Bookkeeping 1

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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

11 Questions3 MinutesCreated by BalancingBooks202

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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Bookkeeping 1

Master Your Bookkeeping Skills

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