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World Works. Item No: 1 of 40 Time Remaining: 0:40:00 Question: An Invoice statement is provided __________________ a. b. sent c. d. to check for outstanding credits. to know the expenditure of the company for the particular month for payment purposes to ensure that the IRS department has received all the invoices

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 2 of 40 Time Remaining: 0:39:06 Question: Accounts Payable is _________. a. a file or an account that contains details of money that a perso n or company owes to its suppliers. b. details of money or money's worth that a person or company owns. c. an expense account d. a file or an account that contains details of money that a perso n or company owes to its customers Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 3 of 40 Time Remaining: 0:38:51 Question: When clients have customers who are also vendors, what is the best way to offset Accounts Payable against Accounts Receivable? a. Use the QuickBooks trade-off feature b. Create a bank account through which you can clear the Payables a nd the Receivables

c. d.

Use a single journal entry Use multiple journal entries

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 4 of 40 Time Remaining: 0:38:01 Question: When an employer makes an end-of-period adjusting entry with a debit to the Supp lies Expense, the credit entry is made to: a. b. c. d. Accounts Payable. Supplies. Cash. Retained Earnings.

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 5 of 40 Time Remaining: 0:37:16 Question: Which form is used to reimburse an individual for Travel and Entertainment expen ses? a. b. c. d. Form W4 Expense Voucher Form 1099Misc Form 941

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 6 of 40 Question: Time Remaining: 0:36:49

On January 1, 2007, Al's Cleaning Services received an advance payment of $3000 for three months of cleaning services. The $3000 was recorded as Unearned Cleani ng Revenue because the services had not yet been provided. Which of the followin g will include the January 31, 2007 adjustment entry? a. b. c. d. A A A A debit to Cleaning Expenses for $1000 credit to Cleaning Revenue for $2000 debit to Unearned Cleaning Revenue for $1000 credit to Unearned Cleaning Revenue for $2000

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 7 of 40 Time Remaining: 0:36:08 Question: What should be submitted to the VAT authorities to obtain a refund of VAT? a. The original invoice, together with an application form and othe r supporting documents relating to the expenditure incurred must be submitted. b. The original purchase order together with an application form an d other supporting documents relating to the expenditure incurred must be submit ted. c. The original Receipt together with an application form and other supporting documents relating to the expenditure incurred must be submitted d. Both the original purchase order and the invoice should be submi tted Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 8 of 40 Time Remaining: 0:35:08 Question: A bill is a form on which you record details of _________ . a. b. c. d. the sales made the expenses incurred a purchase made by a vendor to whom the Company owe money the income accrued

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 9 of 40 Time Remaining: 0:34:43 Question: Which of the following methods can be used to value inventory in QuickBooks? a. b. c. d. Double declining balance Last in, first out (LIFO) First in, first out (FIFO) Average cost

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 10 of 40 Time Remaining: 0:34:10 Question: Using the following information, compute total liabilities. Notes Receivable $30,000, Accounts Payable $20,000, Wages Payable $8,000 and Ren t Expenses $40,000. a. b. c. d. $20,000 $28,000 $68,000 $98,000

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 11 of 40 Time Remaining: 0:33:26 Question: Recording expenditure made, but not yet paid, to a vendor is an example of: a. b. a prepaid income transaction an unearned expense transaction

c. d.

an accrued liability transaction an accrued payable transaction

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 12 of 40 Time Remaining: 0:32:38 Question: At what stage in the Accounts Payable process is cash affected? a. b. c. d. When an invoice is entered into the accounting system When a credit memo is generated When checks are printed Accounts Payable never handles cash

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 13 of 40 Time Remaining: 0:31:54 Question: Which of the following is not an important step before approving a payment? a. Refer to the terms and conditions for making the payment (any cr edit period) b. Check the bank balance before approving the invoice for payment. c. Refer to the Sales Order issued. d. Refer to the Goods / Services Received Note for having received goods / services as mentioned in the purchase order Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 14 of 40 Question: Time Remaining: 0:31:04

How are the A/P journal entries typically created? a. accountant b. c. d. g Flag as inappropriate Powered by Hand written by the A/P staff and entered into the system by the The A/P staff is responsible for making journal entries Entries are created and entered by a CPA A/P software will generate journal entries based on preset codin

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 15 of 40 Time Remaining: 0:30:39 Question: On what sales is it important to note that the Sales and Use Tax should be paid? a. b. c. d. Property tax Sales receipts Retail sales Corporate sales

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 16 of 40 Time Remaining: 0:29:45 Question: Buck & Co. receives deposits from its customers to protect itself against non-pa yments for future services. These deposits should be classified by the company a s a. b. c. d. a liability revenue a deferred credit deducted from Accounts Receivable. a contra account.

