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Guide for Finance Officer/bookkeeper

Quiz Finance Officer/bookkeeper

10/360 Questions|Updated on 2024/05/26
Free Test
/ 10

Quiz

1/10
Accounts receivable and payable
Which of the following is an example of accounts receivable?
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

Quiz

2/10
Bank reconciliations
Which of the following is a step in the bank reconciliation process?
Select the answer
3 correct answers
A.
Adding outstanding checks
B.
Deducting bank fees
C.
Subtracting deposits in transit
D.
Ignoring NSF checks

Quiz

3/10
Basic accounting principles
Which of the following is not a basic accounting principle?
Select the answer
1 correct answer
A.
Materiality
B.
Conservatism
C.
Ethicality
D.
Matching

Quiz

4/10
Financial ratios
What is the formula for calculating the current ratio?
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

Quiz

5/10
Financial statements
What financial statement provides a snapshot of a company's financial position at a specific point in time?
Select the answer
1 correct answer
A.
Income statement
B.
Balance sheet
C.
Cash flow statement
D.
Statement of changes in equity

Quiz

6/10
Internal controls
What is the purpose of internal controls in finance?
Select the answer
1 correct answer
A.
To increase expenses
B.
To decrease efficiency
C.
To prevent fraud
D.
To discourage transparency

Quiz

7/10
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
1 correct answer
A.
LIFO (Last In, First Out)
B.
FIFO (First In, First Out)
C.
Weighted Average
D.
Specific Identification

Quiz

8/10
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
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

Quiz

9/10
Payroll accounting
What is the purpose of payroll accounting?
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

Quiz

10/10
Accounts receivable and payable
What is the main purpose of accounts payable?
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
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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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