Junior Accountant Position, Am Inc. Part 1

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    Basic Accounting Concept: Items owned by the business such as land, supplies, and equipment are its

    • Assets
    • Liabilities
    • Owner's equity
    • Revenue
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About This Quiz


Choose the best answer, this is a pre-qualification examination for the Junior Accountant.

Junior Accountant Position, Am Inc. Part 1 - Quiz

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  • 2. 
    Excel Application: This button represents: - ProProfs

    Excel Application: This button represents:

    • The AutoCorrect button

    • The AutoFormat button

    • The AutoSum button

    • The conditional format button

    Correct Answer
    A. The AutoSum button
    Explanation
    This button in the Excel application represents the AutoSum button. The AutoSum button is used to automatically calculate the sum of selected cells in a column or row. It is a convenient tool for quickly adding up numbers without having to manually enter the formula.

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  • 3. 

    Basic Accounting Concept: Residual value is the:

    • Value of the asset when it is purchased

    • Value of the asset at the end of its useful life

    • Cost of the asset

    • Allocation of the cost

    Correct Answer
    A. Value of the asset at the end of its useful life
    Explanation
    The residual value refers to the estimated value of an asset at the end of its useful life. It is the amount that the asset is expected to be worth after it has been fully depreciated. This value is important in determining the depreciation expense of the asset over its useful life.

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  • 4. 

    Excel Application:   In order to multiply items in Excel you would use:

    • ^

    • @

    • *

    • X

    Correct Answer
    A. *
    Explanation
    To multiply items in Excel, the asterisk (*) symbol is used.

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  • 5. 

    Basic Accounting Concept: Who is the person  responsible for managing the financial analisys, establishing the financial planning  and managing the financial risk of the corporation?

    • CFO

    • Senior Accountant

    • CEO

    Correct Answer
    A. CFO
    Explanation
    The person responsible for managing the financial analysis, establishing the financial planning, and managing the financial risk of the corporation is the CFO (Chief Financial Officer). The CFO is a senior executive who oversees the financial operations of the company, including budgeting, forecasting, financial reporting, and risk management. They play a crucial role in making strategic financial decisions and ensuring the financial health and stability of the organization.

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  • 6. 

    PC Operations: All computers must have

    • Operating System

    • Word processing Software

    • Keyboard

    • Modem

    Correct Answer
    A. Operating System
    Explanation
    An operating system is essential for a computer to function properly. It manages the computer's hardware and software resources, allowing users to interact with the computer and run applications. Without an operating system, the computer would not be able to perform tasks, manage files, or communicate with other devices. While word processing software, keyboard, and modem are important components, they are not necessary for a computer to have in order to be considered a computer.

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  • 7. 

    Basic Accounting Concept: A corporation is a business which is:

    • Easy to form.

    • Ends with the death of a stockholder.

    • Owned by stockholders.

    • None of the above.

    Correct Answer
    A. Owned by stockholders.
    Explanation
    A corporation is a business entity that is owned by stockholders. This means that the ownership of the corporation is divided into shares of stock, which are owned by individuals or other entities. The stockholders have the right to vote on important decisions, such as the election of the board of directors, and they also have the potential to receive dividends based on the profits of the corporation. Therefore, the correct answer is that a corporation is owned by stockholders.

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  • 8. 

    Excel Application: A user wishes to remove a spreadsheet from a workbook. Which is the correct sequence of events that will do this ? v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML);}

    • Go to FILE - SAVE AS - SAVE AS TYPE - Excel 4.0 Work Sheet

    • Right click on the spreadsheet tab and select DELETE

    • Right click on the spreadsheet and select INSERT - ENTIRE COLUMN

    • Delete all the culumns and cells.

    Correct Answer
    A. Right click on the spreadsheet tab and select DELETE
    Explanation
    The correct sequence of events to remove a spreadsheet from a workbook is to right click on the spreadsheet tab and select DELETE. This action will delete the specific spreadsheet from the workbook.

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  • 9. 

    Basic Accounting Concept: On which financial statement would you find Salaries Expense?

