IFRS financial accounting test: Pre-employment screening assessment to hire top candidates

Use our Financial accounting (IFRS) test to hire the best

This financial accounting test evaluates candidates’ ability to record, classify, and summarize accounting transactions according to IFRS. This pre-employment screening test will help you to hire experts with practical financial accounting skills.

Covered skills

Recording & documentation
Classification & summarizing
Reporting & presentation
Interpretation & financial analysis

Use the Financial accounting (IFRS) test to hire

Bookkeepers, accounts assistants, financial accountants, financial managers, and other roles requiring a good grasp of financial accounting.

Type

Role specific skills

Time

10 min

Languages

English

Level

Intermediate

Preview questions Get started

About the Financial accounting (IFRS) test

Financial accounting plays an important role in helping businesses track income and expenditures, ensure statutory compliance, and provide investors, management, and government with the financial information they need to make good business decisions.

This financial accounting (IFRS) test evaluates a candidate’s ability across various financial accounting topics ranging from balance sheets and income statements, to cash flow and owners’ equity. The test assesses candidates’ skills in recording and documentation, classification and summarizing, reporting and presentation, interpretation, and financial analysis. All questions are skewed to practical application, assessing the candidate’s ability to prepare books that reflect a true and fair financial position of the reporting entity and handle complex accounting transactions in both full International Financial Reporting Standards (full IFRS) and International Financial Reporting Standards for small and medium entities (IFRS for SMEs).

Candidates who perform well on this test will have a strong grasp of IFRS, and the technical skills needed to perform bookkeeping duties, handle basic and complex accounting processes, prepare financial statements, and interpret financial results.

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.

What our customers are saying

Use TestGorilla to hire the best faster, easier and bias-free

Our screening tests identify the best candidates and make your hiring decisions faster, easier, and bias-free.

Predict job performance

Learn how each candidate performs on the job using our library of 284 scientifically validated tests.

Test candidates for job-specific skills like coding or digital marketing, as well as general skills like critical thinking. Our unique personality and culture tests allow you to get to know your applicants as real people – not just pieces of paper.

Hire without bias

Give all applicants an equal, unbiased opportunity to showcase their skills with our data-driven and performance-based ranking system.

With TestGorilla, you’ll get the best talent from all walks of life, allowing for a stronger, more diverse workplace.

Offer a positive candidate experience

Our short, customizable assessments and easy-to-use interface can be accessed from any device, with no login required.

Add your company logo, color theme, and more to leave a lasting impression that candidates will appreciate.

Get a demo Get started

Watch how you can use the Financial accounting (IFRS) test

Create high-quality assessments, fast

Building assessments is a breeze with TestGorilla. Get started with these simple steps.

Create high-quality job assessments, fast

Building assessments is quick and easy with TestGorilla. Just pick a name, select the tests you need, then add your own custom questions.

You can customize your assessments further by adding your company logo, color theme, and more. Build the assessment that works for you.

Invite candidates your way

Send email invites directly from TestGorilla, straight from your ATS, or connect with candidates by sharing a direct link.

Have a long list of candidates? Easily send multiple invites with a single click. You can also customize your email invites.

See the best candidates, ranked

Discover your strongest candidates with TestGorilla’s easy-to-read output reports, rankings, and analytics.

Easily switch from a comprehensive overview to a detailed analysis of your candidates. Then, go beyond the data by watching personalized candidate videos.

Get a demo Sign up free

View a sample report

The Financial accounting (IFRS) test will be included in a PDF report along with the other tests from your assessment. You can easily download and share this report with colleagues and candidates.

Download sample report

How to hire finance experts with an accounting assessment test

The Financial Accounting (IFRS) test will help you evaluate your candidates’ abilities to record, classify, and summarize accounting information according to the International Financial Reporting Standards (IFRS). When you hire an accountant to help track your income and expenses, the Financial Accounting (IFRS) test is the best way to ensure you get a top-quality hire. But first, let’s look at why financial accounting is important in today’s business environment.

Why is financial accounting important?

Financial accounting is essential if you want your business to thrive. Good financial accountants provide a variety of services to successful businesses:

• Income tracking
• Expense tracking
• Ensuring your business is statutory compliant
• Providing the leadership and management team with financial information for sound decision-making

The modern economy relies heavily on cross-border transactions (almost a third of all financial transactions). Such transactions used to be complicated because of the differences in national financial/accounting standards. Businesses would therefore find it difficult to track balance sheets according to different national standards, and even a small mistake could compromise the accuracy of their reports.

The solution to this problem was the IFRS system. They created an internationally recognized set of accounting standards based on three components:

Transparency

Transparency is an important factor in accounting, as outlined by IFRS. They ensure transparency by establishing standardized terms and terminologies for accounting operations so that investors and other participants can make informed economic decisions.

Accountability

IFRS identifies accountability as reducing the information gap between people who provide capital and those entrusted with that money. This is crucial when it comes to regulating financial accounting globally.

Efficiency

Efficiency in financial accounting means helping investors understand which opportunities are low and high risk across the world, thus improving capital allocation and removing unnecessary risks from the equation. IFRS achieved this by establishing a single accounting language that reduces international reporting costs and ensures all investors understand the reports.

What is the IFRS system?

The IFRS system provides extensive rules when it comes to the following accounting categories:

• Statement of Financial Position: The IFRS system requires detailed information in the statement of financial position (commonly known as the balance sheet).

