Accounting Packages Mack up Test

What is the purpose of the Chart of Accounts?

• It allows accountants to view accounting records remotely.

• It is how you categorize financial transactions.

• To see a graphical chart of income and expenses.

• To categorize items

When reconciling your bank account in QuickBooks, what must the beginning balance match?

• It should always match the opening balance on the paper bank statement.

• It should always match the original account opening balance when the account was created.
  

• The beginning balance should always be zero.

• The beginning balance should always equal the net amount of all uncleared bank transactions.

Which form should you use to enter petty cash expenditures?

• Enter Petty Cash

• Money Out

• Enter Credit Card Charges

• Write Checks or use check register

The debts which are to be repaid within a short period (a year or less) are referred to as,

• Current Liabilities

• Fixed liabilities

• Contingent liabilities

• All the above

From the Vendor Navigator, which one of the following transactions can be recorded?

• Pay employees

• Checks written

• Pay bills

• Payments received from customers

When should you use a Sales Receipt in QuickBooks?

• To give a customer a receipt for payment of an invoice

• To record a customer prepayment or deposit

• To record a customer payment at the time of sale

• To enter a customer early-payment discount

Which of the following is not an asset?

• Buildings

• Cash balance

• Debtors

• Loan from K Harris

Which of the following best describes the meaning of ‘Purchases’?

• tems bought

• Goods bought on credit

• Goods bought for resale

• Goods paid for

Which of the following best describes a trial balance?

• Shows the financial position of a business

• It is a special account

• Shows all the entries in the books

• It is a list of balances on the books

Which of the following should not be called ‘Sales’?

• Office fixtures sold

• Goods sold on credit

• Goods sold for cash

• Sale of item previously included in ‘Purchases