Accounting LinkedIn Skill Assessment Answer (2022)

Table of Contents
Wikipedia – Accounting Accounting LinkedIn Skill Assessment :- Q1. Which statement is not an advantage of robotic process automation (RPA)? Q2. What effect does a contra asset account have on a balance sheet? Q3. Internal controls may be preventative, detective, corrective, or directive. Which is a detective control? Q4. On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April. The business uses accrual-based accounting. Which month should the business recognize the expense? Q5. Which choice is a general guideline for adequate separation of duties to prevent both fraud and error? Q6. What does the cost of a unit of product under absorption costing method consist of? Q7. Which answer best describes accruals and deferrals? Q8. What do you call a situation where more than one person collaborates to circumvent existing internal controls? Q9. Which is not an example of an internal control activity? Q10. Which budgeting approach request justification of all expenditures? Q11. What does the discontinued operations section of the income statement refer to? Q12. How are the three financial statements (income, statement, balance sheet, and cash flow statement) linked? Q13. Which is not one of the four perspectives of the balanced scorecard? Q14. What would be deducted from the balance per books when doing a bank reconciliation? Q15. What situation could be the results of the three retails store employees sharing the same cash register? Q16. A firm has $1,000 in debt and $3,000 in assets. What is the firm’s debt-to-equity ratio? Q17. An external auditor is required to be independent when performing Q18. Proper segregation of functional responsibilities calls for separation of Q19. What does the degree of operating leverage represent? Q20. Which characteristic would concern an auditor about the risk of material misstatements arising from fraudulent financial reporting? Q21. An employee who makes a sale, ships the goods, and bills the customer violates which control activity? Q22. What trait distinguishes auditors from accountants? Q23. What is the purpose of an operational audit? Q24. Which statement is false? Q25. Which choice is not a component of internal control? SharePoint LinkedIn Skill Assessment Answer Microsoft Access LinkedIn Skill Assessment Answer Microsoft Power BI LinkedIn Skill Assessment Answer Microsoft Project LinkedIn Skill Assessment Answer Visio LinkedIn Skill Assessment Answer Microsoft PowerPoint LinkedIn Skill Assessment Answer FAQs Videos

Here, We see Accounting LinkedIn Skill Assessment Answer. This assessment test consists 15-20 MCQs to demonstrate your knowledge in your selected skills. MCQs comes from different topics – Ethics and Governance, Financial Accounting, Information Systems/Technology/Audit/Taxation, Managerial Accounting, Performance Management.

Wikipedia – Accounting

List of Business Skills Assessment Answer

Accounting LinkedIn Skill Assessment Answer (1)

Accounting LinkedIn Skill Assessment :-

Q1. Which statement is not an advantage of robotic process automation (RPA)?

  1. Bots are more creative than humans✔️
  2. Bots do no need to take time off
  3. Bots improve efficiency
  4. Bots can eliminate human errors

Q2. What effect does a contra asset account have on a balance sheet?

  1. A contra asset is not an accounting term
  2. A contra asset has a credit balance and therefore a negative effect on total assets✔️
  3. A contra asset with a positive balance will increase overall liabilities
  4. A contra asset has a debit balance and therefore a positive effect on total assets

Q3. Internal controls may be preventative, detective, corrective, or directive. Which is a detective control?

  1. data backups
  2. physical inventory check✔️
  3. employee background checks
  4. physical locks on inventory warehouse

Q4. On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April. The business uses accrual-based accounting. Which month should the business recognize the expense?

  1. April
  2. March
  3. no record required
  4. February✔️

Q5. Which choice is a general guideline for adequate separation of duties to prevent both fraud and error?

  1. A person who has control over an asset should not safeguard that asset.
  2. A person who has temporary or permanent custody of an asset should not account for that asset.
  3. A person who has record-keeping responsibility should not make journal entries.✔️
  4. A person who has operational responsibility should not authorize transactions for the area.

Q6. What does the cost of a unit of product under absorption costing method consist of?

  1. direct materials, direct and indirect labor, and fixed overhead
  2. direct materials, indirect labor, and variable and fixed overhead
  3. direct materials, direct labor, and both variable and fixed overhead✔️
  4. direct materials, direct and indirect labor, and variable overhead

Q7. Which answer best describes accruals and deferrals?

