Junior Bookkeeper Skills Assessment Phase 1.2

Name *

First

Last

1. The vendor name alone determines which account should be used. *

2. What is the primary purpose of the Chart of Accounts? *

3. Which of the following is an Asset? *

4. Revenue accounts record money earned by the business. *

5. Which account type represents money the business owes? *

6. Every purchase from Staples should be coded to Office Supplies. *

7. Before choosing an account, what should you determine first? *

8. Supporting documentation should be reviewed before coding a transaction. *

9. Which of the following would most likely be an Expense? *

10. Bank descriptions alone are always sufficient to determine the correct account. *

11. Which transaction is most likely to affect the Shareholder Loan account? *

12. If you are unsure how to code a transaction, you should guess based on the closest account. *

business. be financial

13. What is the first step before asking a Senior Bookkeeper for help? *

14. A laptop purchased for long-term business use is generally treated as a capital asset rather than an office supply expense. *

15. Which account type records the owner's investment in the business? *

16. Coding transactions correctly improves the accuracy of financial reports. *

17. Which document provides the strongest evidence for coding a transaction? *

18. One goal of Eagleeye's research process is to develop independent problem-solving skills before escalating questions. *

19. Which of the following is the best reason to review historical transactions? *

A. To copy previous mistakes
B. To identify how similar transactions have been treated and maintain consistency
C. To avoid reading supporting documentation
D. To reduce the number of accounts in the Chart of Accounts

20. The objective of transaction coding is not simply to make QuickBooks balance, but to produce accurate and meaningful financial reports. *