Accounting Multiple Choice Test - Level 2 (CRA)

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https://www.canada.ca/en/revenue-agency/corporate/careers-cra/candidate-assessment/assessment-options-candidate/accounting-multiple-choice-test-level-2.html

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Accounting Multiple Choice Test - Level 2 (CRA)

Identification Code

AC-MCT-2 (E101)

About the assessment

The AC-MCT-2 is a standardized multiple choice test that assesses basic knowledge of accounting principles, techniques, or practices and capability to apply them in common situations that present limited problems.

You will be given a number of questions to assess your knowledge of accounting principles, techniques and/ or practices, including financial statements, journal entries, GAAP, books of accounts, organizations, and how to apply that knowledge to common situations.

For each question, you will be given four possible response options and you must choose the correct one.

Assessment Format

Supervised online

Location of assessment

In office

Portability of result

Yes

Retest period

180 days

Validity period

Indefinitely

Time to complete assessment

40 minutes

Number of questions

33 questions

Categories to evaluate

Job knowledge and/or Technical Skills

Type of questions

Multiple choice

Sample question(s)

Accounting – Level 2 Sample Questions


Sample questions for level 2


Answers are provided below.

Questions

  1. An error in determining year-end inventory will cause a misstatement of:
    1. cost of goods sold
    2. gross profit
    3. net income
    4. all of the above
  2. ABCD Appliance Repair completed repairs of $150 on a customer's dishwasher on June 28th. Invoice and payment are both made on July 7th. As of June 30th, the $150 is:
    1. a prepaid expense
    2. an accrued revenue
    3. unearned revenue
    4. an accrued expense
  3. In 1999, an equipment owner sold a front end loader for $75,000, with a book value of $100,000 and accumulated depreciation of $70,000. What is the accounting gain/loss on the sale of the loader?
    1. ($25,000)
    2. $30,000
    3. $75,000
    4. $45,000

Answers

  1. d
  2. b
  3. d

Practice test

No

Possible result

You must score 18 or greater to get Level 2.

Additional information

If you get Level 2 on the AC-MCT-2, you do not have to complete the AC-MCT-1. If you do not get Level 2 on the AC-MCT-2, you can complete the AC-MCT-1. Retest periods apply. If you have successfully completed accounting courses, ask the contact for the staffing process if you have to complete the AC-MCT-2.


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Date modified:
2024-02-05