  1. Accruals are past cash receipts and payments, while deferrals are expected future cash receipts and payments.
  2. Both accruals and deferrals are both expected future cash receipts and payments.
  3. Accruals are expected future cash receipts and payments, while deferrals are past cash receipts and payments.✔️
  4. Both accruals and deferrals are not expected past cash receipts and payments.

Q8. What do you call a situation where more than one person collaborates to circumvent existing internal controls?

  1. assigned responsibility
  2. segregation of duties
  3. fraud prevention
  4. collusion✔️

Q9. Which is not an example of an internal control activity?

  1. review of manufacturing plan
  2. segregation of duties
  3. bank reconciliations✔️
  4. approval process

Q10. Which budgeting approach request justification of all expenditures?

  1. zero-based budgeting✔️
  2. master budgeting
  3. rolling budgets
  4. bottom-up budgeting

Q11. What does the discontinued operations section of the income statement refer to?

  1. disposal of a major product line or major geographical area of operations✔️
  2. sale of unused or obsolete equipment and discontinued inventory
  3. a plant shutdown or decommissioning of a facility
  4. net income or loss for products completed and sold

Q12. How are the three financial statements (income, statement, balance sheet, and cash flow statement) linked?

  1. Only the assets are reflected in the cash flow statement, and the net income expenses correlate with the liabilities.
  2. The net income goes to retained earnings, but the cash flow remains independent.✔️
  3. The gross profit goes to retained earning, and the shareholder equity total is added to the cash flow statement
  4. The net income goes to the retained earning and to the cash flow statement

Q13. Which is not one of the four perspectives of the balanced scorecard?

  1. internal business
  2. learning and growth
  3. quantitative✔️
  4. customer

Q14. What would be deducted from the balance per books when doing a bank reconciliation?

  1. deposits in transit
  2. bank service fees
  3. outstating checks✔️
  4. electronic fund transfers/payments

Q15. What situation could be the results of the three retails store employees sharing the same cash register?

  1. a thorough internal control activity
  2. a violation of assignment of responsibility✔️
  3. a violation of segregation of duties
  4. a support process to avoid fraud

Q16. A firm has $1,000 in debt and $3,000 in assets. What is the firm’s debt-to-equity ratio?

  1. 3
  2. 2
  3. 0.5
  4. 0.33✔️

Q17. An external auditor is required to be independent when performing

  1. all attestation services
  2. all professional services
  3. all tax services
  4. all consulting engagements

Q18. Proper segregation of functional responsibilities calls for separation of

  1. custody, payment, and recording
  2. authorization, custody, and execution
  3. authorization, custody, and recording
  4. custody, execution, and payment

Q19. What does the degree of operating leverage represent?

  1. how much the value of capital assets will change in response to a change in sales
  2. how much the operating income of a company will change in response to a change in sales
  3. the valuation of assets to determine how much additional debt the company can borrow
  4. how much the sales of a company will change in response to a change in operating income

Q20. Which characteristic would concern an auditor about the risk of material misstatements arising from fraudulent financial reporting?

  1. limited employee turnover within the accounting and finance department
  2. management’s disregard of regulations and regulatory authorities
  3. regularly reported bank reconciliations, including deposits in transit
  4. capital assets sold at a loss before being depreciated fully

Q21. An employee who makes a sale, ships the goods, and bills the customer violates which control activity?

  1. assignment of responsibility
  2. audit verification
  3. segregation of duties
  4. review and reconciliation

Q22. What trait distinguishes auditors from accountants?

  1. The auditor can interpret accounting principles applicable to the country in which the client operates.
  2. The auditor has extensive education beyond what is required for an accountant
  3. The auditor can adapt to a rapidly changing profession.
  4. The auditor has expertise in the gathering and interpretation of audit evidence.

Q23. What is the purpose of an operational audit?

  1. assessing the company’s compliance with environmental laws and regulations
  2. evaluating whether the organization is meeting the metrics set by management in order to achieve the goals and objectives set forth by the board of directors
  3. assessing the organization’s control mechanisms for overall efficiency and reliability
  4. evaluating compliance with applicable laws, regulations, policies, and procedures

Q24. Which statement is false?

  1. The balanced scorecard aligns an organization’s operational activities with its mission.
  2. The balanced scorecard focuses on these four primary areas: financial, customer, internal process, and learning and growth.
  3. The balanced scorecard measures, tracks, and reports on a balance of qualitative and financial data and metrics.
  4. The balanced scorecard ensures the organization’s profitability aligns with director compensation and dividend expectations.

Q25. Which choice is not a component of internal control?