    • Income Statement

    • Balance Sheet

    • Statement of owner's equity

    • It does not appear on a financial statement

    Correct Answer
    A. Income Statement
    Explanation
    Salaries Expense would be found on the Income Statement. The Income Statement is a financial statement that shows a company's revenues, expenses, and net income or loss for a specific period of time. Salaries Expense represents the amount of money that a company has paid to its employees for their services during that period. It is considered an expense because it reduces the company's net income.

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  • 10. 

    Basic Accounting Concept: Who is the person in charge to sets the direction and oversees the operations of an organization?

    • CFO

    • Senior Accountant

    • CEO

    Correct Answer
    A. CEO
    Explanation
    The CEO, or Chief Executive Officer, is the person in charge of setting the direction and overseeing the operations of an organization. They are responsible for making major corporate decisions, managing the overall strategy, and ensuring the organization's success. The CFO, or Chief Financial Officer, is typically responsible for managing the financial aspects of the organization, while a Senior Accountant may have a more specialized role in managing accounting functions. However, the CEO is the ultimate authority and has the highest level of responsibility in an organization.

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  • 11. 

    Basic Accounting Concepts: Which of the following is correct?

    • Capital can only come from profit

    • Profit does not alter capital

    • Profit increases capital

    • Profit reduces capital

    Correct Answer
    A. Profit increases capital
    Explanation
    Profit increases capital because profit is the excess of revenue over expenses, and it is considered a source of funds for a business. When a business earns a profit, it adds to its capital or owner's equity. This increase in capital allows the business to have more resources to invest, expand operations, or distribute dividends to shareholders. Therefore, profit is an essential factor in growing and strengthening the capital base of a business.

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  • 12. 

    Basic Accounting Concept: Who is the person in charge  to carry out the strategic plans and policies as established by the board of directors?

    • CFO

    • Senior Accountant

    • CEO

    Correct Answer
    A. CEO
    Explanation
    The CEO, or Chief Executive Officer, is the person in charge of carrying out the strategic plans and policies established by the board of directors. This role is responsible for the overall management and direction of the company, making important decisions that align with the organization's goals and objectives. The CEO is accountable for the company's performance and is typically the highest-ranking executive in the organization.

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  • 13. 

    PC Operations: Which of the following might be a reason that you fail to send or receive an attachment?

    • The attachment is too boring

    • The attachment doesn't relate to the subject line

    • The attachment was created by someone else

    • The attachment is too big

    Correct Answer
    A. The attachment is too big
    Explanation
    The reason you might fail to send or receive an attachment is that the attachment is too big. Large attachments can exceed the file size limit set by email providers, causing them to fail to send or be rejected upon receipt.

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  • 14. 

    Basic Accounting Concept: The amount of net sales minus the amount of cost of goods sold measures:

    • Gross profit

    • Net profit

    • Financial leverage

    • Operating leverage

    Correct Answer
    A. Gross profit
    Explanation
    The amount of net sales minus the amount of cost of goods sold measures gross profit. Gross profit represents the profit a company makes after deducting the direct costs associated with producing or purchasing the goods sold. It reflects the profitability of the company's core operations without considering other expenses such as operating expenses or taxes. By calculating gross profit, a company can assess its ability to generate revenue from its products or services and determine the efficiency of its production or purchasing processes.

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  • 15. 

    PC Operations: The brain of the computer is called

    • RAM

    • CPU

    • Cache

    • Windows

    Correct Answer
    A. CPU
    Explanation
    The correct answer is CPU because it stands for Central Processing Unit, which is the main component of a computer that performs most of the processing inside the computer. It carries out instructions of a computer program by performing basic arithmetic, logical, control, and input/output (I/O) operations. The CPU is often referred to as the brain of the computer because it controls and coordinates all the activities of the computer system. RAM, Cache, and Windows are not the brain of the computer but rather other components or software involved in computer operations.

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  • 16. 

    Basic Accounting Concept: Which type of account would not be reported on the income statement?

