quickbooks certification exam
1. you are the bookkeeper for an automobile mechanic explain to your
shop. The shop went dark and closed for a month, friends that your
then it suddenly reopened under a different name. profession require
your friends have asked why. What is an appropriate you to keep client
response to tell your friends? information confi-
dential
2. identify two rules of a certified bookkeepers code of notify clients of sit-
ethics uation that may be
illegal; always keep
a clients financial
information confi-
dential
3. Equity money generated
by a business or
put into the busi-
ness by its owners
4. Current Liabilities utilities, taxes,
payments toward
long-term debts,
interest payments
and payroll
5. Liabilities monies the busi-
ness owes to oth-
ers
6. Assets what the busi-
ness owns that can
be converted into
cash
7. Accounts Receivable money owed the
business in the
short term
8. a public bookkeeper has responsibilities to which society; the book-
three parties? keeping and ac-
, quickbooks certification exam
counting profes-
sion; the employer
9. Statement of Equity shows the open-
ing balance and
ending balance of
earned profits, div-
idends, inflow from
shareholders, and
payouts to share-
holders
10. Income Statement shows the rev-
enues, gains, ex-
penses, and loss-
es in both operat-
ing and non-oper-
ating activities of a
business curing a
specific period of
time
11. Balance Sheet shows a busi-
ness's assets, lia-
bilities and owners'
equity at a specific
point in time
12. Statements of Cash Flows shows the money
coming in and go-
ing out of a busi-
ness as it relates
to operating, in-
vesting and finan-
cial activities dur-
ing a specific peri-
od of time
13. you are the bookkeeper for a long-established pop- explain to the news
ular clothing store. The store announces a one-week media that your
, quickbooks certification exam
"Going out of Business Sale" and closes its doors. profession requires
The local news media asks you why. what would you to keep client
be the appropriate response to the news reporter's information confi-
query? dential
14. which are the three components of the accounting equity, assets, and
equation liabilities
15. which two statements describe how double entry the bookkeeper en-
works in most accounting software? ters transactions
and categorizes
these transactions
into the right ac-
counts the soft-
ware records the
debits and cred-
its; Financial state-
ments are generat-
ed automatically
16. You are reading a General Ledger that was generat- assets, liabilities,
ed by accounting software. What information should equity, income and
you expect to find for each entry? expenses
17. in double entry accounting what are T-acounts visual structures
used in the gener-
al ledger to keep
debits and credits
seperated
18. which two statements demonstrate an understand- debits decrease li-
ing of T-Accounts? ability, revenue or
equity accounts,
while credit in-
creases them; deb-
its increase as-
set or expense ac-
counts, while cred-
its decrease them
1. you are the bookkeeper for an automobile mechanic explain to your
shop. The shop went dark and closed for a month, friends that your
then it suddenly reopened under a different name. profession require
your friends have asked why. What is an appropriate you to keep client
response to tell your friends? information confi-
dential
2. identify two rules of a certified bookkeepers code of notify clients of sit-
ethics uation that may be
illegal; always keep
a clients financial
information confi-
dential
3. Equity money generated
by a business or
put into the busi-
ness by its owners
4. Current Liabilities utilities, taxes,
payments toward
long-term debts,
interest payments
and payroll
5. Liabilities monies the busi-
ness owes to oth-
ers
6. Assets what the busi-
ness owns that can
be converted into
cash
7. Accounts Receivable money owed the
business in the
short term
8. a public bookkeeper has responsibilities to which society; the book-
three parties? keeping and ac-
, quickbooks certification exam
counting profes-
sion; the employer
9. Statement of Equity shows the open-
ing balance and
ending balance of
earned profits, div-
idends, inflow from
shareholders, and
payouts to share-
holders
10. Income Statement shows the rev-
enues, gains, ex-
penses, and loss-
es in both operat-
ing and non-oper-
ating activities of a
business curing a
specific period of
time
11. Balance Sheet shows a busi-
ness's assets, lia-
bilities and owners'
equity at a specific
point in time
12. Statements of Cash Flows shows the money
coming in and go-
ing out of a busi-
ness as it relates
to operating, in-
vesting and finan-
cial activities dur-
ing a specific peri-
od of time
13. you are the bookkeeper for a long-established pop- explain to the news
ular clothing store. The store announces a one-week media that your
, quickbooks certification exam
"Going out of Business Sale" and closes its doors. profession requires
The local news media asks you why. what would you to keep client
be the appropriate response to the news reporter's information confi-
query? dential
14. which are the three components of the accounting equity, assets, and
equation liabilities
15. which two statements describe how double entry the bookkeeper en-
works in most accounting software? ters transactions
and categorizes
these transactions
into the right ac-
counts the soft-
ware records the
debits and cred-
its; Financial state-
ments are generat-
ed automatically
16. You are reading a General Ledger that was generat- assets, liabilities,
ed by accounting software. What information should equity, income and
you expect to find for each entry? expenses
17. in double entry accounting what are T-acounts visual structures
used in the gener-
al ledger to keep
debits and credits
seperated
18. which two statements demonstrate an understand- debits decrease li-
ing of T-Accounts? ability, revenue or
equity accounts,
while credit in-
creases them; deb-
its increase as-
set or expense ac-
counts, while cred-
its decrease them
