify whether the candidate is ready to be employed. The GAAP assessment test can be taken online by candidates from anywhere in the comfort of their time zone.
The online GAAP test helps recruiters and hiring managers assess candidates’ GAAP accounting knowledge. The GAAP online test is created & validated by experienced industry experts to assess & hire GAAP accountants per industry standards.
The GAAP assessment test helps to screen the candidates who possess the following traits:
1. Solid understanding of US GAAP/IFRS
2. Strong technical accounting knowledge in US GAAP
3. Experience in researching complex accounting issues
4. Ability to prepare GAAP financial statements
Our powerful reporting will give you instant results and an option to share these results with your recruiting team. You can analyze the section-wise performance of the candidate to gauge their strengths and weaknesses. Features like window violation and webcam proctoring help detect cheating during the test.
The GAAP skill test may contain MCQs (Multiple Choice Questions), MAQs (Multiple Answer Questions), Fill in the Blanks, Whiteboard Questions, Audio/Video Questions, AI-LogicBox (AI-based essay evaluation), Job-based Simulations, True or False Questions, etc.
The test is designed considering EEOC guidelines; it will help you assess & hire diverse talent without bias.
Gary Biz Ltd. is planning to issue financial instruments of equity sort in 20X9. However, the lead accountant is unsure of how to measure or present them in the financial statements, to ensure compliance with GAAP.
The accountant has asked for you to meet him to discuss the dilemma. Which of the following advice should you provide to him?