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Adaface Sample Accounting Questions

Here are some sample Accounting questions from our premium questions library (10273 non-googleable questions).

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🧐 Question

Medium

Comprehensive income
Income statement
Solve
ProCoder Inc. reported the following information on Dec 31st. If we ignore income tax, what should ProCoder report as comprehensive income as of Dec 31?
 image

Medium

Land Sale
Balance Sheet
Asset Classification
Acquisition Accounting
Solve
Here’s the balance sheet for SinkedIn Ltd as of December 31, 2022:
 image
SinkedIn Ltd acquires a smaller company for $100,000 cash. The acquisition adds $60,000 in goodwill and increases the long-term investments by $40,000. 
            
            Here’s the new balance sheet created after these changes:
 image
Which of the following rows are erroneous rows in the balance sheet after the acquisition?

Medium

Sell off long-term investment
Balance Sheet
Dividend distributions
Equity transactions
Solve
Review the following balance Sheet for Company Sinclair as of December 31, 2023 (in thousands of dollars)
 image
 image
Suppose that Company Sinclair has a tax rate of 30%. What will be the company's new equity balance if the company sells all its long-term investments at their book value, pays off all its short-term debt, and distributes the remaining cash as a dividend to shareholders?
🧐 Question🔧 Skill

Medium

Comprehensive income
Income statement

2 mins

Accounting
Solve

Medium

Land Sale
Balance Sheet
Asset Classification
Acquisition Accounting

3 mins

Accounting
Solve

Medium

Sell off long-term investment
Balance Sheet
Dividend distributions
Equity transactions

3 mins

Accounting
Solve
🧐 Question🔧 Skill💪 Difficulty⌛ Time
Comprehensive income
Income statement
Accounting
Medium2 mins
Solve
Land Sale
Balance Sheet
Asset Classification
Acquisition Accounting
Accounting
Medium3 mins
Solve
Sell off long-term investment
Balance Sheet
Dividend distributions
Equity transactions
Accounting
Medium3 mins
Solve

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