    • Revenue

    • Expenses

    • Withdrawals

    • None of the above

    Correct Answer
    A. Withdrawals
    Explanation
    Withdrawals would not be reported on the income statement because withdrawals represent the owner's personal use of business funds and are not considered business expenses or revenue. The income statement is used to report the revenues, expenses, and net income or loss of a business, but withdrawals are not considered part of the business's financial performance. Instead, withdrawals are reported on the owner's equity statement or statement of changes in equity to reflect the decrease in the owner's investment in the business.

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  • 17. 

    Excel Application: When you are typing an equation into a cell the first thing that must be entered is

    • The first cell referenced

    • Parenthesis

    • Quotation marks

    • An equal sign

    Correct Answer
    A. An equal sign
    Explanation
    In Excel, when typing an equation into a cell, the first thing that must be entered is an equal sign. The equal sign is necessary to indicate that the content in the cell is a formula or equation, and not just a regular text entry. Without the equal sign, Excel will treat the input as a text string rather than a mathematical calculation.

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  • 18. 

    Accounting Application: Carmen's catered a reception. The total price was $1,200. The customer paid $200 cash and charged the remainder. The journal entry to record this transaction is:

    • Debit Cash $200 and Accounts Receivable $1,000; credit Catering Service Fees $1,200.

    • Debit Cash $200; credit Accounts Receivable $200.

    • Debit Cash $1,000 and Accounts Receivable $200; credit Catering Service Fees $1,200

    • Debit Accounts Receivable $1,200; credit Cash $200 and Catering Service Fees $1,000.

    Correct Answer
    A. Debit Cash $200 and Accounts Receivable $1,000; credit Catering Service Fees $1,200.
    Explanation
    The correct answer is debit Cash $200 and Accounts Receivable $1,000; credit Catering Service Fees $1,200. This is the correct journal entry because $200 was received in cash, reducing the amount owed by the customer, and $1,000 was charged to the customer's Accounts Receivable, representing the amount they still owe. The Catering Service Fees account is credited for the total price of $1,200 to record the revenue earned from the reception.

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  • 19. 

    PC Operations:  You'd like each of the emails you sent to display your name and other details automatically at the end of the message. Which feature helps you to set this up?

    • Footers

    • Signatures

    • Tables

    • Frames

    Correct Answer
    A. Signatures
    Explanation
    Signatures is the feature that allows you to set up your name and other details to automatically appear at the end of your emails. This feature is commonly used in email clients to add a personalized touch to your messages and save time by not having to manually type the same information every time you send an email.

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  • 20. 

    Excel Application: What is the most appropriate formula you can put in the C2 cell to calculate a 7% tax?

    • =A2*0.07

    • =A2*.07%

    • =A2*1.07

    • =A2+(A2*0.07)

    Correct Answer
    A. =A2*0.07
    Explanation
    The most appropriate formula to calculate a 7% tax is =A2*0.07. This formula multiplies the value in cell A2 by 0.07, which represents 7% as a decimal. This will give the amount of tax to be added to the original value.

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  • 21. 

    Basic Accounting Concept: Is it true that the trial balance totals should agree?

    • No, there are sometimes good reasons why they differ

    • No, because it is not a balance sheet

    • Yes, except where the trial balance is extracted at the year end

    • Yes, always

    Correct Answer
    A. Yes, always
    Explanation
    The trial balance is a statement that lists all the debit and credit balances of accounts in the general ledger. It is prepared to ensure that the total of all debit balances equals the total of all credit balances, thus ensuring that the accounting equation (assets = liabilities + equity) is in balance. If the trial balance totals do not agree, it indicates that there is an error in the recording or balancing of accounts. Therefore, the correct answer is that the trial balance totals should always agree.

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  • 22. 

    Accounting Application: Ellen's Bakery collects $3,500 of its account receivables. The expanded accounting equation changes include:

    • Cash and Ellen, Capital increases, $3,500

    • Cash and Revenue increases, $3,500

    • Cash increases and Accounts Receivable decreases, $3,500

    • Accounts Receivable decreases and Ellen, Capital increases, $3,500

    Correct Answer
    A. Cash increases and Accounts Receivable decreases, $3,500
    Explanation
    When Ellen's Bakery collects $3,500 of its accounts receivables, it means that the bakery is receiving cash from its customers who owed money. This results in an increase in the cash account because the bakery now has more cash on hand. At the same time, the accounts receivable balance decreases because the bakery has received payment and no longer has outstanding receivables. Therefore, the correct answer is "Cash increases and Accounts Receivable decreases, $3,500".

