Bookkeeping - Final Exam - Quiz, Trivia & Questions

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| By AndreoliandAssoc

AndreoliandAssoc

Community Contributor

Quizzes Created: 2 | Total Attempts: 578

Questions: 10 | Attempts: 136 | Updated: Mar 14, 2023

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Final Exam - The final exam will test your knowledge in Part I of the Bookkeping Training Course

Questions and Answers

1.

Posting payments allows you to:
- A.
  
  Post payment to customers account and not disburse
- B.
  
  Post payment and apply to oldest invoices
- C.
  
  Post payments and disburse to specific invoices
- D.
  
  All the above
Correct Answer
D. All the above

Explanation
The correct answer is "All the above". This means that posting payments allows you to do all of the mentioned actions, which include posting payments to customers' accounts without disbursing, posting payments and applying them to the oldest invoices, and also posting payments and disbursing them to specific invoices.

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2.

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, making it the correct option. The Main tab and AR Summary tab may not have the necessary features or options to create disbursements. Therefore, the correct tab to create disbursements is the Create Disbursements tab.

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3.

Which of the following statements is FALSE
- A.
  
  Payments can be reversed
- B.
  
  Disbursements can be undisbursed
- C.
  
  Credit Memos can be used to offset Debit Memos
- D.
  
  All of the above are TRUE
Correct Answer
D. All of the above are TRUE

Explanation
The given answer states that all of the statements are true. This means that payments can indeed be reversed, disbursements can be undisbursed, and credit memos can be used to offset debit memos. This implies that there is no false statement among the options provided.

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4.

To reverse a payment you would:
- A.
  
  Open the payment, click the DELETE PAYMENT button
- B.
  
  Received On Account > Payment Reversal menu option
- C.
  
  Create a payment and make Amount: - NEGATIVE
- D.
  
  Payments cannot be reversed
Correct Answer
C. Create a payment and make Amount: - NEGATIVE

Explanation
To reverse a payment, you can create a new payment and enter a negative amount. This effectively subtracts the payment from the account, undoing the original transaction. By entering a negative amount, the system recognizes it as a reversal and adjusts the account balance accordingly. This method allows for the reversal of payments and helps maintain accurate financial records.

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5.

The Post pull-down menu provides options for which back office function(s)?
- A.
  
  Creating payments for customer accounts
- B.
  
  Store closing routines
- C.
  
  Customer AR Info and Lookup
- D.
  
  All the above
Correct Answer
B. Store closing routines

Explanation
The Post pull-down menu provides options for Store closing routines. This means that within the back office function, users can access the menu to perform tasks related to store closing routines. The menu may include options such as closing registers, balancing cash drawers, reconciling sales, and other activities necessary for closing the store at the end of the day.

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6.

Received on Account > Add/Edit allow you to do what?
- A.
  
  Post payments
- B.
  
  Post Debit Memos
- C.
  
  Post Credit Memos
- D.
  
  All the above
Correct Answer
D. All the above

Explanation
The option "Received on Account > Add/Edit" allows users to post payments, post debit memos, and post credit memos. This means that the feature enables users to perform all of these actions, making the correct answer "All the above".

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7.

Posting misc receipts, paid outs, and store deposit occurs where?
- A.
  
  Post pull-down menu
- B.
  
  Received On Account pull-down menu
- C.
  
  Customer pull-down menu
- D.
  
  Links pull-down menu
Correct Answer
A. Post pull-down menu

Explanation
The correct answer is the Post pull-down menu. This is where the action of posting miscellaneous receipts, paid outs, and store deposits occurs. The Post pull-down menu is likely a feature or option within a software or system used for financial transactions and record-keeping. It provides a specific location or function for users to input and process these types of transactions.

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8.

BPOS allows:
- A.
  
  Multiple store days to be open at same time
- B.
  
  Only one store day to be open at a time
- C.
  
  2 store days open at a time
Correct Answer
A. Multiple store days to be open at same time

Explanation
BPOS allows multiple store days to be open at the same time. This means that the system allows for multiple instances of a store day to be active simultaneously, allowing for efficient management of multiple store locations or operations. This feature can be beneficial for businesses with multiple branches or stores, as it allows for seamless operations across different locations without any restrictions on the number of store days that can be open at a given time.

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9.

The HELP button on any screen on the Bookkeeping view would:
- A.
  
  Show a list of tutorials/documents related to topics on that screen
- B.
  
  Perform the rest of your postings for you while you go to lunch
- C.
  
  Dial 911
Correct Answer
A. Show a list of tutorials/documents related to topics on that screen

Explanation
The HELP button on any screen on the Bookkeeping view would show a list of tutorials/documents related to topics on that screen. This means that if a user is unsure about how to perform a certain task or needs more information about a specific feature, they can click on the HELP button to access relevant tutorials or documents that provide guidance and instructions. This feature is designed to assist users in understanding and navigating through the Bookkeeping view effectively.

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10.

The back office would most likely use which other view in BPOS for reporting capabilities?
- A.
  
  Sales Counter
- B.
  
  Receiving View
- C.
  
  Reports View
- D.
  
  Admin and Utilities
Correct Answer
C. Reports View

Explanation
The back office would most likely use the Reports View in BPOS for reporting capabilities. This view is specifically designed to provide access to various reports and data analysis tools, allowing users to generate and view reports based on different criteria such as sales, inventory, and customer data. It offers a comprehensive set of reporting capabilities that can help the back office in analyzing and monitoring the performance of the business.

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Current Version
Mar 14, 2023

Quiz Edited by
ProProfs Editorial Team
Nov 16, 2012

Quiz Created by
AndreoliandAssoc

Bookkeeping - Final Exam

Posting payments allows you to:

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

Which of the following statements is FALSE

To reverse a payment you would:

The Post pull-down menu provides options for which back office function(s)?

Received on Account > Add/Edit allow you to do what?

Posting misc receipts, paid outs, and store deposit occurs where?

BPOS allows:

The HELP button on any screen on the Bookkeeping view would:

The back office would most likely use which other view in BPOS for reporting capabilities?