Soal dan Kunci Jawaban Penilaian Keahlian Accounting di LinkedIn

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Berikut ini adalah kisi-kisi soal dan kunci jawaban penilaian keahlian (Skill Assessments) Accounting di LinkedIn. Soal dan kunci jawaban penilaian keahlian (Skill Assessments) Accounting di LinkedIn ini telah diperbaharui dan diperbaiki sehingga tingkat keakuratannya lebih baik.



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




  • Bots are more creative than humans

  • Bots do no
    need to take time off

  • Bots
    improve efficiency

  • Bots can
    eliminate human errors



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




  • A contra
    asset is not an accounting term

  • A contra asset has a credit balance and therefore a negative effect on total assets

  • A contra
    asset with a positive balance will increase overall liabilities

  • 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?




  • data
    backups

  • physical inventory check

  • employee
    background checks

  • 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 1. The business uses accrual-based accounting. Which month should the
business recognize the expense?




  • April

  • March

  • no record
    required

  • February




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




  • A person
    who has control over an asset should not safeguard that asset.

  • A person
    who has temporary or permanent custody of an asset should not account for that asset.

  • A person who has record-keeping responsibility should not make journal entries.

  • 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?




  • direct
    materials, direct and indirect labor, and fixed overhead

  • direct
    materials, indirect labor, and variable and fixed overhead

  • direct materials, direct labor, and both variable and fixed overhead

  • direct
    materials, direct and indirect labor, and variable overhead



Q7. Which answer best describes accruals and
deferrals?




  • Accruals
    are past cash receipts and payments, while deferrals are expected future cash receipts and payments.

  • Both
    accruals and deferrals are both expected future cash receipts and payments.

  • Accruals are expected future cash receipts and payments, while deferrals are past cash
    receipts and payments.

  • 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?




  • assigned
    responsibility

  • segregation of
    duties

  • fraud
    prevention

  • collusion



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




  • review of manufacturing plan

  • segregation of
    duties

  • bank
    reconciliations

  • approval
    process



[source] 'MT: bank recons are a internal control, checking to see if figures match. Approval by different level of authorities help to prevent unathorized transactions - so its a control too. segregate duties also ensures that.



Q10. Which budgeting approach
request justification of all expenditures?




  • zero-based budgeting

  • master
    budgeting

  • rolling
    budgets

  • bottom-up
    budgeting



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




  • disposal of a major product line or major geographical area of operations

  • sale of
    unused or obsolete equipment and discontinued inventory

  • plant
    shutdown or decommissioning of a facility

  • 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?




  • Only the
    assets are reflected in the cash flow statement, and the net income expenses correlate with the liabilities.

  • The net
    income goes to retained earnings, but the cash flow remains independent.

  • The gross
    profit goes to retained earning, and the shareholder equity total is added to the cash flow statement

  • The net income goes to the retained earning and to the cash flow statement



[source]'MT: odd qns. But it should be net profit "npat" flows to retained earnings, and also starts the cashflow statement (so all linked and not independent). Assets are in balance sheet, net income is in income statement. npat goes to retained earnings, not gross profit.



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




  • internal
    business

  • learning
    and growth

  • quantitative

  • customer



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




  • deposits
    in transit

  • bank
    service fees

  • outstating checks

  • electronic
    fund transfers/payments




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




  • a thorough
    internal control activity

  • a violation of assignment of responsibility

  • a
    violation of segregation of duties

  • 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?




  • 3

  • 2

  • 0.5

  • 0.33



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




  • all attestation services

  • all
    professional services (wrong ans, includes consulting)

  • all tax
    services

  • all
    consulting engagements (wrong ans)



Reference
'MT: tough qns, ambiguous options. Attest = validate audit data gathered. Consulting is less regulatory/ restrictive, = how to increase pie sales, versus audit/attestation = why you reported more pies in your fridge than we observed. Tax is grey, usually has to be internal audt committee approved or fees disclosed etc. but there are exceptions.'



Q18. Proper segregation of
functional responsibilities calls for separation of




  • custody,
    payment, and recording

  • authorization,
    custody, and execution

  • authorization, custody, and recording

  • custody,
    execution, and payment



Reference



Q19. What does the degree of operating leverage
represent?




