Financial Accounting (IFRS) test

The test is made by a subject-matter expert

Miruru W.

A practicing Certified Public Accountant (CPA), Miruru has over 25 years of experience in financial reporting, financial management, and tax advisory services.

When he is not carrying out audits in accordance with international standards in auditing and financial reporting, you might find Miruru conducting reporting and financial management assignments in a diversity of sectors, including but not limited to agro-processing, farming, petroleum import, retail, construction, and real estate.

Crafted with expert knowledge

TestGorilla’s tests are created by subject matter experts. We assess potential subject-matter experts based on their knowledge, ability, and reputation. Before being published, each test is peer-reviewed by another expert, then calibrated using hundreds of test takers with relevant experience in the subject.

Our feedback mechanisms and unique algorithms allow our subject-matter experts to constantly improve their tests.

Why are financial account skills important to employers? 

Employers hire people with accounting skills to manage complex and time-consuming financial tasks, including compiling balance sheets and preparing income, cash flow, and owner’s equity statements. But even more importantly, they look to financial accountants to provide the leadership and management team with trustworthy financial information to enable sound decision-making.

IFRS accounting, in particular, helps businesses simplify balance sheets and reporting for international business and cross-border transactions, reducing administrative work and costly mistakes.

With expert accounting managers and advisors, employers can:

• Ensure transparency: IFRS accountants use simple, open, and standardized accounting terminologies that all parties can understand

• Save money: IFRS accountants can find legal cost-saving measures when filing taxes and managing sold goods

• Stay compliant: IFRS accounting experts ensure accurate debit and credit recording, tax compliance, and notation of activity statements

• Forecast with confidence: Accounting skills help staff break down financial data such as debt, net income, expenses, and asset values to support stronger, more accurate business decision-making

What is the IFRS system?

The International Financial Reporting Standards system is an internationally recognized set of accounting standards. It helps public firms maintain transparent records and statements that are accessible worldwide.

More than 160 countries globally use the IFRS system. However, if you’re hiring only within the USA, we advise using our Financial Accounting test following Generally Accepted Accounting Principles (GAAP).

The three components of the IFRS system

The IFRS system is based on three principles:

• Transparency: IFRS uses standardized terms for accounting operations to underpin more informed economic decision-making

• Accountability: The system reduces the information gap between people who provide capital and those entrusted with that money, helping to regulate financial accounting globally

• Efficiency: IFRS decreases international reporting costs and ensures all investors understand reports, improving capital allocation and removing unnecessary risks

Create a multi-measure assessment: 4 tests to pair with our test for financial accounting

With TestGorilla, you can create custom multi-measure assessments with up to five different multiple-choice skills tests. It’s the perfect way to get a comprehensive view of each candidate’s skills, aptitudes, and traits. 

We suggest the following to learn more about the finance experts you’re attracting:

• Communication test: Measure a candidate’s ability to understand and use clear verbal and written language professionally. This test helps you find conscientious communicators who can translate complex data for different audiences.

• Financial Math test: Assess applicants on how well they solve complex financial math problems that arise in accounting and advisory roles. Find out how accurately job seekers use equations, formulas, and computations to build reports and forecasts.

• Critical Thinking test: Discover talented people who confidently process confidential information and create financial action plans under pressure. Accountants with strong critical thinking skills stay objective and look carefully at the bigger picture.

• Culture Add test: Hire accounting talent who align with your company values and aren’t afraid to innovate. Candidates with great culture add potential help to energize your company with proactivity and enthusiasm.

Tip: Check out our complete list of accountant-specific tests and, based on the position you’re hiring for, determine which selection of two to three technical tests you should include in your assessment.