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Quiz
Question 1/101/10
Accounts receivable and payable
Accounts receivable and payable
Accounts receivable and payable
Which of the following is an example of accounts receivable?
Select the answer:Select the answer
1 correct answer
A.
Money owed to suppliers
B.
Money owed by customers
C.
Money owed for rent
D.
Money owed for utilities
Accounts receivable refers to money owed to a company by its customers for goods or services provided.
Right Answer: B
Quiz
Question 2/102/10
Bank reconciliations
Bank reconciliations
Bank reconciliations
Which of the following is a step in the bank reconciliation process?
Select multiple answer: (Choose 3)Select the answer
3 correct answers
A.
Adding outstanding checks
B.
Deducting bank fees
C.
Subtracting deposits in transit
D.
Ignoring NSF checks
In bank reconciliations, you need to add outstanding checks, deduct bank fees, and subtract deposits in transit to reconcile the balance between the company's records and the bank statement.
Right Answer: A, B, C
Quiz
Question 3/103/10
Basic accounting principles
Basic accounting principles
Basic accounting principles
Which of the following is not a basic accounting principle?
Select the answer:Select the answer
1 correct answer
A.
Materiality
B.
Conservatism
C.
Ethicality
D.
Matching
Basic accounting principles include materiality, conservatism, and matching. Ethicality is not considered a basic accounting principle as it pertains more to ethical behavior in accounting practices.
Right Answer: C
Quiz
Question 4/104/10
Financial ratios
Financial ratios
Financial ratios
What is the formula for calculating the current ratio?
Select the answer:Select the answer
1 correct answer
A.
Current assets divided by current liabilities
B.
Total assets divided by total liabilities
C.
Net income divided by total assets
D.
Cash flow divided by total equity
The current ratio is calculated by dividing current assets by current liabilities to measure a company's short-term liquidity.
Right Answer: A
Quiz
Question 5/105/10
Financial statements
Financial statements
Financial statements
What financial statement provides a snapshot of a company's financial position at a specific point in time?
Select the answer:Select the answer
1 correct answer
A.
Income statement
B.
Balance sheet
C.
Cash flow statement
D.
Statement of changes in equity
The balance sheet shows what a company owns (assets), what it owes (liabilities), and its net worth (equity) at a specific point in time.
Right Answer: B
Quiz
Question 6/106/10
Internal controls
Internal controls
Internal controls
What is the purpose of internal controls in finance?
Select the answer:Select the answer
1 correct answer
A.
To increase expenses
B.
To decrease efficiency
C.
To prevent fraud
D.
To discourage transparency
Internal controls in finance are designed to prevent fraud by ensuring that assets are safeguarded, transactions are accurate, and financial reporting is reliable.
Right Answer: C
Quiz
Question 7/107/10
Inventory accounting
Inventory accounting
Inventory accounting
What method is commonly used for inventory accounting that assumes the cost of goods sold is calculated based on the most recent costs of inventory items purchased or produced?
Select the answer:Select the answer
1 correct answer
A.
LIFO (Last In, First Out)
B.
FIFO (First In, First Out)
C.
Weighted Average
D.
Specific Identification
The LIFO method assumes that the last items added to inventory are the first items sold. This method can be useful during times of inflation as it will result in a higher cost of goods sold, lowering taxable income.
Right Answer: A
Quiz
Question 8/108/10
Journal entries
Journal entries
Journal entries
When a company receives cash from customers for services to be provided in the future, which journal entry would be recorded?
Select the answer:Select the answer
1 correct answer
A.
Debit Cash, Credit Accounts Receivable
B.
Debit Cash, Credit Unearned Revenue
C.
Debit Accounts Receivable, Credit Cash
D.
Debit Unearned Revenue, Credit Cash
When cash is received for services to be provided in the future, it is recorded as a liability called Unearned Revenue until the services are actually provided.
Right Answer: B
Quiz
Question 9/109/10
Payroll accounting
Payroll accounting
Payroll accounting
What is the purpose of payroll accounting?
Select the answer:Select the answer
1 correct answer
A.
To track employee attendance
B.
To calculate employee salaries and wages
C.
To manage employee benefits
D.
To monitor employee performance
Payroll accounting involves calculating and processing employee salaries and wages, including deductions for taxes and benefits. It ensures employees are paid accurately and on time.
Right Answer: B
Quiz
Question 10/1010/10
Accounts receivable and payable
Accounts receivable and payable
Accounts receivable and payable
What is the main purpose of accounts payable?
Select the answer:Select the answer
1 correct answer
A.
To keep track of money owed to suppliers
B.
To keep track of money owed by customers
C.
To keep track of profits
D.
To keep track of expenses
Accounts payable is used to track and manage the money a company owes to its suppliers for goods and services received.
Finance Officer/bookkeeper Practice test unlocks all online simulator questions
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What to expect from our Finance Officer/bookkeeper practice tests and how to prepare for any exam?
The Finance Officer/bookkeeper Simulator Practice Tests are part of the Finance Test Database and are the best way to prepare for any Finance Officer/bookkeeper exam. The Finance Officer/bookkeeper practice tests consist of 360 questions divided by 9 topics and are written by experts to help you and prepare you to pass the exam on the first attempt. The Finance Officer/bookkeeper database includes questions from previous and other exams, which means you will be able to practice simulating past and future questions. Preparation with Finance Officer/bookkeeper Simulator will also give you an idea of the time it will take to complete each section of the Finance Officer/bookkeeper practice test . It is important to note that the Finance Officer/bookkeeper Simulator does not replace the classic Finance Officer/bookkeeper study guides; however, the Simulator provides valuable insights into what to expect and how much work needs to be done to prepare for the Finance Officer/bookkeeper exam.
Finance Officer/bookkeeper Practice test therefore represents an excellent tool to prepare for the actual exam together with our Finance Test practice test . Our Finance Officer/bookkeeper Simulator will help you assess your level of preparation and understand your strengths and weaknesses. Below you can read all the quizzes you will find in our Finance Officer/bookkeeper Simulator and how our unique Finance Officer/bookkeeper Database made up of real questions:
Info quiz:
Quiz name:Finance Officer/bookkeeper
Total number of questions:360
Number of questions for the test:100
Pass score:70%
Number of topics:9 Topics
Study topics:Number of questions:
Accounts receivable and payable:40 Questions
Bank reconciliations:40 Questions
Basic accounting principles:40 Questions
Financial ratios:40 Questions
Financial statements:40 Questions
Internal controls:40 Questions
Inventory accounting:40 Questions
Journal entries:40 Questions
Payroll accounting:40 Questions
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