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Accounting Packages Mack up Test

Authored by Yona Sangula

Computers

1st - 12th Grade

Used 2+ times

Accounting Packages Mack up Test
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Pay employees

Checks written

Pay bills

Payments received from customers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an asset?

Buildings

Cash balance

Debtors

Loan from K Harris

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