  1. information and communication
  2. risk mitigation
  3. monitoring
  4. control environment

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FAQs

Which answer best describes accruals and deferrals Linkedin? ›

Which answer best describes accruals and deferrals? Accruals are past cash receipts and payments, while deferrals are expected future cash receipts and payments.

Can you fail Linkedin assessment? ›

The idea is that you prove your ability by taking a quick quiz. If you pass, you get a badge for your profile, one which the company says makes you 30 per cent more likely to get hired. If you fail, well that's just between you and Microsoft. There's only one problem: it's incredibly easy to cheat.

What are three accounting concepts? ›

Objectives of Accounting Concepts. Top 12 Accounting Concepts. #1 – Entity Concept. #2 – Money Measurement Concept. #3 – Periodicity Concept.

What's an example of accrual and deferred accounting? ›

The examples include Short-Term Investments, Prepaid Expenses, Supplies, Land, equipment, furniture & fixtures etc. read more. . Accrual is incurring expenses and earning revenue without paying or receiving cash. Deferral is paying or receiving cash in advance without incurring the expenses or earning the revenue.

Do employers look at LinkedIn skill assessments? ›

Recruiters can look for people who have passed assessments for specific skills as part of their search parameters and filters. Badges appear with prospect profiles in search results lists, helping recruiters prioritize profiles even if they didn't filter by skills assessments.

How many times can you retake LinkedIn skill assessments? ›

If you don't earn a skill badge for a given skill, you can retake the exam once more within six months.

How many time can we retake LinkedIn assessment? ›

Be prepared

If you fail a skills test, you cannot take the test again for three months at least. So best be prepared for the test you want to take. However, if you do fail a test, Linkedin will point you towards some free LinkedIn learning courses that you can take to hone your knowledge.

What are the 5 basic accounting? ›

Although the guidelines for accountants are extensive, there are five main principles that underpin accounting practices and the preparation of financial statements. These are the accrual principle, the matching principle, the historic cost principle, the conservatism principle and the principle of substance over form.

Is accounts receivable accrued or deferred? ›

Accrual: Accrual expenses are incurred, but have yet to be paid (such as accounts receivable). Deferral: Deferred expenses that are paid, but have yet to incur expense (such as pre-paid accounts).

Is unearned revenue an accrual? ›

Accrued revenue and unearned revenue are opposite concepts in a fundamental way. While accrued revenue is capital not earned on services already provided, unearned revenue is capital already earned on services not yet provided.

How many accounting cycles are there? ›

The eight steps of the accounting cycle are as follows: identifying transactions, recording transactions in a journal, posting, the unadjusted trial balance, the worksheet, adjusting journal entries, financial statements, and closing the books.

Are LinkedIn skill badges worth it? ›

If you don't pass the assessment, no one will know. LinkedIn says that candidates who completed LinkedIn Skill Assessments are significantly more likely (approxinmately 30 percent) to get hired.

Are LinkedIn assessments valuable? ›

Conclusion. LinkedIn Skill Assessments are a great tool for increasing your visibility on the platform. They are a way of showing off your professional skills and expertise to potential employers and clients. They're also good for helping you understand what kind of career path you want to take.

What skills should I put on LinkedIn? ›

The top 10 most in-demand hard skills are:
  • Blockchain. Blockchain was born in 2009 to support the use of cryptocurrency. ...
  • Cloud Computing. ...
  • Analytical Reasoning. ...
  • Artificial Intelligence. ...
  • UX Design. ...
  • Business Analysis. ...
  • Affiliate Marketing. ...
  • Sales.
10 Jan 2020

What happens if you dont pass skill assessment on LinkedIn? ›

If you don't pass the skill assessment, don't worry; you'll be able to retake any skill assessment once more. This can be an excellent opportunity to brush up on your knowledge. Your specific results also won't be shown to anyone else.

How do I see my LinkedIn assessment results? ›

Simply scroll to the skill section of your LinkedIn profile, and select one of the skills you want to validate. After completing the questions, you'll receive a report with your score and learning courses based on what you got right. You have complete control over your results.

Where do LinkedIn skill badges appear? ›

Linked skill badges appear on the skills section of your LinkedIn profile. After you're done with an assessment and you score a specific result (depending on the test) you'll get an icon next to the skill on your profile.

What happens if you fail a LinkedIn learning exam? ›

Scores below 70% are failing and are not displayed on your profile. If you fail a test, you have the option to delete your score permanently. Also, if you fail a test, you have to wait 3 months to retest.

