Bookkeeping - Quickbooks
Questions with 100% Correct Answers
In part one, bookkeeping basics, you'll learn what bookkeeping is all about. It
will include: Correct Answer: The ethical standards for bookkeepers,
The accounting principles that guide recording processes and schedules,
How to use the accounting equation to make sure bookkeeping records are
accurate and balanced, and
The accounting cycle that bookkeepers follow to ensure transactions are
recorded and tracked properly.
Part two focuses on tracking assets and sales. Here you'll discover: Correct
Answer: How to track assets of a business-that is, what the business owns and
sells,
How to help business owners understand their business's worth, how much new
revenue they are generating, and how much inventory they need to keep up
with demand, and
Effective strategies for recording cash sales, invoices, inventory, and
depreciation.
Part 3 brings us to tracking expenses, liabilities, and equity. In this section, you'll
become familiar with concepts like: Correct Answer: Liabilities and equity
transactions,
Tracking liabilities, so that your clients always know what they owe in the long-
and short-term,
,Payroll accounting and how to keep track of all the tax forms and withholdings
associated with paying employees, and
How to determine the value of a business by understanding owner's or
stockholders' equity and how this relates to their financial position.
Last but not least, in Part 4, we'll take on concepts that have to do with
reconciling and examining financial statements. This section explains: Correct
Answer: How to reconcile accounts and provide accurate financial information
to clients,
How to use financial statements to explain financial trends, performance, and
cash flow within the business,
How to help clients build or compare budgets, and
Different metrics and ratios you can use to determine the overall health of a
business.
The role of a bookkeeper Correct Answer: A bookkeeper's role is multifaceted.
At it's core, the position involves the process of tracking and recording the
financial transactions of a business.
Everyone has different reasons for becoming a bookkeeper, but what you all
share are the foundational principles of accounting. Correct Answer: Helping
businesses grow is why Margot got into the field of bookkeeping.
When my dad retired from the military, he faced the daunting question of what
to do next. His best friend suggested an utterly outlandish idea—opening a
Renaissance festival! Something about it sparked a fire in my dad's eyes. From
that day on, it was crystal clear, he was fully committed to his dream.
,On opening day, I walked through the festival gates and the air buzzed with
excitement, as people in extravagant costumes filled the space. Seeing my
dad's dream come to life ignited a passion within me, and I knew I wanted to
help others achieve their own dreams. Correct Answer: That's why I pursued
bookkeeping - to help aspiring business owners transform their dreams into
tangible successes. It's incredibly rewarding to be a part of their journey and to
watch them grow. It's funny how inspiration can be contagious, thanks dad!
Accounts payable Correct Answer: Money a business owes to others for goods
or services.
Accounts receivable Correct Answer: Money that is owed to a business for
providing a good or service.
General bookkeeping responsibilities Correct Answer: As a bookkeeper, you will
be expected to fulfill the following responsibilities.
Record Financial Transactions Correct Answer: Recording financial transactions
involves systematically documenting financial events in a business's accounting
system.
Reconcile Bank Accounts Correct Answer: Reconciling bank accounts requires
comparing and matching transactions in a business's accounting records with
those in the bank statement to ensure accuracy and to identify any
discrepancies.
Manage Accounts Receivable and Accounts Payable Correct Answer:
Managing accounts receivable and accounts payable entails efficiently
tracking and handling the money owed to the business by customers and the
money owed by the business to suppliers and creditors.
Work with Tax Preparers and Assist with Tax Compliance Correct Answer:
Working with tax preparers and assisting with tax compliance includes
, collaborating with professionals, such as CPAs and tax advisors, to ensure
accurate tax reporting and adherence to tax regulations for the business.
Generate Financial Statements Correct Answer: Generating financial
statements involves preparing core financial documents that summarize a
business's financial activities, performance, and position, providing valuable
insights for decision-making and financial analysis
All of these functions allow you to help businesses, particularly small to medium
sized businesses, thrive Correct Answer: giving a financial compass to help
owners make their dreams a reality.
Bookkeeping ethics Correct Answer: As a bookkeeper, you will be trusted with
sensitive information and must have a strong sense of ethical responsibility.
As a bookkeeper, I sometimes encounter ethical questions that require careful
consideration and explanation. Most of the time, these questions come from an
innocent place and can be resolved through open and honest communication
with clients. For example, I've had to explain the differences between treating
someone as an employee versus a contractor. Those are the types of topics
that I'll discuss with clients to help them understand what they should do.
Only one time did I experience something that felt blatantly unethical. I noticed
an office manager paid an invoice, of a significant amount, to herself. When I
asked her about it, she told me that it was money owed to her and I should go
ahead and send it. I decided to ask the owner of the business and he didn't
know about it. This is where our role becomes crucial —we must always remain
objective and unbiased in our assessments of these situations. Correct Answer:
Being ethical is also about protecting financial data and keeping things
confidential. Employees, family members, even customers will sometimes ask
about the financial state of the business. I simply say. "I can't disclose any
Questions with 100% Correct Answers
In part one, bookkeeping basics, you'll learn what bookkeeping is all about. It
will include: Correct Answer: The ethical standards for bookkeepers,
The accounting principles that guide recording processes and schedules,
How to use the accounting equation to make sure bookkeeping records are
accurate and balanced, and
The accounting cycle that bookkeepers follow to ensure transactions are
recorded and tracked properly.