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  • 23. 

    Excel Application: What  this symbol means?   ###### 

    • You've entered a number wrong.

    • You've misspelled something.

    • The cell is not wide enough.

    • The formula is not posible.

    Correct Answer
    A. The cell is not wide enough.
    Explanation
    The symbol "######" in Excel indicates that the cell is not wide enough to display the entire contents of the cell. This typically happens when the content of the cell is too long or when the column width is too narrow. To fix this, you can either increase the width of the column or decrease the font size in the cell.

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  • 24. 

    Excel Application: The process of identifying specific rows and columns so that so that certain columns and rows are always visible on the screen is called

    • Freezing

    • Locking

    • Selecting

    • Fixing

    Correct Answer
    A. Freezing
    Explanation
    Freezing is the process of identifying specific rows and columns in Excel so that they remain visible on the screen even when scrolling through large amounts of data. This allows users to keep important information in view while navigating through the spreadsheet. Freezing is commonly used when working with large datasets or when comparing data in different parts of the spreadsheet.

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  • 25. 

    Basic Accounting Concept: Which is an advantage of a sole proprietorship form of business?

    • Limited personal risk.

    • Can continue indefinitely

    • Owner makes all the decisions.

    • All of the above.

    Correct Answer
    A. Owner makes all the decisions.
    Explanation
    The advantage of a sole proprietorship form of business is that the owner has complete control over decision-making. Unlike other forms of business, where decisions may need to be made by a board or multiple owners, a sole proprietor has the freedom to make all the decisions independently. This allows for quick and efficient decision-making, as the owner does not need to consult or seek approval from others.

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  • 26. 

    Basic Accounting Concept: Which of the following accounts would be considered a temporary account?

    • Revenue.

    • Assets.

    • Liabilities.

    • Owner's Equity.

    Correct Answer
    A. Revenue.
    Explanation
    Revenue is considered a temporary account because it represents income earned by a company during a specific accounting period. At the end of the period, revenue is closed out and transferred to the retained earnings account, which is a permanent account. This process ensures that revenue is properly recorded and accounted for in the financial statements. In contrast, assets, liabilities, and owner's equity are considered permanent accounts as they represent the ongoing financial position of the company.

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  • 27. 

    Basic Accounting Concept: Which of the following is most likely to result in an adjusting entry at the end of the period?

    • Payment of two months' insurance in advance.

    • Payment of one month's rent.

    • Owner's withdrawals.

    • Payment for routine maintenance on the company van.

    Correct Answer
    A. Payment of two months' insurance in advance.
    Explanation
    Payment of two months' insurance in advance is most likely to result in an adjusting entry at the end of the period because it involves the prepayment of an expense that will be incurred over a period of time. The adjusting entry is necessary to recognize the portion of the prepaid insurance that has expired during the period as an expense. This ensures that the financial statements accurately reflect the expenses incurred during the period.

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  • 28. 

    Accounting Application: C. Miller service purchased a microscope for $1,500. It has an expected life of 30 months and no residual value. The adjusting journal entry for the month is:

    • Debit Depreciation Expense $50, credit Accumulated Depreciation $50.

    • Debit Depreciation Expense $500, credit Accumulated Depreciation $500.

    • Debit Accumulated Depreciation $50, credit Depreciation Expense $50.

    • Debit Accumulated Depreciation $500, credit Equipment $500.

    Correct Answer
    A. Debit Depreciation Expense $50, credit Accumulated Depreciation $50.
    Explanation
    The correct answer is debit Depreciation Expense $50, credit Accumulated Depreciation $50 because this journal entry reflects the monthly depreciation expense for the microscope. Depreciation is the process of allocating the cost of an asset over its useful life, and in this case, the microscope has an expected life of 30 months with no residual value. By debiting Depreciation Expense, we record the expense for the month, and by crediting Accumulated Depreciation, we accumulate the total depreciation expense over time. This journal entry follows the matching principle in accounting, which requires expenses to be recognized in the same period as the related revenue or asset usage.

