Bookkeeping Practices
Final Exam Questions
Course Introduction
Bookkeeping Practices provides students with a comprehensive understanding of the foundational principles and procedures involved in recording, organizing, and managing financial transactions within a business setting. The course covers essential topics such as double-entry bookkeeping, journal and ledger management, preparation of trial balances, and basic financial statements. Students will gain practical skills using both manual and computerized systems, enabling them to accurately track income, expenses, accounts receivable and payable, and ensure regulatory compliance. Emphasis is placed on accuracy, attention to detail, and the ethical responsibilities of bookkeepers, preparing students for entry-level accounting positions or further study in the field.
Recommended Textbook
Computer Accounting with QuickBooks Online 1st Edition by Donna Kay
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Chapter 1: Quickbooks Online Navigation and Settings
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Sample Questions
Q1) QBO Settings are comprised of Company Settings and QBO Chart of Accounts.Company Settings are accessed by using the following process:
A)Select the Search icon,then select Advanced Search,then select Company.
B)Select the Create (+)icon,then select Other,then select Company.
C)Select the Gear icon,then select Account and Settings,then select Company.
D)Select the ? icon,then select Search,then select Company.
Answer: C
Q2) Which of the following is correct regarding a company's legal entity type and the tax form it must file with the IRS?
A)Sole Proprietor - Form 1065
B)Partnership - Form 1120
C)C Corporation - Form 1120S
D)Sole Proprietor - Form 1040 Schedule C
Answer: D
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3
Chapter 2: QBO Chart of Accounts
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Sample Questions
Q1) When in the QBO Chart of Accounts window,adding new accounts is completed by:
A)Selecting Accounting,then New,then enter a Category Type and a Detail Type.A Sub-account is needed for all new accounts,therefore,Check the Sub-account and enter in the appropriate name.
B)Selecting the Gear icon,then hit the plus in the Accounting window,then New,then enter a Category Type and a Detail Type.A Sub-account is optional,therefore,Uncheck sub-account if not needed and enter if it is needed.
C)Selecting Accounting,then New,then enter a Category Type and a Detail Type.A Sub-account is optional,therefore,Uncheck sub-account if not needed.
D)Selecting Gear icon,then hit the plus in the Accounting window,then New,then enter a Category Type and a Detail Type.A Sub-account is required for all new accounts,therefore,enter the title if it is needed.
Answer: C
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4
Chapter 3: QBO Transactions
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Sample Questions
Q1) The Chart of Accounts is:
A)a list of all the accounts the company uses when recording transactions.
B)not one of the QBO Lists and is used to record transactions.
C)not updated by the company; QBO support staff updates and initially sets up the Chart of Accounts with little input from the user.
D)a financial statement prepared by the company at the end of an accounting year.
Answer: A
Q2) Employee Lists in QBO online are used to:
A)Collect information regarding an employee's retirement accounts i.e.pension,and 401k.
B)Collect information regarding an employee's future opportunities at the company and education level.
C)Collect pertinent information regarding vacation days,and PTO days owed to the employee.
D)Collect information about employees for payroll purposes including name,Social Security number,and address.
Answer: D
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Chapter 4: Banking
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Sample Questions
Q1) In the QBO Check Register the column indicates which of the following:
A)It indicates whether the bank transaction is C (cleared),R (reconciled)or blank (uncleared,unreconciled).
B)It lists the amount of money coming into the Checking account.
C)It displays the running balance of the Checking account,and it updates the balance with each new transaction in the account.
D)It lists the amount of money coming out of the Checking account.
Q2) What are the two reasons differences exist between the bank statement and accounting records?
A)Bank errors and timing differences.
B)Company accounting errors and timing differences.
C)Errors (bank or company)and timing differences.
D)Timing differences and bank system errors.
Q3) Unrecorded charges that need to be recorded on the bank reconciliation include all of the following except:
A)Deposits in Transit
B)Service charges
C)Loan payments
D)Automatic withdrawals
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Page 6
Chapter 5: Customers and Sales
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Sample Questions
Q1) In QBO,the user will use a Delayed Credit and Delayed Charge when:
A)Delayed Credit - record a sale to a customer on account to be paid in the future. Delayed Charge - record a pending expense to be paid at a future date.
B)Delayed Credit - record a credit or reduction in the amount charged to a customer at a future date. Delayed Charge - record a refund to a customer at a future date.
C)Delayed Credit - record a pending credit to a customer occurring at a specified future date. Delayed Charge - record a pending charge to a customer occurring at a specified future date.
D)Delayed Credit - record a product or service provided to the customer at a specified future date. Delayed Charge - record a pending charge to a customer occurring at a specified future date.
