BOOKKEEPING CERTIFICATION PRACTICE TEST Q AND A

BOOKKEEPING CERTIFICATION
PRACTICE TEST Q AND A

SpringvillecyDistributorscymadecysalescyusingcyacylistcypriecyofcy$880cyandcyacytradecydiscou
ntcyofcy30%.cyWhatcyamountcyshouldcybecyrecordedcyforcythecysale?
A)cy$594
B)cy$216
C)cy$264
D)cy$616cy-cyanswer--D

LawscypassedcybycyCongresscyincy1933cyandcy1934cygavecythecySecuritiescyandcyExchang
ecyCommissioncy(SEC)cyfinalcysaycyoncymatterscyofcyfinancialcyreportingcybycypubliclycyown
edcycorporations.
A)cyTrue
B)cyFalsecy-cyanswer--A

Whencyequipmentcyiscypurchasedcyforcycash,
A)cyonecyassetcyincreasescyandcyanothercyassetcydecreases
B)cyassetscydecreasecyandcyexpensescyincrease
C)cyassetscyandcyowner'scyequitycyincrease
D)cyassetscyincreasecyandcyliabilitiescydecreasecy-cyanswer--A

Taxcyplanningcyiscyanycyactivitycyassociatedcywithcythecypreparationcyofcytaxcyreturnscyandcyt
hecyauditcyofcythosecyreturns.
A)cyTrue
B)cyFalsecy-cyanswer--B

Thecyfrequencycyofcydepositscyofcyfederalcyincomecytaxescywithheldcyandcysocialcysecuritycy
andcyMedicarecytaxescyiscydeterminedcybycythecyamountcyowed.
A)cyTrue
B)cyFalsecy-cyanswer--A

Whichcyofcythecyfollowingcyiscynotcyacyreasoncywhycythecybookcybalancecyofcycashcymaycynotc
yagreecywithcythecybalancecyoncythecybankcystatement?

A)cyOutstandingcychecks
B)cyEndcyofcythecymonth
C)cyServicecychargescyandcyothercydeductions
D)cyDepositcyincytransitcy-cyanswer--B

Mostcycashcytransactionscyinvolvecychecks.
A)cyTrue
B)cyFalsecy-cyanswer--A

Thecyentrycytocytransfercyacynetcylosscytocythecyowner'scycapitalcyaccountcywouldcyincludecyac
ydebitcytocy

A)cythecyowner'scycapitalcyaccountcyandcyacycreditcytocyIncomecySummary