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  • 29. 

    Basic Accounting Concept: The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed:

    • Liability

    • Contra asset

    • Book value

    • Market value

    Correct Answer
    A. Book value
    Explanation
    The correct answer is book value. Book value refers to the net value of a fixed asset after deducting its accumulated depreciation. It represents the cost of the asset that has not yet been depreciated. It is an important concept in accounting as it helps determine the true value of an asset on a company's balance sheet.

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  • 30. 

    Basic Accounting Concept: The entry to record the payment of office salaries would be:

    • Debit to Cash, credit to Accounts Receivable.

    • Debit to Cash, credit to Salaries Expense.

    • Debit to Salaries Expense, credit to Accounts Payable.

    • Debit to Salaries Expense, credit to Cash.

    Correct Answer
    A. Debit to Salaries Expense, credit to Cash.
    Explanation
    The correct answer is debit to Salaries Expense, credit to Cash. This is because when office salaries are paid, it is an expense for the company, so it should be debited to the Salaries Expense account. The company is using cash to make the payment, so it should be credited to the Cash account. This entry reflects the outflow of cash for the payment of salaries.

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  • 31. 

    Accounting Application:  A $600 check written for supplies was journalized as $60. The entry to correct this error is:

    • Debit Supplies, $540; credit Cash, $540

    • Debit Cash, $540; credit Supplies, $540

    • Debit Supplies, $60; credit Cash, $60

    • Debit Cash, $60; credit Cash, $60

    Correct Answer
    A. Debit Supplies, $540; credit Cash, $540
    Explanation
    The correct entry to correct the error is to debit Supplies for the correct amount of $540 and credit Cash for the correct amount of $540. This will adjust the accounts to reflect the correct amount spent on supplies and the correct amount of cash paid.

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  • 32. 

    Basic Accounting Concept: A debit may signify a(n):

    • Decrease in asset accounts.

    • Decrease in liability accounts.

    • Increase in the capital account.

    • Decrease in expense accounts.

    Correct Answer
    A. Decrease in liability accounts.
    Explanation
    A debit in accounting refers to an entry made on the left side of an account, indicating an increase in an asset or an expense, or a decrease in a liability or equity. In this case, the correct answer is a decrease in liability accounts because a debit entry would reduce the amount owed by the company to its creditors or other parties.

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  • 33. 

    Basic Accounting Concepts: Which of the following best describes a trial balance?

    • It is a list of balances on the books

    • Shows the financial position of a business

    • It is a special account

    • Shows all the entries in the books

    Correct Answer
    A. It is a list of balances on the books
    Explanation
    A trial balance is a list of balances on the books, which means it includes all the account balances in a company's general ledger. It is used to ensure that the debits and credits in the accounting system are equal and to identify any errors or discrepancies in the recording of financial transactions. By comparing the total debits and credits in the trial balance, accountants can verify the accuracy of the company's financial records and prepare accurate financial statements.

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  • 34. 

    Basic Accounting Concept: Who is the person in charge, most of the time, with  the fulfillment with GAAP.

    • CFO

    • Senior Accountant

    • CEO

    Correct Answer
    A. Senior Accountant
    Explanation
    The senior accountant is the person in charge, most of the time, with the fulfillment of GAAP (Generally Accepted Accounting Principles). They are responsible for ensuring that the financial statements and records of the company are prepared in accordance with GAAP guidelines. The CFO (Chief Financial Officer) and CEO (Chief Executive Officer) may have oversight and decision-making authority, but the day-to-day responsibility lies with the senior accountant.

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  • 35. 

    Excel Application: The cell labeled F5 refers to

    • Row F column 5

    • Functions available in cells

    • Column F row 5

    • Function key F4

    Correct Answer
    A. Column F row 5
    Explanation
    The cell labeled F5 refers to the intersection of column F and row 5 in the Excel application. This means that it is the cell located in the fifth row of column F.

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  • 36. 

    Basic Accounting Concepts: Which of the following statements is incorrect?

