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.
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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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What amount will appear on the left side of a T-account?
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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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What is the listing of all accounts that are available for posting transactions in?
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When a check is written, a cash account should be __________.
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Liability accounts will normally have __________ balances.
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Revenue accounts will normally have __________ balances.
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The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.
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The book of original entry is the definition of a __________.
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What happens when a sale is made on credit?
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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?
Accrued expenses are likely to pertain to which transactions?
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Deferred revenues are likely to involve which cash amounts?
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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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What type of accounts are Cash and Accounts Receivable accounts?
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A supplier of goods or services is known as a __________.
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