Course Introduction
Bookkeeping Principles Exam Practice Tests
Bookkeeping Principles introduces students to the fundamental concepts and practices of recording financial transactions for businesses and organizations. This course covers the double-entry system, chart of accounts, journal entries, ledgers, trial balances, and the preparation of basic financial statements. Emphasis is placed on accuracy, integrity, and adherence to accepted accounting standards. Students will gain hands-on experience in classifying, recording, and summarizing financial data, providing a solid foundation for further studies in accounting and finance or for managing small business financial records effectively.
Recommended Textbook
Computer Accounting with QuickBooks Online 1st Edition by Donna Kay
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10 Chapters
200 Verified Questions
200 Flashcards
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Page 2
Chapter 1: Quickbooks Online Navigation and Settings
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20 Flashcards
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Sample Questions
Q1) QBO Help and Support:
A)Is essentially the same as the QBO Search icon.
B)Provides an Advanced Search option useful in reviewing specific transactions.
C)Is accessed through the ? icon.
D)Allows a user to view Recent Transactions in more detail.
Answer: C
Q2) QBO SatNav divides QBO into which of the following three processes?
A)QBO Settings,QBO Transactions,and QBO Reports
B)QBO Search,QBO Help and Support,and QBO Reports
C)QBO Settings,QBO Search,QBO Help and Support
D)QBO Settings,QBO Transactions,and QBO Search
Answer: A
Q3) 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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Page 3
Chapter 2: QBO Chart of Accounts
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20 Flashcards
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Sample Questions
Q1) Liabilities:
A)Are amounts a company owes to others.
B)Represent obligations that must be satisfied with cash.
C)Are recorded in the Profit & Loss Statement.
D)Are usually recorded in the equity section of the balance sheet if it is long term.
Answer: A
Q2) Select the statement that is not true regarding Assets.
A)Asset accounts include but are not limited to: cash,accounts receivable,inventory,and fixed assets.
B)Assets provide a future benefit to the company.
C)Assets are amounts a company owes to others.
D)Assets are resources a company owns.
Answer: C
Q3) Net income is calculated by:
A)Net Income = Assets + Revenues
B)Net Income = Revenues + Owners' Equity
C)Net Income = Revenues - Expenses
D)Net Income = Assets - Liabilities
Answer: C
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Chapter 3: QBO Transactions
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20 Flashcards
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Sample Questions
Q1) Revenues are:
A)Increased with debits and decreased with credits.
B)Increased and decreased with credits.
C)Increased and decreased with debits.
D)Increased with credits and decreased with debits.
Answer: D
Q2) Which of the following is false regarding recurring transactions in QBO?
A)Recurring transactions save time and reduce errors.
B)Recurring transactions are frequently used transactions which are saved to use in future transactions.
C)Recurring transactions are classified in QBO as three different types: Scheduled,Unscheduled and Reminder.
D)Recurring transaction types are set up in QBO to be scheduled and do not represent unscheduled type of transactions.
Answer: D
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Chapter 4: Banking
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Sample Questions
Q1) 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
Q2) What are the four main ways QBO records money out?
A)Interest Earned,Investments from Owners,Bill > Pay Bills,and Purchase Order > Pay Bills.
B)Expense,Check,Bill > Pay Bills,and Purchase Order >Bill> Pay Bills.
C)Expense,Receipt Advices,Bill > Pay Bills,and Purchase Order > Bill > Pay Bills.
D)Expense,Check,Bill > Pay Bills,and Interest on Investments.
Q3) In QBO,what situations cause the company to use the Bank Deposit form?
A)Money coming in is not related to customer sales.
B)Money coming in is related to customer sales.
C)All money coming into the company.
D)Cash received from customers that purchased on credit (accounts receivable receipts).
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6
Chapter 5: Customers and Sales
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Sample Questions
Q1) Which of the following is NOT true regarding accounts receivable?
A)Accounts receivable arise from credit sales where we debit account receivable and credit sales.
B)The risk is that a customer may break their promise to pay resulting in a bad debt or uncollectible account.
