Bookkeeping 1
Master Your Bookkeeping Skills
Test your knowledge of essential bookkeeping concepts with our engaging quiz. This quiz is designed for individuals looking to strengthen their accounting skills and improve their understanding of important financial transactions.
- 11 thought-provoking multiple-choice questions
- Immediate feedback on your answers
- Perfect for bookkeeping beginners and finance professionals alike
If there is an unreconciled transaction in the bank account that is says Transaction Type: Payment and the category is Accounts Receivable, where should that transaction be moved to other than the bank account register?
Owners Draw
Accounts Receivable
Undeposited Funds
Savings Account
If there is an unreconciled transaction from a gas station that is 2 months old what should you do with it?
Leave it alone, you don't want to touch anything in the bank register
Check to see if there is a duplicate transaction already reconciled and if so delete the unreconciled one
Ask the client if it is a legitmate expense
Just reconcile it in the register
If there is an unreconciled transaction in the register that is a credi card payment, what should you do with it?
Ask the client if it is a legitmate transfer
Leave it alone, you don't want to delete or move anything in the bank register
Just reconcile it in the register
Check to see if there is a duplicate and if there is delete the unreconciled one
If you find a duplicate of a Credit Card Payment or a Transfer between bank accounts, what is usually the result if you delete one of the duplicates
Nothing will change
You will have to re enter all the transfers for that bank account
You will have to re-reconcile one of the accounts involved in the transfer
You will need to create a journal entry for an owners draw
Where should all payments on invoices be deposited to?
Checking Account
Accounts Receivable
Uncategorized Asset
Undeposited Funds
What is the quickest way to see outstanding items in Undeposited Funds?
Run a report for Undeposited Funds on the Balance Sheet
Open a Deposit Window
Look at the payments in the customer records
They are listed in the Chart of Accounts
In a deposit window, what sections is often collapsed and payments to deposit could be hiding there?
Selected Payments
Quickbooks Payments
Add Funds to this Deposit
Check Payments
What is the reason Undeposited Funds would be showing a negative balance on the Balance Sheet
The client needs to put more money in their bank account
It is a contra asset
More payments have been received against invoices than deposits in the bank
More deposits have been put in the bank than payments received against invoices
When an customer invoice is created what accounts are affected
Debit Cash Credit Income
Debit A/R Credit Income
Debit Undeposited Funds Credit A/R
Debit Income Credit Cash
When a payment is received against a customer invoices what accounts are affected?
Debit Cash Credit Income
Debit A/R Credit Income
Debit Undeposited Funds Credit A/R
Debit A/P Credit Cash
When a payment is matched to a deposit in the Deposit window what accounts are affected
Debit Cash Credit Undeposited Funds
Debit A/R Credit Income
Debit Cash Credit Income
Debit Undeposited Funds Credit A/R
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