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SOCPA Fellowship Exam Accounting — practice questions

Explore 30 free Accounting questions in SOCPA Fellowship Exam Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Accounting questions and exercises with answers

Showing questions 1–30 of 30.

A firm records revenue in the period it was earned rather than when cash arrives. That method is:Read the answer and worked solution →A small firm records nothing until money actually changes hands. That method is:Read the answer and worked solution →A government body blends accrual and cash methods. That approach is called modified:Read the answer and worked solution →A method used to establish the tax effects of transactions is called tax:Read the answer and worked solution →Public companies report under IFRS or under US:Read the answer and worked solution →A span such as a month, a quarter or a year used to report results is an accounting:Read the answer and worked solution →Entries made at period end to record transactions not yet captured are called:Read the answer and worked solution →Adjusting entries are needed so that the income statement and balance sheet show numbers that are:Read the answer and worked solution →Recognising revenue only once it has been earned follows the revenue:Read the answer and worked solution →Setting expenses against the revenues they helped generate follows the expense recognition or:Read the answer and worked solution →Requiring results to be reported in years, quarters or months is the time period:Read the answer and worked solution →Prepaid expenses and unearned revenues whose recognition is delayed are known as:Read the answer and worked solution →Amounts that build up during a period but were never recorded are known as:Read the answer and worked solution →Interest earned but not yet received or recorded is an example of accrued:Read the answer and worked solution →Salaries earned by staff but unpaid at period end are an example of accrued:Read the answer and worked solution →Spreading the cost of equipment systematically across the periods it serves is called:Read the answer and worked solution →Accumulated Depreciation sits against an asset account, so its normal balance is on the:Read the answer and worked solution →Book value of equipment is found by taking original cost and subtracting accumulated:Read the answer and worked solution →An accountant should remember that the book value of an asset is not necessarily its:Read the answer and worked solution →Cash received in January for printing to be done later was recorded by the company as a:Read the answer and worked solution →A contra asset account such as Accumulated Depreciation increases with a:Read the answer and worked solution →A trial balance is prepared before adjustments, after adjustments and after:Read the answer and worked solution →Catch the adjusting entriesRead the answer and worked solution →Pop the guiding principlesRead the answer and worked solution →Run the accounting gatesRead the answer and worked solution →Slice the accounting wordsRead the answer and worked solution →Deferral or accrualRead the answer and worked solution →Sort the accounting wordsRead the answer and worked solution →Type the numberRead the answer and worked solution →Adjustments bingoRead the answer and worked solution →

Worked practice questions

A firm records revenue in the period it was earned rather than when cash arrives. That method is:

  1. Accrual
  2. Adjacent
  3. Additive
  4. Adaptive
Show answer and solution

Correct answer: A. Accrual

1. The trigger for recording is the earning of the revenue. 2. Receipt of cash may come earlier or later. 3. That method is accrual accounting. _Source: OpenStax Principles of Financial Accounting, Chapter 4, The Adjustment Process._

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A small firm records nothing until money actually changes hands. That method is:

  1. Card basis
  2. Cash basis
  3. Case basis
  4. Cost basis
Show answer and solution

Correct answer: B. Cash basis

1. No entry is made when a service is performed on credit. 2. The exchange of cash is what triggers the record. 3. That method is cash basis accounting. _Source: OpenStax Principles of Financial Accounting, Chapter 4, The Adjustment Process._

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A government body blends accrual and cash methods. That approach is called modified:

  1. Accrual
  2. Adjacent
  3. Additive
  4. Adaptive
Show answer and solution

Correct answer: A. Accrual

1. Neither pure method suits public sector reporting. 2. The two are merged instead. 3. That approach is modified accrual accounting. _Source: OpenStax Principles of Financial Accounting, Chapter 4, The Adjustment Process._

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More Accounting topics

Adjusting EntriesFinancial Accounting