Hiring Quiz
Answer the questions below using your bookkeeping knowledge and resources.
Please note: Leaving any questions unanswered will immediately disqualify you as a hiring candidate.
The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the __________ method.
- Cash
- Accrual
- FASB
- Other
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It is required to do an adjustment to the inventory to reflect a change in the COGS on a monthly basis?
- True
- False
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What amount will appear on the left side of a T-account?
- Debit
- Credit
- It depends
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What is a listing of the balances in each account in order to determine whether debits are equal to credits?
- Balance Sheet
- General Ledger
- Income Statement
- Trial Balance
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What is the listing of all accounts that are available for posting transactions in?
- General Ledger
- Trial Balance
- Chart of Accounts
- Balance Sheet
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When a check is written, a cash account should be __________.
- Debited
- Credited
- Both debited and credited
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Liability accounts will normally have __________ balances.
- Debit
- Credit
- It depends
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Revenue accounts will normally have __________ balances.
- Debit
- Credit
- It depends
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The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.
- Equity
- Revenue
- Expenses
- Retained Earnings
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The book of original entry is the definition of a __________.
- Journal
- Ledger
- Chart of Accounts
- None of the above
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What happens when a sale is made on credit?
- Accounts Receivable is credited.
- Accounts Receivable is debited.
- Accounts Payable is credited.
- Accounts Payable is debited.
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Where is the difference between the balance in a company's cash account and its bank statement documented?
- Quality Control Review
- Bank Reconciliation
- Manager's Review
- Closing Entries
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Accrued expenses are likely to pertain to which transactions?
- Already received
- Not yet received
- None of the above
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Deferred revenues are likely to involve which cash amounts?
- Not yet received
- Already received
- None of the above
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What entry typically removes an accrual-type adjusting entry that had been recorded in the preceding accounting period?
- Adjusting
- Journal
- Reversing
- Manual
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What type of accounts are Cash and Accounts Receivable accounts?
- Long term assets
- Short term assets
- Current assets
- Fixed assets
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A supplier of goods or services is known as a __________.
- Debtor
- Vendor
- Client
- Customer
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The separation of duties is part of what for safeguarding assets?
- Internal Controls
- Processes
- Systems
- Client responsibilities
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