Bookkeeping And Accounting Basics! Trivia Quiz

5 Questions | Total Attempts: 270

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Bookkeeping And Accounting Basics! Trivia Quiz

Do you know anything about bookkeeping and accounting? Bookkeeping and accounting are both vital to small businesses. Both involve financial transactions. Bookkeeping focuses on the company and recording of financial transactions, while accounting examines those financial transactions that influence your business. Bookkeepers are also responsible for paying bills and writing invoices. This quiz will provide you with information about bookkeeping and accounting. Take this quiz and see if your numbers add up.


Questions and Answers
  • 1. 
    Posting Payments, Credit Memos, and Debit Menos is done from which pull-down menu on the Bookkeeping view?
    • A. 

      Post

    • B. 

      Received On Account

    • C. 

      Payments

    • D. 

      Customers

  • 2. 
    Posting payments allows you to:
    • A. 

      Post payment to customers accounts and not disburse.

    • B. 

      Post payment and apply to the oldest invoices.

    • C. 

      Post payments and disburse to specific invoices.

    • D. 

      All the above.

  • 3. 
    After creating a payment, from the Payment Edit screen, which tab would allow you to create disbursements?
    • A. 

      Main tab

    • B. 

      AR Summary tab

    • C. 

      Create Disbursements tab

    • D. 

      None of the Above

  • 4. 
    To see all uncleared payments, credits, debits, and invoices that are available for disbursement, you would use which "Fetch" button when creating disbursements?
    • A. 

      Fetch & Apply

    • B. 

      Fetch All Credits

    • C. 

      Committ Disbursements

    • D. 

      Fetch All

  • 5. 
    Select the correct workflow for posting a payment for a customer and applying it to a specific invoice.
    • A. 

      Create Payment > Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button

    • B. 

      Create Payment > COMMITT DISBURSEMENTS button > Fetch ALL > (double click) on line item to apply

    • C. 

      COMMITT DISBURSEMENTS button > Create Payment > Fetch ALL > (double click) on line item to apply

    • D. 

      Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button > Create Payment

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