Question 1
Match the word to the definition:
word: definition:
a. Assets a. money owed the business in the short-term
b. Accounts receivable b. what the business owns that can be converted into cash
c. Liabilities c. utilities, taxes, payments toward long-term debts, interest payments and
payroll.
d. Current liabilities d. monies the business owes to others
e. Equity e. money generated by a business or put into the business by its owners.
ANSWER
Assets: a. what the business owns that can be converted into cash
Accounts Receivable: b. money owed the business in the short-term
Liabilities: c. monies the business owes to others
Current Liabilities: d. utilities, taxes, payments toward long-term debts, interest payments
and payroll.
Equity: e. money generated by a business or put into the business by its owners.
Question 2
A public bookkeeper has responsibilities to which three parties? (choose 3)
a. society
b. the bookkeeping and account profession
c. the employer
d. local chamber of commerce
1
, e. social media followers
f. news media
ANSWER
society, the bookkeeping and accounting profession, the employer
Question 3
Identify two rules of a certified bookkeeper's code of ethics? (choose 2)
a. strive to increase a clients income by performing creative bookkeeping strategies
b. keep two sets of books one for the client and one to show the government
c. the client is always right, so record transactions exactly as requested
d. notify clients of situations that may be illegal
e. always keep a client's financial information confidential
ANSWER
notify clients of situations that may be illegal, always keep a client's financial information
confidential
Question 4
You are the bookkeeper for automobile mechanic shop. The shop went dark and closed for a
month, then it suddenly reopened under a different name. Your friends have asked you why.
Which would be the most appropriate response to tell your friends?
a. explain to your friends that your profession requires you to keep client information
confidential
b. limit posting the story to only private social media groups
c. explain to your friends that you are only permitted to discuss client information with
public officials and the news media
2
Match the word to the definition:
word: definition:
a. Assets a. money owed the business in the short-term
b. Accounts receivable b. what the business owns that can be converted into cash
c. Liabilities c. utilities, taxes, payments toward long-term debts, interest payments and
payroll.
d. Current liabilities d. monies the business owes to others
e. Equity e. money generated by a business or put into the business by its owners.
ANSWER
Assets: a. what the business owns that can be converted into cash
Accounts Receivable: b. money owed the business in the short-term
Liabilities: c. monies the business owes to others
Current Liabilities: d. utilities, taxes, payments toward long-term debts, interest payments
and payroll.
Equity: e. money generated by a business or put into the business by its owners.
Question 2
A public bookkeeper has responsibilities to which three parties? (choose 3)
a. society
b. the bookkeeping and account profession
c. the employer
d. local chamber of commerce
1
, e. social media followers
f. news media
ANSWER
society, the bookkeeping and accounting profession, the employer
Question 3
Identify two rules of a certified bookkeeper's code of ethics? (choose 2)
a. strive to increase a clients income by performing creative bookkeeping strategies
b. keep two sets of books one for the client and one to show the government
c. the client is always right, so record transactions exactly as requested
d. notify clients of situations that may be illegal
e. always keep a client's financial information confidential
ANSWER
notify clients of situations that may be illegal, always keep a client's financial information
confidential
Question 4
You are the bookkeeper for automobile mechanic shop. The shop went dark and closed for a
month, then it suddenly reopened under a different name. Your friends have asked you why.
Which would be the most appropriate response to tell your friends?
a. explain to your friends that your profession requires you to keep client information
confidential
b. limit posting the story to only private social media groups
c. explain to your friends that you are only permitted to discuss client information with
public officials and the news media
2
