Bookkeeping And Accounting Basics! Trivia Quiz

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Bookkeeping And Accounting Basics! Trivia Quiz - 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

    Correct Answer
    B. Received On Account
    Explanation
    The correct answer is "Received On Account" because when posting payments, credit memos, and debit memos in the bookkeeping view, the action of receiving money or applying it to a customer's account is done under the "Received On Account" option in the pull-down menu. This option allows the bookkeeper to record and track the payments and adjustments made by customers towards their account balances.

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  • 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.

    Correct Answer
    D. All the above.
    Explanation
    Posting payments allows you to perform multiple actions. Firstly, you can post payment to customers' accounts without actually disbursing the funds. Secondly, you can post payment and apply it to the oldest invoices, ensuring that the oldest debts are settled first. Lastly, you can post payments and disburse them to specific invoices, allowing for targeted allocation of funds. Therefore, the correct answer is that posting payments allows you to do all of the above actions.

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  • 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

    Correct Answer
    C. Create Disbursements tab
    Explanation
    The Create Disbursements tab would allow you to create disbursements after creating a payment from the Payment Edit screen. This tab is specifically designed for the purpose of creating disbursements, so it is the correct option to choose in this scenario. The Main tab and AR Summary tab do not have the functionality to create disbursements, and selecting "None of the Above" would be incorrect as there is a specific tab for creating disbursements.

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  • 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

    Correct Answer
    D. Fetch All
    Explanation
    To see all uncleared payments, credits, debits, and invoices that are available for disbursement, you would use the "Fetch All" button when creating disbursements. This button allows you to retrieve all the relevant information in one go, including all the payments, credits, debits, and invoices that need to be disbursed. It provides a comprehensive view of all the available transactions, making it easier to manage and process disbursements efficiently.

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  • 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

    Correct Answer
    A. Create Payment > Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button
    Explanation
    The correct workflow for posting a payment for a customer and applying it to a specific invoice is to first create the payment, then fetch all the line items, double click on the line item to apply the payment, and finally click on the COMMITT DISBURSEMENTS button. This sequence ensures that the payment is properly recorded and applied to the correct invoice.

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 16, 2012
    Quiz Created by
    AndreoliandAssoc
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