  • how much
    the value of capital assets will change in response to a change in sales

  • how much the operating income of a company will change in response to a change in
    sales

  • the
    valuation of assets to determine how much additional debt the company can borrow

  • how much
    the sales of a company will change in response to a change in operating income



[Reference]'High operating leverage means a firm has a relatively fixed, and usually high cost base. So additional sales would incrementally drive more profits because those sales do not need to incur more costs to generate (like a factory, versus factory workers)'




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




  • limited
    employee turnover within the accounting and finance department

  • management’s disregard of regulations and regulatory authorities

  • regularly
    reported bank reconciliations, including deposits in transit

  • capital
    assets sold at a loss before being depreciated fully



[source]'MT: regular bank recons and loyal employees are +ve. Nothing wrong with assets sold at lost before fully depreciated, like you can sell a plane at a loss even before it has been "fully used".




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




  • assignment
    of responsibility

  • audit
    verification

  • segregation of duties

  • review and
    reconciliation



Reference



Q22. What trait distinguishes auditors from
accountants?




  • The
    auditor can interpret accounting principles applicable to the country in which the client operates.

  • The
    auditor has extensive education beyond what is required for an accountant

  • The
    auditor can adapt to a rapidly changing profession.

  • The auditor has expertise in the gathering and interpretation of audit evidence.



[source]'MT: auditors are focused on gathering and interpreting audit evidence in specific sectors. Both auditors and accountants would be familiar to the principles that the client operates in'



Q23. What is the purpose of an operational audit?




  • assessing
    the company’s compliance with environmental laws and regulations

  • 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

  • assessing
    the organization’s control mechanisms for overall efficiency and reliability

  • evaluating
    compliance with applicable laws, regulations, policies, and procedures



Q24. Which statement is false?




  • The
    balanced scorecard aligns an organization’s operational activities with its mission.

  • The
    balanced scorecard focuses on four primary areas: financial, customer, internal process, and learning and
    growth. (def true)

  • The
    balanced scorecard measures, tracks, and reports on a balance of qualitative and financial data and metrics.
    (def true)

  • The balanced scorecard ensures the organization’s profitability aligns with director
    compensation and dividend expectations.



Reference'MT: BSC is on improving efficiency - deliver goals and how to measure that quantitatively or qualitatively. Nothing to do with how to compensate'



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




  • information
    and communication

  • risk mitigation

  • monitoring

  • control
    environment




Q26. What is the difference between the cost of an asset and the accumulated depreciation for that asset?




  • depreciation
    value

  • prepaid
    asset

  • depreciation
    expense

  • book value




Q27. A company budgeted 1,200 washers, but only 1,000 are produced. It costs $10 to produce a widget. What is
the materials variance?




  • 200

  • 2000

  • 350

  • 20



Q28. Who does an audit committee report to?




  • external auditors

  • senior
    management

  • board of
    directors

  • union of
    employee representatives




Q29. A business purchased office equipment by issuing a one-year note payable. The entire amount of the note is
due at the end of one year. How do you record this transaction?




  • Debt
    asset, credit equity

  • Debt
    liablity, credit asset.

  • Debit asset, credit liability

  • Debit
    equity, credit asset.



[source]'MT answer - its Debit equipment (asset), Credit notes payable (liability). To +/- assets, need to dr/cr, inverse is true for liabilities. Long-form journal entry is: Borrow cash - Dr cash, Cr notes payable, then for equipment purchase - Dr equipment, Cr cash'



Q30. Which
section of a financial annual report describes the corporation’s accounting methods?




  • Notes to the financial statements

  • An
    auditor’s report

  • Listing of
    the stockholders

  • Management
    discussion and analysis



Q31. What does “independence” mean in auditing?




  • being an
    advocate for all clients

  • not being
    dependent on a client’s fee

  • having
    only indirect financial interests in the auditee

  • taking an unbiased viewpoint



Reference



Q32. What would cause a bank to increase a
depositor’s account?




