Linkedin Accounting Assessment Answers

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Linkedin Accounting Assessment Answers
Linkedin Accounting Assessment Answers

100% Free Updated Linkedin Accounting Assessment Certification Exam Questions & Answers.

Linkedin Accounting Assessment Details:

  • 15 – 20 multiple-choice questions
  • 1.5 minutes per question
  • Score in the top 30% to earn a badge

Before you start:

You must complete this assessment in one session — make sure your internet is reliable.
You can retake this assessment once if you don’t earn a badge.
LinkedIn won’t show your results to anyone without your permission.
After completing the exam, you will get the verified Linkedin Accounting Assessment Badge.

Linkedin Accounting Assessment Answers

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

  • [x] 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
  • [x] 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
  • [x] 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
  • [x] 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.
  • [x] 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.

Linkedin Accounting Assessment Answers

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
  • [x] 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.
  • [x] 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
  • [x] collusion

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

  • [ ] review of manufacturing plan
  • [ ] segregation of duties
  • [x] bank reconciliations
  • [ ] approval process

Q10. Which budgeting approach request justification of all expenditures?

  • [x] zero-based budgeting
  • [ ] master budgeting
  • [ ] rolling budgets
  • [ ] bottom-up budgeting

Linkedin Accounting Assessment Answers

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

  • [x] disposal of a major product line or major geographical area of operations
  • [ ] sale of unused or obsolete equipment and discontinued inventory
  • [ ] a 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.
  • [x] 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

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

  • [ ] internal business
  • [ ] learning and growth
  • [x] quantitative
  • [ ] customer

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

  • [ ] deposits in transit
  • [ ] bank service fees
  • [x] 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
  • [x] a violation of assignment of responsibility
  • [ ] a violation of segregation of duties
  • [ ] a support process to avoid fraud

Linkedin Accounting Assessment Answers

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
  • [x] 0.33

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

  • [ ] all attestation services
  • [ ] all professional services
  • [ ] all tax services
  • [ ] all consulting engagements

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

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

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

Linkedin Accounting Assessment Answers

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

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.

Q23. What is the purpose of an operational audit?

  • [ ] assessing the company’s compliance with environmental laws and regulations
  • [x] 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 these four primary areas: financial, customer, internal process, and learning and growth.
  • [ ] The balanced scorecard measures, tracks, and reports on a balance of qualitative and financial data and metrics.
  • [ ] 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?

  • [ ] information and communication
  • [x] risk mitigation
  • [ ] monitoring
  • [ ] control environment

Linkedin Accounting Assessment Answers

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

  • [ ] depreciation value
  • [ ] prepaid asset
  • [ ] depreciation expense
  • [x] 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?

  • [x] 200
  • [ ] 2000
  • [ ] 350
  • [ ] 20

Q29. Who does an audit committee report to?

  • [x] external auditors
  • [ ] senior management
  • [ ] board of directors
  • [ ] union of employee representatives

Q30. 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.

Q31. Which section of a financial annual report describes the corporation’s accounting methods?

  • [x] Notes to the financial statements
  • [ ] An auditor’s report
  • [ ] Listing of the stockholders
  • [ ] Management discussion and analysis

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FAQs

What is Linkedin Assessment?

The LinkedIn Skill Assessments feature allows you to demonstrate your knowledge of the skills you’ve added to your profile by completing assessments specific to those skills. LinkedIn skills evaluations are a means to demonstrate the skills of job hunters. This is how LinkedIn Skill Assessments can be used.

Is this Skill Assessment Test is free?

Yes, Linkedin Accounting Assessment Answers is totally free on LinkedIn for you. The only thing is needed i.e. your dedication toward learning.

When I will get Skill Badge?

Yes, if will Pass the Skill Assessment Test, then you will earn a skill badge that will reflect in your LinkedIn profile. For passing in LinkedIn Skill Assessment, you must score 70% or higher, then only you will get your to skill badge.

How to participate in skill quiz assessment?

It’s good practice to update and tweak your LinkedIn profile every few months. After all, life is dynamic and (I hope) you’re always learning new skills. You will notice a button under the Skills & Endorsements tab within your LinkedIn Profile: ‘Take skill quiz.‘ Upon clicking, you will choose your desired skill test quiz and complete your assessment.

LinkedIn Skill Assessments are a series of multiple-choice exams that allow you to prove the skills that are stated in your profile.

