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Accountant, Auditor and Budget Analyst,  Financial Analyst, Revenue Analyst Examination Breakdown

Sample Questions
Answers

The questions in this booklet are not actual test questions. They are samples only, and may not cover all topics which may appear on the test. Studying this book will not necessarily improve your test score.

Subject Areas:
Accounting Mathematics
Accounting Problems
Transactions-Debit & Credits
Accounting Terminology
Accounting/Auditing Principles/Procedures

Recommended Study Guides:

ARC. Accountant - Auditor
ARC. Assistant Accountant
ARC. Associate and Administrative Accountant
ARC. Bookkeeper-Account Clerk (Accounting, Terms, Practices, and Journalizing)
ARC. Supervision Course
NLC Account Clerk (Accounting Terms, Practices)
NLC. Accountant
NLC. Civil Service Graphs, Charts, and Tables
NLC Certified Public Accountant Exam

You may want to use any available resource materials relative to the above subject areas.

Sample Test Questions

Accounting/Auditing Terms, Principles, Practices, and Procedures

  1. A credit to a revenue account:

  1. decreases revenues

  2. increases equity

  3. decreases equity

  4. increases assets

  1. Funds that have been consumed in producing revenue are referred to as:

  1. losses

  2. charges

  3. liabilities

  4. expenses

  1. An amount, payable in money, goods, or services, owed by a business to a creditor is known as a/an:

  1. equity

  2. debt

  3. liability

  4. asset

  1. The working capital of a business is usually determined by the excess of:

  1. revenues over expenditures

  2. retained earnings over the current liabilities

  3. current assets over current liabilities

  4. assets over liabilities

  5. long term debt over current liabilities

  1. An accounting system that records income when earned and expenditures when the liability is incurred operates on the:

  1. cash basis

  2. cumulative basis

  3. deferred basis

  4. accrual basis

  5. earned basis

  1. Interest accrued on government bonds owned by a corporation should be shown in the balance sheet as a:

  1. currently liability

  2. current asset

  3. deferred charge

  4. fixed asset

  5. prepaid expense

  1. If the difference between trial balance totals is divisible by 9, it is probable that the error is caused by:

  1. posting an item to the wrong account

  2. posting an item to the wrong side of an account

  3. transposition of figures in an item

  4. omission of an account balance

  1. The function of internal control, from the viewpoint of the auditor is to:

  1. provide some measure of assurance that errors and irregularities may be discovered with reasonable promptness

  2. assure that all records have been cross-checked and warranted as correct

  3. indicate that accounts have been checked and verified before certifying the agency's financial position

  4. assure that accounts may be accepted upon oral presentation.

  1. A "test" audit is one which:

  1. reviews financial transactions on a sampling basis

  2. reviews financial transactions to test the result of a new operating program

  3. tries out a new auditing procedure

  4. is intended primarily to evaluate personnel

Transactions - Debits & Credits

Rook, Incorporated is a major department store in this area. Below is a partial list of accounts used in the business.

Accounts Payable

Interest Receivable

Accounts Receivable

Notes Payable

Allowance for Bad Debts

Prepaid Taxes

Bad Debts Expense

Purchases

Cash

Purchase Returns & Allowances

Cash Dividends

Retained Earnings

Common Stock

Sales

Insurance Expense

Sales Returns & Allowances

Interest Expense

Taxes Payable

Interest Income

Tax Expense

Questions 10 through 14 are based on transactions which occurred during the current accounting period. In answering the questions you should choose the correct journal entry for the transaction listed. Use only the above listed accounts in formulating your journal entry.

  1. The company bought merchandise totaling $500 on account:

1. debit Accounts Payable; credit Cash
2. debit Purchases; credit Accounts Payable.
3. debit Cash; credit Sales.4. debit Accounts Payable; credit Purchases
5. debit Purchases; credit Cash

  1. A customer returned merchandise that he had previously purchased on account:

1. debit Sales Returns and Allowances; credit Accounts Receivable
2. debit Sales Returns and Allowances; credit Cash
3. debit Cash; credit Accounts Receivable
4. debit Sales Returns and Allowances; credit Accounts Receivable, Sales

  1. Received payment from a customer on account; the payment included interest charges:

1. debit Interest Income; credit Cash
2. debit Notes Payable, Cash; credit Interest Income, Accounts receivable
3. debit Cash; credit Accounts Receivable
4. debit Accounts Receivable; credit Cash, Interest Income
5. debit Cash; credit Accounts Receivable, Interest Income

  1. The Board of Directors declared a Cash Dividend on Common Stock totaling $10,000:

1. debit Cash Dividends Payable; credit Cash
2. debit Common Stock; credit Retained Earnings
3. debit Retained Earnings, credit Cash Dividends Payable
4. debit Retained Earnings; credit Cash
5. debit Cash Dividends Payable; credit Retained Earnings

  1. The accountant recorded the taxes accrued at the end of the period:

1. debit Tax Expense; credit Cash
2. debit Taxes Payable; credit Tax Expense
3. debit Prepaid Taxes; credit Cash
4. debit Cash; credit Taxes Payable
5. debit Tax Expense; credit Taxes Payable

Accounting Problems

  1. The Marmon Car and Foundry Company was working on a contract calling for 210 railway cars, all of the same type. The price on these cars was fixed in the contract at $21,000 each.

On December 31, 1990, you find that the company had incurred costs of $2,700,000 on this contract, that 160 cars had been delivered to the purchaser, that 25 were in the process of construction, and 25 were yet to be built. The 25 cars in process were estimated by management to be about 80 percent complete.

All costs were charged to a single work order calling for the construction of 210 cars.

At what value should the 160 cars be costed in the statement of income?

  1. $2,000,000

  2. $2,500,000

  3. $2,400,000

  4. $2,200,000

  1. In the above problem, at what value should the 25 cars in process be carried in the balance sheet of December 31, 1990?

  1. $700,000

  2. $200,000

  3. $300,000

  4. $500,000

Questions 17 through 19 are based on the following information.

The John Doe Company has the following information available for preparing a statement of profit and loss.

Gross Sales

$330,000

Loss From Bad Debts

$ 750

Sales Returns & Allowances

8,000

Purchases Discount

1,350

Merchandise Inventory,
June 30, 1990

148,325

Interest on Notes Receivable

150

Merchandise Inventory,
July 1, 1989

76,800

Sales Discount

545

Purchases

348,700

Interest on Notes Payable

4,125

Selling Expense

36,145

  1. The Net Profit is:

  1. $5,060

  2. $4,760

  3. $4,460

  4. $5,560

  5. $5,850

  1. The cost of goods sold is:

  1. $275,825

  2. $420,225

  3. $123,575

  4. $348,700

  5. $200,375

  1. The total amount to be classified as Other Income is:

  1.    $695

  2. $2,045

  3.    $150

  4. $4,670

  5. $2,795

Answers to Sample Test Questions / Accountant I, Auditor I, and Budget Analyst 1

Accounting/Auditing Terms, Principles, Practices, and Procedures
1) 2
2) 4
3) 3
4) 3
5) 4
6) 2
7) 3
8) 1
9) 1

Transactions: Debits & Credits
10) 2
11) 1
12) 5
13) 3
14) 5

Accounting Problems
15) 3
16) 3
17) 2
18) 1
19) 3