Level 0 exam — Finance & Accounting

Exam — fresh questions

12 questions to validate the fundamentals: accounting roles, vocabulary, obligations and chart of accounts.
Answer everything, then click Check: your score and explanations will appear.

0.1 · Recall

1. Which is a role of accounting?

Manufacture products Help decide (steer) Recruit Deliver to customers

Record, report and help decide are its three roles.

0.1 · Application

2. Which accounting analyses profitability by product?

None Tax accounting General Cost

Cost accounting (internal, free-form) breaks down costs and margins; general gives the global view.

0.1 · Arbitration

3. Which statement is FALSE?

It informs several stakeholders Accounting is only a tax obligation General is compulsory Cost is optional

It is also a steering dashboard, not just an obligation.

0.2 · Recall

4. Debit and credit are…

A bank withdrawal A debt Minus and plus The two columns of an account (left/right)

Their meaning depends on the account type; they are not +/− like at the bank.

0.2 · Application

5. A company's assets are…

What it owns and uses (uses) Profit Its debts Its sales

Assets = uses; liabilities = where the money comes from (resources).

0.2 · Application

6. What is NOT on the liabilities side?

Inventory Loans Debts Equity

Inventory is an asset; liabilities group equity and debts.

0.3 · Application

7. Which is an area of accounting obligations?

Advertising Setting prices Keeping supporting documents Hiring a CFO

Keep books, prepare annual accounts, keep documents.

0.3 · Application

8. A micro-entity's obligations are…

Same as a large company Greatly simplified (but not zero) Non-existent Forbidden

Simplified regime (revenue register, invoices) but tracking and returns remain.

0.3 · Arbitration

9. Rachid applies rules found for another country as-is. What is the risk?

Automatically paying less tax Ending all retention None, rules are identical everywhere Applying a regime that is not his and missing his local obligations

Principles are universal; procedures (periods, regimes) depend on local law.

0.4 · Recall

10. What does an account's first digit give?

The amount The date The class (major category) The balance

E.g. 512 → class 5 (cash, bank). Class logic comes first.

0.4 · Application

11. Which class is a goods purchase in?

Class 7 Class 1 Class 6 (expenses) Class 5

A purchase is an expense (class 6); a sale is income (class 7).

0.4 · Arbitration

12. Must you memorise every account number?

No: understanding class logic is enough Yes, by heart Only class 8 Impossible otherwise

Grasp the logic; exact numbers are looked up (chart, software).

What's next?

Score ≥ 80%: move on to Level 1 — V3 (double-entry, journal, purchases/sales, VAT, bank).
Score < 80%: review the sections you missed (grammar 0.2, classes 0.4, obligations 0.3), re-read the explanations above, then retake the test.

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