How to get Linkedin Skill Badge?

For getting Linkedin Badge in your profile, you need to score at least 70% and above for getting recognition of skill badges.

If you “grade in the 70th percentile or above”—according to LinkedIn—you officially pass and get a LinkedIn skill badge. The social media site will display your badge on your profile.

How long is Skill Assessment valid for?

Skills assessments that do not specify an expiry date are valid for 3 years from the date of the assessment. If more than 3 years have passed by the time the visa application is made, the skills assessment will no longer be valid.

What is the Benefit of Linkedin Skill Assessment?

  • Chances of getting hired will be increased.
  • You will earn Linkedin Skill Badge.
  • Your Linkedin Profile will rank on top.
  • You have a chance to get jobs earlier.
  • This Skill Assessment will enhance your technical skills, helps you to get recognized by top recruiters, and advanced your knowledge by testing your mind.

Who can give this Linkedin Skill Assessment Test?

Any Linkedin User, Any engineer, developer, or programmer, who wants to improve their Programming Skills
Anyone interested in improving their whiteboard coding skills
Anyone who wants to become a Software Engineer, SDE, Data Scientist, Machine Learning Engineer, etc.
Any students in college who want to start a career in Data Science
Students who have at least high school knowledge in math and who want to start learning data structures
Any self-taught programmer who missed out on a computer science degree.

How to do LinkedIn skill assessment

The LinkedIn Skill Assessments feature allows you to demonstrate your knowledge of the skills you’ve added on your profile by completing assessments specific to those skills.

A typical assessment consists of 15 multiple choice questions and each question tests at least one concept or subskill. The questions are timed and must be completed in one session. You can view the full list of available Skill Assessments and sample questions for each.

Available Skill Assessments on LinkedIn

.NET FrameworkAgile Methodologies, Amazon Web Services (AWS), Android, AngularJS, Angular, AutoCAD, AWS, Bash, C, C#, C++, CSS, GIT, Hadoop, HTML, Java, JavaScript, jQuery, JSON, Maven, and MS Vision, QuickBooks, Revit, etc.

What You Need to Know About LinkedIn Skill Assessments

During a job search, wouldn’t it be great to have a way to prove your proficiency in a specific skill to hiring managers?

Well, now there is. On September 17, LinkedIn launched its new Skill Assessments feature. These are online assessments you can take to demonstrate your proficiency in an area such as MS Excel or jQuery. All assessments have been designed by subject matter and LinkedIn Learning experts, and they’re based on an in-depth content creation and review process. Moreover, these assessments seem to be well received: Research shows that job seekers who’ve completed LinkedIn Skill Assessments are approximately 30 percent more likely to get hired than those who haven’t.

How LinkedIn Skill Assessments work
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.

Your score is private by default, meaning that you can control the visibility of the results. If you score in the 70th percentile or higher, you’ll pass the assessment and have the option of displaying a “verified skill” badge on your profile. If you don’t pass, you can take the assessment again once you’ve brushed up your skills. However, keep in mind that you can only take each assessment once per three months

When you’ve completed an assessment, LinkedIn provides you with an outline of your results. In addition, for a limited time, it offers relevant LinkedIn Learning courses for free so you can improve further. You’ll also receive relevant job recommendations.

According to Andrew Martins in his Business News Daily article “LinkedIn Users Can Now Showcase Skill Assessments,” the following assessments are currently available:

Adobe Acrobat, Angular, AWS, Bash, C, C#, C++, CSS, GIT, Hadoop, HTML, Java, Javascript, jQuery, JSON, Maven, MongoDB, MS Excel, MS PowerPoint, MS Project, MS SharePoint, MS Visio, Node.js, Objective-C, PHP, Python, QuickBooks, Ruby, Ruby on Rails, Scala, Swift, WordPress, and XML. Experts believe that there are also more, non-technical assessments in the making.

A good way to showcase your skills
LinkedIn Skill Assessments offer a brilliant way for you to showcase your abilities to potential employers while at the same time giving you the opportunity to hone your skills even further. So, take advantage of what’s offered — and use it to maximize your employability!

Sources:

https://blog.linkedin.com/2019/september/17/announcing-skill-assessments-to-help-you-showcase-your-skills

https://www.businessnewsdaily.com/15288-linkedin-skill-assessments.html

https://medium.com/alternative-digital-marketing/linkedin-skill-assessments-are-they-worth-it-735867ebe6ae

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