• Statement of Comprehensive Income: The standards provide guidelines on how to make a statement of comprehensive income, whether it’s a single statement or a profit or loss statement.

• Statement of Changes in Equity: This statement refers to the changes to your organization’s profits over a period of time, and IFRS provides guidelines on what statements should include.

• Statement of Cash Flow: The IFRS system requires this statement to include a summary of your financial transactions, separated into financing, operations and investing.

The importance of the Financial Accounting (IFRS) test

When hiring an accountant for your organization, you should ask applicants to complete an accounting assessment test, like our Financial Accounting (IFRS) test. This test will help you evaluate candidates and see if they’re skilled in the following financial tasks:

• Recording and documentation
• Classification and summarizing
• Reporting and presentation
• Interpretation and financial analysis

The test is ideal for any of the following roles:

• Bookkeeper
• Account assistant
• Financial accountant
• Financial manager
• Any role that requires the candidate to know a lot when it comes to financial accounting.

The IFRS Financial Accounting test will assess your candidates’ understanding of key financial accounting responsibilities, such as writing balance sheets, income statements, cash flow, and owner’s equity.

The questions in the test measure the candidate’s experience and target practical application instead of theorizing. We want you to find a candidate who knows how to prepare your organization's books truthfully and fairly, will carry out complex accounting transactions and will ensure that all of the company's financial accounting is under IFRS guidelines.

Candidates who score well on this accounting assessment test will be skilled and experienced in financial accounting and have a strong grasp of IFRS.

Here’s how the IFRS Financial Accounting test improves your recruitment process

Inviting your candidates to complete our Financial Accounting (IFRS) test will benefit your hiring process in various ways, including the following:

• Creating a bias-free hiring process: TestGorilla’s pre-employment tests eliminate unconscious bias in your hiring process. Simply give all your candidates the test and wait for the results. All candidates are thus evaluated solely on their skills – rather than their CVs, which is a notoriously biased way to assess applications.

• Providing objective results: All your candidates receive the same test, and the results you receive are numerical. This means you can compare candidates easily and all candidates compete on a level playing field.

• Simplicity and accessibility: Using a pre-employment test is easy and simple. Your hiring manager sends the test with a single click to all candidates, whether there are 20 or 220 candidates. This makes pre-employment tests a scalable solution compared to CV screening which is time-consuming and doesn’t do well with a large number of candidates.

Hire skilled financial accounting professionals with TestGorilla

When hiring a candidate to conduct financial accounting in your company, you need to ensure your hire the right person. To help you find the best candidate, an accounting assessment test can help you evaluate candidates on financial accounting, soft skills, and more.

TestGorilla’s IFRS Financial Accounting test is created by an expert. This means your candidates are evaluated on the most critical skills for the job.

In addition, TestGorilla has integrations with a variety of applicant tracking systems or ATS, to help you further streamline your hiring process, cut costs and give your candidates the best application experience.

Stop reviewing CVs and use TestGorilla’s Financial Accounting test to evaluate candidate skills today.

FAQs

What is the difference between an assessment and a test?

An assessment is the total package of tests and custom questions that you put together to evaluate your candidates. Each individual test within an assessment is designed to test something specific, such as a job skill or language. An assessment can consist of up to 5 tests and 20 custom questions. You can have candidates respond to your custom questions in several ways, such as with a personalized video.

Can I add my own questions to an assessment?

Yes! Custom questions are great for testing candidates in your own unique way. We support the following question types: video, multiple-choice, coding, file upload, and essay. Besides adding your own custom questions, you can also create your own tests.

How do video questions work?

A video question is a specific type of custom question you can add to your assessment. Video questions let you create a question and have your candidates use their webcam to record a video response. This is an excellent way to see how a candidate would conduct themselves in a live interview, and is especially useful for sales and hospitality roles. Some good examples of things to ask for video questions would be "Why do you want to work for our company?" or "Try to sell me an item you have on your desk right now." You can learn more about video questions here.

Can you explain how the other custom question types work?

Besides video questions, you can also add the following types of custom questions: multiple-choice, coding, file upload, and essay. Multiple-choice lets your candidates choose from a list of answers that you provide, coding lets you create a coding problem for them to solve, file upload allows your candidates to upload a file that you request (such as a resume or portfolio), and essay allows an open-ended text response to your question. You can learn more about different custom question types here.

Can I customize an assessment with my company logo and color theme?

Yes! You can add your own logo and company color theme to your assessments. This is a great way to leave a positive and lasting brand impression on your candidates.

What type of support do you offer?

Our team is always here to help. After you sign up, we’ll reach out to guide you through the first steps of setting up your TestGorilla account. If you have any further questions, you can contact our support team via email, chat or call. We also offer detailed guides in our extensive Help & Inspiration Center.

What is the cost for using the Financial accounting (IFRS) test?

You can find our pricing packages here. Sign up here to try TestGorilla today.

Can I combine the Financial accounting (IFRS) test with other tests?

Yes. You can add up to five tests to each assessment.

Where in my recruitment process should I use the Financial accounting (IFRS) test?

We recommend using our assessment software as a pre-screening tool at the beginning of your recruitment process. You can add a link to the assessment in your job post or directly invite candidates by email. TestGorilla replaces traditional CV screening with a much more reliable and efficient process, designed to find the most skilled candidates earlier and faster.

Financial accounting (IFRS)