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ussia, USA, and more Changing How the World Works. Item No: 17 of 40 Time Remaining: 0:28:55 Question: Why do companies use the government listed mileage rate for the reimbursement of traveling expenses rather than paying actualexpenses? a. It is cheaper than paying people for gas b. It is simpler for the employer and fairly reimburses the employe es for the expenditure on gas and the wear and tear of the vehicle c. It is required by the tax law d. It limits the company's liability if the person is involved in a n accident while driving for work purposes Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 18 of 40 Time Remaining: 0:28:27 Question: Streamlined Sales Tax is a national effort by which of the following? a. b. c. ollection d. The State Government The Local Government The private sector to simplify and modernize sales and use tax c All of the above

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 19 of 40 Time Remaining: 0:28:03 Question: Payments for expenses incurred on corporate cards should be made directly to____ _. a. b. c. the EFT the IRS the state Taxes

d.

the credit card company

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 20 of 40 Time Remaining: 0:27:27 Question: The correct journal entry to record a return of inventory purchased on credit ba sis using a perpetual inventory system includes: a. b. c. d. debit debit debit debit Inventory, credit Accounts Payable Cost of Goods Sold, credit Inventory Accounts Receivable, credit Sales Revenue Accounts Payable, credit Inventory

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 21 of 40 Time Remaining: 0:26:52 Question: When a deposit is used as payment, what is the journal entry from the customer's (the person who made the deposit) perspective? a. b. c. d. Debit Debit Debit Debit Cash, credit Service Expense Accounts Payable, credit Cash Service Expense, credit Cash Service Expense, credit Other Advances

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 22 of 40 Time Remaining: 0:26:03 Question: Accounts payable refer to the current _________.

a. b. c. d.

income of a assets of a expenses of liabilities

business or an organization business or an organization a business or an organization of a business or an organization

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 23 of 40 Time Remaining: 0:25:41 Question: Of the following, which is a typical situation involving a deposit? a. b. it down c. The business has leased a new location and is required to put a deposit for the last month's rent d. Federal taxes for the upcoming year Flag as inappropriate Powered by The company uses a recruiting firm to find key employees In order to buy office supplies, the company has to put a depos

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 24 of 40 Time Remaining: 0:24:46 Question: What is the mode of making payment to the employees for reimbursing travel and e ntertainment expenses? a. b. c. d. Check Automated Clearing House (ACH) Direct deposit All of the above

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Changing How the World Works. Item No: 25 of 40 Time Remaining: 0:24:13 Question: Accrual Basis means __________. a. the most commonly used accounting method which reports income wh en earned and expenses when incurred, b. the accounting method which reports income when received and exp enses when paid. c. the accounting method which reports income when earned and expen ses when incurred. d. All of the above Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 26 of 40 Time Remaining: 0:22:52 Question: Why are per diem's used in lieu of having employees detail all actual spending f or meals? a. Companys like to treat their employees while they travel for the company b. Reasonable amounts are fixed and it limits the amount the compan y will have to spend c. Employees always lose receipts and that makes the process of rei mbursement tough d. It saves on paperwork Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 27 of 40 Time Remaining: 0:22:17 Question: Can you collect and remit tax for a state even if not required to do so? a. No b. Yes, the State Government will send you the amount without your getting registered with the state prior to collecting the tax.

c. Yes, you can voluntarily register to collect and remit tax. But, you must register with the state prior to collecting the tax. Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 28 of 40 Question: What is VAT? a. b. d. c. d. VAT is an item VAT is a Credit card fee Time Remaining: 0:21:51

VAT is a tax calculated on the income earned VAT is a consumer-oriented tax imposed on goods and services sol

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 29 of 40 Time Remaining: 0:21:25 Question: What is the difference between billable and non-billable expenses? a. Billable expenses are the expenses incurred by you in carrying o ut your own business / performing your own duties and responsibilities and Non-b illable expenses are the expenses incurred by you on behalf of your customer in performing duties / rendering services and supplying goods b. Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / rendering services and supplying goodsand N on-billable expenses are the expenses incurred by you in carrying out your own b usiness / duties and performing your own responsibilities. c. Neither of the above Flag as inappropriate Powered by