    • Assets - Liabilities = Capital

    • Assets - Capital = Liabilities

    • Liabilities + Capital = Assets

    • Liabilities + Assets = Capital

    Correct Answer
    A. Liabilities + Assets = Capital
    Explanation
    The given statement "Liabilities + Assets = Capital" is incorrect. According to basic accounting principles, the equation should be "Assets - Liabilities = Capital." This equation represents the fundamental accounting equation, which states that the total assets of a business are equal to the total liabilities and owner's equity.

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  • 37. 

    Accounting Application: Amy flew to Philadelphia on a business trip. The purchase price of the ticket was $400 on account. The entry to record the transaction is:

    • Debit Accounts Payable, $400; credit Travel Expense, $400.

    • Debit Travel Expense, $400; credit Accounts Payable, $400.

    • Debit Capital, $400; credit Accounts Payable, $400.

    • Debit Travel Expense, $400; credit Cash, $400.

    Correct Answer
    A. Debit Travel Expense, $400; credit Accounts Payable, $400.
    Explanation
    The correct answer is debit Travel Expense, $400; credit Accounts Payable, $400. This is because the purchase of the ticket is an expense for the business, which is recorded as a debit to the Travel Expense account. Since the purchase was made on account, it is recorded as a credit to the Accounts Payable account, representing the amount owed to the supplier.

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  • 38. 

    Accounting Application: Sun Glow Glass estimated depreciation for office equipment is $100. The adjusting entry would include:

    • A credit to Accumulated Depreciation for $100.

    • A credit to Depreciation Expense for $100.

    • A debit to Accumulated Depreciation for $100

    • A credit to Office Equipment for $100.

    Correct Answer
    A. A credit to Accumulated Depreciation for $100.
    Explanation
    The correct answer is a credit to Accumulated Depreciation for $100. This is because the adjusting entry for depreciation involves increasing the Accumulated Depreciation account, which is a contra-asset account that represents the total depreciation expense incurred over time. By crediting Accumulated Depreciation, the account balance is increased, reflecting the accumulated depreciation for the office equipment.

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  • 39. 

    Peachtree Terminology: Which of the following is an example of a non-financial transaction?

    • Sending a purchase order to a vendor to purchase items for re-sale.

    • Creating a cash receipt to mark receipt of a customer payment.

    • Preparing a payroll check to send to an employee in payment of the current month's wages.

    • Approving a vendor invoice for payment.

    Correct Answer
    A. Sending a purchase order to a vendor to purchase items for re-sale.
    Explanation
    Sending a purchase order to a vendor to purchase items for re-sale is an example of a non-financial transaction because it involves the ordering of goods rather than the actual exchange of money. It is a request for the purchase of goods, indicating the quantity, description, and price of the items, but does not involve any financial transaction or payment.

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  • 40. 
    Excel Application:  What will be the result according to this formula: =vlookup(B1;A4:B8;2) ? - ProProfs

    Excel Application:  What will be the result according to this formula: =vlookup(B1;A4:B8;2) ?

    • A

    • B

    • C

    • D

    Correct Answer
    A. C
    Explanation
    The formula =vlookup(B1;A4:B8;2) is a VLOOKUP function in Excel. It searches for the value in cell B1 in the range A4:B8 and returns the corresponding value from the second column (column B) of that range. The result will be the value in column B that corresponds to the value in B1.

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  • 41. 
    Excel Application: Q1: What does this button mean? - ProProfs

    Excel Application: Q1: What does this button mean?

    • Align the text on the borders of the page.

    • Extend the content on the entire length of the cell.

    • Group together the selected cells and center the content.

    • None of the above

    Correct Answer
    A. Group together the selected cells and center the content.
    Explanation
    This button in the Excel application is used to group together the selected cells and center the content. It allows the user to combine multiple cells into a single cell and align the text in the center of the merged cell. This can be useful for organizing and formatting data in a spreadsheet.

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  • 42. 

    Accounting Application: Carr Hardware has total assets of $75,000. What are the total assets if new baking equipment is purchased for $10,000 cash?