Part two focuses on tracking assets and sales. Here you'll discover: Correct
Answer: How to track assets of a business-that is, what the business owns and
sells,
How to help business owners understand their business's worth, how much new
revenue they are generating, and how much inventory they need to keep up
with demand, and
Effective strategies for recording cash sales, invoices, inventory, and
depreciation.
Part 3 brings us to tracking expenses, liabilities, and equity. In this section, you'll
become familiar with concepts like: Correct Answer: Liabilities and equity
transactions,
Tracking liabilities, so that your clients always know what they owe in the long-
and short-term,
,Payroll accounting and how to keep track of all the tax forms and withholdings
associated with paying employees, and
How to determine the value of a business by understanding owner's or
stockholders' equity and how this relates to their financial position.
Last but not least, in Part 4, we'll take on concepts that have to do with
reconciling and examining financial statements. This section explains: Correct
Answer: How to reconcile accounts and provide accurate financial information
to clients,
How to use financial statements to explain financial trends, performance, and
cash flow within the business,
How to help clients build or compare budgets, and
Different metrics and ratios you can use to determine the overall health of a
business.
The role of a bookkeeper Correct Answer: A bookkeeper's role is multifaceted.
At it's core, the position involves the process of tracking and recording the
financial transactions of a business.
Everyone has different reasons for becoming a bookkeeper, but what you all
share are the foundational principles of accounting. Correct Answer: Helping
businesses grow is why Margot got into the field of bookkeeping.
When my dad retired from the military, he faced the daunting question of what
to do next. His best friend suggested an utterly outlandish idea—opening a
Renaissance festival! Something about it sparked a fire in my dad's eyes. From
that day on, it was crystal clear, he was fully committed to his dream.
,On opening day, I walked through the festival gates and the air buzzed with
excitement, as people in extravagant costumes filled the space. Seeing my
dad's dream come to life ignited a passion within me, and I knew I wanted to
help others achieve their own dreams. Correct Answer: That's why I pursued
bookkeeping - to help aspiring business owners transform their dreams into
tangible successes. It's incredibly rewarding to be a part of their journey and to
watch them grow. It's funny how inspiration can be contagious, thanks dad!
Accounts payable Correct Answer: Money a business owes to others for goods
or services.
Accounts receivable Correct Answer: Money that is owed to a business for
providing a good or service.
General bookkeeping responsibilities Correct Answer: As a bookkeeper, you will
be expected to fulfill the following responsibilities.
Record Financial Transactions Correct Answer: Recording financial transactions
involves systematically documenting financial events in a business's accounting
system.
Reconcile Bank Accounts Correct Answer: Reconciling bank accounts requires
comparing and matching transactions in a business's accounting records with
those in the bank statement to ensure accuracy and to identify any
discrepancies.
Manage Accounts Receivable and Accounts Payable Correct Answer:
Managing accounts receivable and accounts payable entails efficiently
tracking and handling the money owed to the business by customers and the
money owed by the business to suppliers and creditors.
Work with Tax Preparers and Assist with Tax Compliance Correct Answer:
Working with tax preparers and assisting with tax compliance includes
, collaborating with professionals, such as CPAs and tax advisors, to ensure
accurate tax reporting and adherence to tax regulations for the business.
Generate Financial Statements Correct Answer: Generating financial
statements involves preparing core financial documents that summarize a
business's financial activities, performance, and position, providing valuable
insights for decision-making and financial analysis
All of these functions allow you to help businesses, particularly small to medium
sized businesses, thrive Correct Answer: giving a financial compass to help
owners make their dreams a reality.
Bookkeeping ethics Correct Answer: As a bookkeeper, you will be trusted with
sensitive information and must have a strong sense of ethical responsibility.
As a bookkeeper, I sometimes encounter ethical questions that require careful
consideration and explanation. Most of the time, these questions come from an
innocent place and can be resolved through open and honest communication
with clients. For example, I've had to explain the differences between treating
someone as an employee versus a contractor. Those are the types of topics
that I'll discuss with clients to help them understand what they should do.
Only one time did I experience something that felt blatantly unethical. I noticed
an office manager paid an invoice, of a significant amount, to herself. When I
asked her about it, she told me that it was money owed to her and I should go
ahead and send it. I decided to ask the owner of the business and he didn't
know about it. This is where our role becomes crucial —we must always remain
objective and unbiased in our assessments of these situations. Correct Answer:
Being ethical is also about protecting financial data and keeping things
confidential. Employees, family members, even customers will sometimes ask
about the financial state of the business. I simply say. "I can't disclose any
