Bookkeeper Aptitude Test
-
Cost of Goods = Beginning Inventory + Purchases - _________________________
About This Quiz
This exam will measure your bookkeeping skills and will help us to determine if you are capable of fulfilling the duties of this position. You have 20 minutes to complete the quiz. It has 11 questions. We will keep your answers and score confidential. Good luck.
Quiz Preview
- 2.
Income – Expenses = _______________________
Explanation
The equation "Income - Expenses = Net Income, Profit" is a basic accounting formula used to calculate the net income or profit of a business. It represents the difference between the total income earned by a business and the total expenses incurred. If the result is positive, it indicates a net income or profit, while a negative result indicates a net loss. Therefore, the correct answer is Net Income, Profit.Rate this question:
- 3.
Assets = _______________________ + Equity
Explanation
The given equation represents the fundamental accounting equation, which states that the total assets of a company are equal to the sum of its liabilities and equity. This equation is the basis for double-entry bookkeeping and helps to ensure that all financial transactions are properly recorded. Therefore, the correct answer is "Liability" as it completes the equation.Rate this question:
- 4.
Your January 31 Bank Statement reads: Item Date Amount Open Balance 31-Dec $ 547.43 Deposit 4-Jan $ 100.00 Deposit 15-Jan $ 350.00 Check 1003 2-Jan $ 50.13 Check 1006 7-Jan $ 10.09 Check 1007 19-Jan $ 250.00 Check 1008 26-Jan $ 101.19 Monthly Service Charge 31-Jan $ 5.00 Ending Balance 31-Jan $ 581.02 Your check register has the following information: Date Item Amount 4-Jan Deposit $ 100.00 31-Dec 1003 $ 50.13 5-Jan 1004 $ 25.00 5-Jan 1005 $ 27.93 5-Jan 1006 $ 10.09 15-Jan Deposit $ 350.00 16-Jan 1007 $ 250.00 24-Jan 1008 $ 101.19 31-Jan Deposit $ 212.89 What is your bank statement reconciled balance at January 31?
Explanation
The bank statement reconciled balance at January 31 is $740.98. This is calculated by starting with the opening balance of $547.43 and adding the deposits made on January 4th ($100.00) and January 15th ($350.00). Then, subtracting the checks written on January 2nd ($50.13), January 7th ($10.09), January 19th ($250.00), and January 26th ($101.19). Finally, subtracting the monthly service charge of $5.00. The ending balance on the bank statement is $581.02, but after reconciling it with the check register, the correct balance is $740.98.Rate this question:
- 5.
Which of the following accounts are normally classified as a debit:
-
Assets
-
Equity
-
Expense
-
Net Loss
-
Liability
-
Beginning Inventory
-
Income
-
Net Income
-
Bank Overdraft
-
Ending Inventory
Correct Answer(s)
A. Assets
A. Expense
A. Net Loss
A. Beginning InventoryExplanation
Assets, expenses, net loss, and beginning inventory are normally classified as debit accounts. Debit accounts are those that increase with debits and decrease with credits. Assets represent resources owned by the company, expenses are costs incurred in the normal course of business, net loss is the result of expenses exceeding revenues, and beginning inventory is the value of inventory at the start of an accounting period.Rate this question:
-
- 6.
True or False? This is an accurate journal entry for the following transaction: A $37.00 check from a customer is returned non-sufficient funds. Debit – Accounts Receivable or Returned Checks Receivable - $ 37.00 Credit – Checking - $ 37.00
-
True
-
False
Correct Answer
A. TrueExplanation
The given journal entry accurately records the transaction of a $37.00 check from a customer being returned due to insufficient funds. It debits the Accounts Receivable or Returned Checks Receivable account for $37.00, representing the amount that was originally credited to the account when the check was received. It then credits the Checking account for $37.00, reflecting the decrease in the customer's balance due to the returned check. This journal entry accurately reflects the impact of the transaction on the accounts involved.Rate this question:
-
- 7.
True or False? This is an accurate journal entry for the following transaction: A purchase of a desk and office chair for $450.00. Credit – Fixed Assets - $450.00 Debit – Checking - $450.00
-
True
-
False
Correct Answer
A. FalseExplanation
The given journal entry is false. When purchasing a desk and office chair for $450.00, the correct journal entry would be a debit to Fixed Assets for $450.00 and a credit to Cash or Accounts Payable for $450.00, depending on whether the purchase was made in cash or on credit. The entry should not include Checking as a debit account.Rate this question:
-
- 8.
True or False? This is an accurate journal entry for the following transaction: A taxable charge sale of $ 195.00 plus $ 7.69 sales tax. Debit – Accounts Receivable - $202.69 Credit - Sales Tax Payable - $7.69 Credit - Income - $195.00
-
True
-
False
Correct Answer
A. TrueExplanation
The given journal entry accurately represents a taxable charge sale of $195.00 plus $7.69 sales tax. The debit to Accounts Receivable for $202.69 represents the amount owed by the customer for the sale. The credit to Sales Tax Payable for $7.69 represents the amount of sales tax that needs to be paid to the tax authorities. The credit to Income for $195.00 represents the revenue earned from the sale. Therefore, the statement is true.Rate this question:
-
- 9.
True or False? This is an accurate journal entry for the following transaction: A customer makes a payment on their account for $250.00 Debit – Income - $250.00 Credit – Accounts Payable - $250.00
-
True
-
False
Correct Answer
A. False -
- 10.
Add these numbers together. The total is ________ 46.01 28.83 67.02 50.84 44.09 21.9 0.52 300 43.76 28 3007.07 294.34 84.59 4131.21 0.17 37.1 44.56 6.52 10.21 140.94
Correct Answer
8291.36, '8,291.36'
Quiz Review Timeline (Updated): Apr 25, 2024 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Apr 25, 2024Quiz Edited by
ProProfs Editorial Team -
Nov 14, 2013Quiz Created by
Sharmilmckee
Back to top