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.
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The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the __________ method.
Choose the correct answer
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 OR FALSE)
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True
False
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What amount will appear on the left side of a T-account?
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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?
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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?
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General Ledger
Trial Balance
Chart of Accounts
Balance Sheet
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When a check is written, a cash account should be __________.
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Debited
Credited
Both debited and credited
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Liability accounts will normally have __________ balances.
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Debit
Credit
It depends
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Revenue accounts will normally have __________ balances.
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Debit
Credit
It depends
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The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.
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Equity
Revenue
Expenses
Retained Earnings
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The book of original entry is the definition of a __________.
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Journal
Ledger
Chart of Accounts
None of the above
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What happens when a sale is made on credit?
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Accounts Receivable is credited.
Accounts Receivable is debited.
Accounts Payable is credited.
Accounts Payable is debited.
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What are Balance Sheet accounts? (Select all that apply.)
Asset
Liability
Equity
Revenue
There are two types of accounting systems. Cash and Accrual. Which is preferred and why?
Where is the difference between the balance in a company's cash account and its bank statement documented?
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?
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Already received
Not yet received
None of the above
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Deferred revenues are likely to involve which cash amounts?
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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?
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Adjusting
Journal
Reversing
Manual
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What type of accounts are Cash and Accounts Receivable accounts?
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Long term assets
Short term assets
Current assets
Fixed assets
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A supplier of goods or services is known as a __________.
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Debtor
Vendor
Client
Customer
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