    • $85,000

    • $65,000

    • $10,000

    • $75,000

    Correct Answer
    A. $75,000
    Explanation
    The correct answer is $75,000. This is because the question asks for the total assets after the new baking equipment is purchased for $10,000 cash. Since the purchase is made in cash, it does not affect the total assets. Therefore, the total assets remain at $75,000.

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  • 43. 

    Peachtree Terminology: To record a cash sale in Peachtree, the user selects the following:

    • Tasks/Maintain Customers/Prospects/Cash sales.

    • Tasks/Sales/Invoicing/Cash.

    • Tasks/Receipts/type transaction date in deposit ticket ID box/Apply to revenues/record cash sale.

    • None of the above.

    Correct Answer
    A. Tasks/Receipts/type transaction date in deposit ticket ID box/Apply to revenues/record cash sale.
    Explanation
    The correct answer is "Tasks/Receipts/type transaction date in deposit ticket ID box/Apply to revenues/record cash sale" because in Peachtree, to record a cash sale, the user needs to go to the Tasks menu, then select Receipts. They should then type the transaction date in the deposit ticket ID box and apply it to revenues before recording the cash sale.

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  • 44. 

    Basic Accounting Copcept: Which of the following would not be reported as a separate component on the income statement?

    • Income from continuing operations

    • Discontinued operations

    • Prior period adjustment

    • Extraordinary item

    Correct Answer
    A. Prior period adjustment
    Explanation
    A prior period adjustment refers to a correction made to the financial statements of a company for errors or omissions in previous periods. It is not reported as a separate component on the income statement because it is considered an adjustment to the opening balance of retained earnings or other appropriate equity accounts. It does not represent the ongoing operations or activities of the company in the current period. Instead, it is a retrospective adjustment that corrects the errors of previous periods and ensures the accuracy of the financial statements.

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  • 45. 

    PC Operations: MS Outlook is an email client. It is used for the sole purpose of checking, sending and recievie emails.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    MS Outlook is not just an email client, but also a personal information manager that includes features such as calendar, task manager, contact manager, note-taking, journal, and web browsing. It is used for managing personal information, scheduling appointments, and organizing tasks, in addition to checking, sending, and receiving emails. Therefore, the statement that MS Outlook is used solely for checking, sending, and receiving emails is false.

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  • 46. 

    Excel Application: If you copy the formula =B38 into another cell, the result will be:

    • The column part will remain the same

    • The row part will remain the same

    • Both the column and row will remain the same

    • Both will change

    Correct Answer
    A. Both will change
    Explanation
    When you copy a formula in Excel to another cell, the cell references in the formula will adjust accordingly. In this case, since the formula being copied is "=B38", both the column (B) and the row (38) references will change based on the new location of the copied formula. So, if you copy the formula to a different cell, the new formula will reference a different column and row.

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  • 47. 

    Excel Application: If you copy the formula =$B38 into another cell, the result will be:

    • The column part will remain the same

    • The row part will remain the same

    • Both the column and row will remain the same

    • Both will change

    Correct Answer
    A. The column part will remain the same
    Explanation
    When the formula =$B38 is copied into another cell, the column part (B) will remain the same. This is because the dollar sign ($) in front of the column reference locks it in place, preventing it from changing when the formula is copied to a different column. However, the row part (38) is not locked with a dollar sign, so it will change relative to the new cell location.

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  • 48. 
    Excel Application: Why doesn't the SUM formula in E10 show an answer of $30,000? - ProProfs

    Excel Application: Why doesn't the SUM formula in E10 show an answer of $30,000?

    • The database has been filtered so there must be hidden rows containing other income figures.

    • The correct formula for this situation is SUMPRODUCT rather than SUM.

    • Conditional formatting has been applied to rows 3, 4, and 6 so that these rows are excluded from the SUM calculations.

    • Incorrect data validation has been used.

    Correct Answer
    A. The database has been filtered so there must be hidden rows containing other income figures.
  • 49. 

    Peachtree Terminology: How many period let me modified Peachtree?

    • 12

    • 24

    • 1

    • All you need to modified.

    Correct Answer
    A. 24

Quiz Review Timeline (Updated): Dec 12, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Dec 12, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 02, 2012
    Quiz Created by
    Hlorenzo
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