Track 14 · Assessments
Financial reporting test
Prepare an income statement and balance sheet from a trial balance with year-end adjustments, the way employer reporting tests are set.
You will be able to
- Post year-end adjustments to an unadjusted trial balance.
- Prepare a classified income statement and balance sheet from the adjusted balances.
- Check the statements tie: closing retained earnings and a balancing balance sheet.
- Rework the statements when a late adjustment is found.
Included with a Formula Quest membership
A membership includes the worked examples, all 10 graded exercises and the full curriculum. The foundations track, the first ledger lessons and the Northstar Trading case stay free.
References
- IFRS Foundation — IFRS 18 Presentation and Disclosure in Financial Statements (accessed 2026-10-21)
- IFRS Foundation — IAS 2 Inventories (accessed 2026-10-21)
Content review: answers and figures are checked by automated tests against the accounting engine, and the text has had an internal review against the standards; independent review by a qualified accountant is pending.