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Item No: 30 of 40 Time Remaining: 0:20:32 Question: A good example of a typical prepaid expense is: a. b. c. d. Rent Dividends Insurance Wages

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 31 of 40 Time Remaining: 0:20:07 Question: What is the difference between Accounts Payable and Accounts Receivable? a. Accounts receivable are amounts owed by the suppliers on account whereas the Accounts Payable are amounts owed to the customers on account. b. Accounts receivable are amounts owed by the customers on account whereas the Accounts Payable are amounts owed to the suppliers on account. c. Accounts receivable are amounts owed by the customers on account whereas the Accounts Payable are amounts owed to the bankers on account. d. None of the above Flag as inappropriate Powered by

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 32 of 40 Time Remaining: 0:19:33 Question: Ross & Co. pays all salaried employees on Monday for the 5-day work week ended t he previous Friday. The last payroll recorded for the year ended December 31, 20 04 was for the week ended December 25, 2004. The payroll for the week ended Janu ary 1, 2005 included regular weekly salaries of $80000 and vacation pay of $ 250 00 for the vacation time earned in 2004 but not taken by December 31, 2004. Ross had an accrued liability of $20000 for vacation pay as on December 31, 2003. In its December 31, 2004 balance sheet, what amount should Ross report as accrued salary and vacation pay? a. $64000

b. c. d.

$69000 $84000 $89000

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 33 of 40 Time Remaining: 0:19:11 Question: What is the standard method used for the employees to submit an account of the t ravel expenses incurred by them? a. pose b. They have to submit a written and signed letter stating the tota l expenses to be reimbursed c. They submit an envelope containing the receipts of the expenses incurred d. They have to submit a report of the expenses approved by the emp loyees' supervisor Flag as inappropriate Powered by They needn't as they are given a company credit card for the pur

Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 34 of 40 Time Remaining: 0:18:13 Question: Rush checks may also be called _____ a. b. c. d. emergency checks ASAP checks quick checks All of the above.

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Item No: 35 of 40 Time Remaining: 0:17:49 Question: When are sales & use taxes due? a. b. c. d. The date varies from State to State On the15th of every month Annually, on the same date as federal taxes Quarterly, on the 15th of the following month

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 36 of 40 Time Remaining: 0:17:25 Question: What is the use of an Accounts Payable ledger? a. s and payables b. c. ployees d. An Accounts Payable ledger helps you to control your expenditure An Accounts Payable ledger helps you to know the income earned An Accounts Payable ledger shows the amount to be paid to the em None of the above

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 37 of 40 Time Remaining: 0:16:55 Question: A Trial Balance is a list of all accounts and their ending balances. Place the f ollowing accounts in the order they would appear on a properly prepared Trial B alance: Sales Revenue, Accounts Payable, Land and Rent Expense. a. b. c. d. Land, Accounts Payable, Sales Revenue, Rent Expense Land, Sales Revenue, Accounts Payable, Rent Expense Land, Accounts Payable, Rent Expense, Sales revenue Account Payable, Land, Rent Expense, Sales Revenue

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 38 of 40 Time Remaining: 0:15:59 Question: Who typically calculates the tax liability to be paid? a. b. c. d. The The The The State government, which informs the company what is owed Accounts Payable staff CFO General or Tax Accountant within the company

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 39 of 40 Time Remaining: 0:15:26 Question: What is Accounts Payable aging report? a. b. c. d. Sorting Sorting Sorting None of of a company's Accounts Payable by the bill date. of a company's Accounts Payable by the due date. of a company's Accounts Payable by the posted date. the above.

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Outsource to Freelancers, IT Companies, Programmers, Web Designers from India, R ussia, USA, and more Changing How the World Works. Item No: 40 of 40 Time Remaining: 0:14:57 Question: Accompanying the bank statement was a credit memorandum for a short-term, non-in terest-bearing note collected by the bank. What entry is required in the deposit or's accounts? a. b. Debit Accounts Receivable: Credit Cash Debit Cash: Credit Notes Receivable

c. d.

Debit Cash: Credit Miscellaneous Income Debit Notes Receivable:Credit Cash

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