  • collecting
    a note receivable

  • paying a note payable

  • NSF checks
    (“non sufficient funds”)

  • service
    changes



[source]'MT: depositor account os a liability to the bank - bank owes the money to depositor. bank collects a notes receivable from client means reducing client's cash/ deposits. Similar if NSF means the cheque owner does not have enough funds to transfer funds into the client's deposits, so theres no change in deposits.'



Q33. Which statement about current liabilities is
true?




  • Current
    liabilities are obligations owed after a 12-month period.

  • Current
    liabilities should be included under long-term liabilities.

  • Current
    liabilities are obligations owed over 5 years.

  • Current liabilities are obligations due within a year.




Current liabilities are a company’s short-term financial obligations that are due within one year or within a
normal operating cycle.
Reference




Q34. How do variable costs and
fixed costs act within the relevant range?




  • Variable costs per unit remain constant and fixed costs per unit vary.

  • Fixed
    costs per unit remain constant and variable costs per unit vary.

  • Both total
    variable costs and total fixed costs vary.

  • Both total
    variable costs and total fixed costs remain constant.




While variable costs tend to remain flat, the impact of fixed costs on a company’s bottom line can change
based on the number of products it produces.
Reference





Q35. Which answer can be defined as an investment center’s contribution margin less the fixed costs that are
traceable to the investment center?




  • net income

  • residual
    income

  • segment margin

  • return on
    investment (ROI)




Contribution Margin = Sales Revenue – Variable Costs
Segment Margin = Segment’s Contribution Margin – Fixed Costs traced to the Segment
Reference





Q36. If an auditor is expected to detect the overstatement of sales, what should the auditor trace transactions
from?




  • customer
    purchase orders to the sales journal

  • cash
    receipts to the purchase orders

  • sales journal to the shipping documents

  • shipping
    documents to the cash receipts




Which audit procedure is most effective in testing credit sales for overstatement?
Vouch a sample recorded sales from the sales journal to shipping documents.
Reference





Q37. What is the formal method of analysis applied by management to identify appropriate cost drivers and
effects on the costs of production?




  • profitability
    analysis

  • cost-benefit
    analysis

  • life-cycle
    costing

  • activity
    analysis



I put cost-benefit analysis, but I’m not sure. I think it could be life-cycle costing as well.




Q38. When independent auditors are able to maintain their actual independence, it is referred to as independence
in ____.




  • fact

  • appearance

  • totality

  • trust




In Accounting Series Release no. 269, the SEC defined independence in fact and independence in appearance as
separate but equally necessary factors in establishing the auditor’s objectivity and integrity when
certifying financial statements filed with the commission by an issuer of securities. Few would debate that
independence in fact—that is, that the auditor is actually unbiased—is absolutely essential to the validity
of an audit.
Reference





Q39. When applying a cost-volume-profit analysis (CVP), certain assumptions must be respected. Which answer is
not one of these assumptions?




  • The unit
    sales price will remain constant.

  • Actual unit variable cost will vary over the production range.

  • The cost
    behavior is expressed as intersecting straight lines.

  • The unit
    fixed cost will decrease.




CVP assumes the following:




  • Constant sales price;

  • Constant variable cost

  • Constant total fixed cost

  • Units sold equal units produced.



These are simplifying, largely linearizing assumptions, which are often implicitly assumed in elementary
discussions of costs and profits.
Reference




Q40. Which statement about a perpetual
inventory system is true?




  • FIFO cost
    of goods sold will be the same as in a periodic inventory system.

  • Average
    costs are based entirely on unit cost simple averages.

  • LIFO cost
    of goods sold will be the same as in a periodic inventory system.

  • A new average is calculated under the average cost method after each sale.



I’m not 100% sure on this.




Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inventory
immediately through the use of computerized point-of-sale systems and enterprise asset management software.
Reference




Q41. Which type of
business would be most likely to use a job order costing system?




  • an
    electric car producer

  • a wood
    milling company

  • a beverage
    manufacturer

  • a law firm specializing in injury law




Since lawyers and accountants work with different clients on unique accounts, many will use a job order
costing system to track how much time and resources were used for each customer.
Reference




Q42. Assigning indirect costs to specific
jobs is completed by _.




  • allocating
    to manufacturing overhead account

  • using the
    manufacturing cost incurred

  • applying a predetermined overhead rate

  • applying
    indirect costs to work in process



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