C)It is important to track accounts receivable to determine if accounts are collected in a timely manner.
D)Due to a company's prescreening activities,it is generally not that important to track the receivable after the credit sale.
Q2) In QBO,the following two ways exist for updating the Customers List:
A)Delayed charges and Delayed credit.
B)Before entering transactions and After entering transactions.
C)Before entering transactions and While entering transactions.
D)While entering transactions and Delayed charging of transactions.
Q3) What are the two different methods for accounting for bad debts:
A)Direct Write-off method and Allowance method
B)Accounts Receivable method and Direct Write-off method
C)Accounts Receivable Reconciliation method and Allowance method
D)Direct Write-off method and Accounts Receivable Reconciliation method
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Page 7
Chapter 6: Vendors and Expenses
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Sample Questions
Q1) How does an account payable arise with a vendor?
A)When our business makes a cash purchase,it promises to pay the same amount again for future purchases.
B)When our customers purchase amounts from us,they promise to pay us in the future.
C)When we return purchases to our vendor,they promise to pay us for the amounts returned.
D)When our business purchases on credit,it promises to pay that amount in the future.
Q2) 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.
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8
Chapter 7: Inventory
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Sample Questions
Q1) 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.
Q2) What is not TRUE regarding the QBO Products and Services List?
A)It is used for products and services sold to customers that were not purchased from vendors.
B)It is used for products that are both purchased and sold.
C)A company only has to enter one set of product information used for both purchasing and sales.
D)It collects information about products purchased from vendors and sold to customers.
Q3) In QBO,what List is NOT used for inventory transactions?
A)Vendors List
B)Customers List
C)Products and Services List
D)Accounts List
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Chapter 8: Employees and Payroll
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Sample Questions
Q1) In QBO,Single Time Activity is one way to track time.It is used to:
A)invoice customers for billable time related to specific projects.
B)enter time billable to specific customers.Then time is added to the customer's invoice.
C)enter time worked by each specific employee during a week.
D)time one activity and enter the time data.The time is then recorded on the employee's weekly timesheet.
Q2) Which of the following is NOT true regarding QBO Payroll?
A)To use QBO Payroll requires a subscription to QBO Payroll service.
B)If a user subscribes to QBO Payroll service,QBO will send email reminders when payroll should be run.
C)QBO Payroll offers the option of printing checks or using direct deposit to an employees' bank account.
D)QBO Mobile Payroll app for Android or Apple devices allows a user to run payroll from their device,and QBO is considering adding the capability to sync with QBO.
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Chapter 9: QBO Adjustments
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Sample Questions
Q1) Which selection below is FALSE regarding Adjustments?
A)Adjustments bring accounts up to date and show the correct account balances on financial reports.
B)Adjusting entries are dated the first day of the accounting period.
C)Adjustments are typically made at the end of the accounting period to up date accounts before year-end reports are prepared.
D)Adjustments are also called Adjusting Entries since we enter Adjustments by making entries into a Journal.
Q2) Correcting errors on saved documents requires all of the following except:
A)One approach is to display the document,correct the error and then save the document again.
B)The document can be voided and then create a new document.
C)Delete the document and create a new document.
D)Destroy the document to ensure there is no source for identity theft since that is more important than needing an audit trail.
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11
Chapter 10: QBO Reports
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Sample Questions
Q1) In QBO,select the option that is NOT true regarding navigating QBO reports?
A)The dashboard can be customized by selecting Edit or drop-down arrows while viewing the financial dashboard.
B)A user can review reports that QBO recommends by selecting the Recommended tab in Reports.
C)To streamline finding reports a user can review the reports they run frequently by selecting the Frequently Run tab in Reports.
D)The All Reports tab in Reports is simply a list of all reports a company has available to them listed in alphabetical order.
Q2) What is NOT true regarding QBO reports?
A)QBO offers a limited number of reports to ensure its users are not overwhelmed with information they do not need.
B)Most QBO reports are accessed from the Navigation Bar.
C)QBO offers numerous reports to meet the needs of a wide array of users.
D)From the Navigation Bar,Dashboard can be selected which summarizes key financial information.
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