Q2) What are the two main ways to record customers and sales transactions using QBO?
A)Customer Sales using Sales Receipts and Customer Sales using Invoices.
B)Customer Sales using Credit Memos and Customer Sales using Invoices.
C)Customer Sales using Sales Receipts and Customer Sales using Payment Receipts.
D)Customer Sales using Sales Receipts and Customer Sales using Estimates.
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Chapter 6: Vendors and Expenses
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Sample Questions
Q1) How does QBO define a vendor?
A)Any individual or organization that provides products or services to a company.
B)Any individual working for the corporation on a contract or employee basis (not organizations).
C)An organization providing services to a company (not individuals).
D)Individual industrial suppliers to an organization.
Q2) When is the Bill onscreen form used to record a vendor transaction in QBO?
A)It is used to record services for which a company has been billed for and agreed to pay later.
B)It is used to record expenses a company pays for at the time it receives the product or service.
C)It is used when a vendor gives a refund or reduction in a bill for what is owed to the vendor.
D)It is used to record a credit or a reduction in the charges owed to the vendor.
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8
Chapter 7: Inventory
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Sample Questions
Q1) What are the Vendor transactions related to inventory purchases that QBO records (listed in the proper order)?
A)Placing product orders,paying bills,and receiving products.
B)Placing product orders,receiving products,and paying bills.
C)Placing product orders,reconciling account detail to a physical count,and paying bills.
D)Placing project orders,invoicing products,and receiving customer payments.
Q2) What best describes internal controls?
A)A set of processes used to detect errors and irregularities.
B)Procedures used to detect errors and irregularities in asset accounts.
C)A set of processes and procedures to safeguard assets and detect errors.
D)A set of processes and procedures used to detect fraud and find errors in accounting data.
Q3) Why is a good system of internal controls necessary over inventory?
A)Inventory is an asset that a company must have available to sell.
B)Inventory is large and hard for a company to manage with proper controls.
C)Inventory is one of the main targets of fraud and theft.
D)Inventory is tied to liabilities and must be managed before too much debt is incurred.
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Chapter 8: Employees and Payroll
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Sample Questions
Q1) What two payroll taxes are the responsibility of the employer?
A)Employer share of FICA and Employer share of unemployment taxes
B)Employer share of FICA and Employee share of FICA
C)Employer share of FUTA and Employee share unemployment taxes
D)Employer share of FICA and Employee income taxes
Q2) What payroll tax form meets the following description: Filed with the IRS,this form summarizes the amount of federal income tax,Social Security,and Medicare withheld from employee paychecks for the quarter?
A)Form 940
B)Form 941
C)Form 944
D)Form 990
Q3) All of the following are payroll liabilities except:
A)Federal income taxes withheld from employee paychecks
B)State income taxes withheld from employee paychecks
C)FICO Employer's annual credit assessment
D)FICA Social Security and Medicare including both the employee and employer portion
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Chapter 9: QBO Adjustments
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Q1) What is FALSE regarding adjusting entries and QBO?
A)Adjusting entries are dated the last day of the accounting period which can be one month,one quarter or one year.
B)Adjustments are made through the Chart of Accounts during the year and then using the Onscreen Journal at the end of the year.
C)Adjusting Entries are entered in the Onscreen QBO Journal using debits and credits.
D)Some companies use QBO to maintain its accounting system throughout the year and use an accountant to prepare and enter adjusting entries at year end.
Q2) What is the accounting cycle?
A)It is a series of accounting activities a business performs each accounting period.
B)It consists of a period of steps beginning with preparing the financial statements.
C)It is closing out revenue and expense accounts to begin a new accounting year.
D)It is preparing adjustments to ensure revenue and expenses are correctly recorded.
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Chapter 10: QBO Reports
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Q1) What is NOT true regarding Tax forms?
A)The objective of the tax form is to provide information to federal and state tax authorities.
B)When preparing tax returns,a company uses the same rules as those used to prepare financial statements.
C)When preparing tax returns,a company uses different rules from those used to prepare financial statements.
D)Tax forms include: Federal and State income tax returns,Federal Payroll Forms and Federal Form 1099.
Q2) What is FALSE regarding the adjusted trial balance?
A)The adjusted trial balance is prepared to view updated account balances after adjusting entries are made.
B)To view an Adjusted Trial Balance in QBO select the Adjusted Trial Balance in Accountant Reports.
C)The adjusted trial balance verifies that the accounting system still balances after the adjusting entries are made.
D)To view an Adjusted Trial Balance in QBO just run the Trial Balance report after adjusting entries have been entered.
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