Are LinkedIn tests private? ›

The actual results are kept private to users, and if you don't pass, you'll have complete control over the visibility of the results. LinkedIn will also recommend Learning courses you can take to improve your skills, and pass the test at a later stage.

How do I study for skills assessments on LinkedIn? ›

Linkedin Skills Assessment For Job Seekers - YouTube

How many times can you retake LinkedIn assessment? ›

If you don't earn a skill badge for a given skill, you can retake the exam once more within six months. Note: You won't be able to retrieve your report or recover your badge once you delete them.

How do I see my LinkedIn assessment score? ›

LinkedIn members can start taking skill assessment quiz by directing to your LinkedIn profile and scrolling down to the skills section. After completing the quiz, you'll get a report card with your score and LinkedIn learning courses based on what you got right.

How do I use LinkedIn skills assessment quiz? ›

To take an assessment, all you have to do is navigate to the skills section of your profile and select the relevant Skill Assessment. Note that the test is timed. If you have a disability, you can activate the accessibility for the Skill Assessment feature. This will allow you additional time to complete each question.

What is a benefit of using LinkedIn quizlet? ›

You can use LinkedIn to find the right job or internship, connect and strengthen professional relationships , and learn the skills you need to succeed in your career.

Do recruiters care about LinkedIn assessments? ›

Recruiters can look for people who have passed assessments for specific skills as part of their search parameters and filters. Badges appear with prospect profiles in search results lists, helping recruiters prioritize profiles even if they didn't filter by skills assessments.

What happens if you dont pass skill assessment on LinkedIn? ›

If you don't pass the skill assessment, don't worry; you'll be able to retake any skill assessment once more. This can be an excellent opportunity to brush up on your knowledge. Your specific results also won't be shown to anyone else.

Are LinkedIn skill badges worth it? ›

If you don't pass the assessment, no one will know. LinkedIn says that candidates who completed LinkedIn Skill Assessments are significantly more likely (approxinmately 30 percent) to get hired.

How do you get a blue tick on LinkedIn? ›

All you have to do is request verification from LinkedIn and wait for a four-digit code to land in your business email address. Then, enter the code into LinkedIn Lookup, and ta-da! You're verified.

Where do LinkedIn skill badges appear? ›

Linked skill badges appear on the skills section of your LinkedIn profile. After you're done with an assessment and you score a specific result (depending on the test) you'll get an icon next to the skill on your profile.

What are badges on LinkedIn? ›

on Your LinkedIn Profile

A DIGITAL BADGE is a verified representation of specific learned skills that you can share on your social media profiles. Beyond higher education degree programs and training institutions, more and more it is specific industry-recognized skills and experience that are most valued.

Are LinkedIn skill assessments free? ›

Make a Good Impression With LinkedIn Skill Assessments

Assessments are free to take, and even if you fail, they won't hurt your profile.

What skills should I put on LinkedIn? ›

The top 10 most in-demand hard skills are:
  • Blockchain. Blockchain was born in 2009 to support the use of cryptocurrency. ...
  • Cloud Computing. ...
  • Analytical Reasoning. ...
  • Artificial Intelligence. ...
  • UX Design. ...
  • Business Analysis. ...
  • Affiliate Marketing. ...
  • Sales.
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What are LinkedIn skill assessments? ›

LinkedIn Skill Assessments is a feature that allows members to take assessments on various skills to test and showcase their proficiency in those skills. We offer assessments that are categorized as technical, business, and design skills. Note: Some available skills have linked descriptions and question samples.

What is the #1 thing recruiters look at when reviewing your LinkedIn profile? ›

1. Your Qualifications Match the Open Role. The number one mandate every recruiter has is to match competent and qualified individuals to open positions. One of the easiest ways for them to do this via LinkedIn is to search for keywords that relate to the position they're trying to fill.

Are Quizlet answers correct? ›

Because Quizlet allows any user to create and share a study set, there is no guarantee the information is accurate. If a student logs in and chooses a set created by someone else, there's a possibility they could accidentally study incorrect information!

When creating a LinkedIn Summary Which of the following is most important? ›

Hook the reader right away

This means the first 3 lines are the most important part of your summary! If you can hook readers with your first three lines, it's much more likely they'll want to read the rest of your summary and profile. “Hook readers with the first 3 lines of your summary and they'll want to read more.”

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