FIRST NAME

LAST NAME

1. What condition below would not be relevant for an external auditor attesting to financial statements under G.A.A.P?
a. Duplicate transactions preventing bank reconciliationb. One particular customer’s payment being applied to the wrong invoice of severalc. An overstated appraisal of a fixed assetd. None of the above

2. What condition listed below would not be found and/or corrected by the bank reconciliation process?
a. Recording a check with the wrong expenseb. Recording a deposit with the wrong income classification categoryc. Recording a payment to a vendor that was applied to the wrong vendor’s billd. An undervalued long-term liabilitye. None of the abovef. All of the above

3. How do you detect the checks and expenses that have been recorded in the wrong expense account?
a. Send a confirmation to the vendor regarding the bills the payment was applied to?b. Compare the payees of all the checks and expenses in the same accountc. Do the bank reconciliation processd. All of the abovee. None of the Above

4. An expense account in the chart of accounts you are examining normally has several different payees, some of whom are paid for other expenses we record. There are very many transactions in the account and they are in very different amounts. What would be most efficient way to check to see if transactions recorded in this account belong there instead of another expense account?
a. Check 1 by 1 every single oneb. Check the ones only form the vendor in questionc. Check just the ones with the large amounts if only a few of those account for most of the balance in the accountd. Re-do the bank reconciliation and clear all checks to the vendors with that account

5. A customer calls you after receiving the monthly statement. They agree with the total balance but do not agree with the remaining balances of the individual invoices. What mistake was made?
a. You chose the wrong customer when entering an invoiceb. You put the wrong amount when entering the paymentc. You chose the wrong item when creating an invoiced. You applied a customer payment to the wrong invoice

6. Which customer report will help you determine if customer’s payments were applied properly?
a. Open Invoice Reportb. Transaction List By Customerc. Customer Balance Detaild. Transaction List By Vendor

7. Upon receiving the monthly statement from the vendor, you notice that the total balance matches, but the individual unpaid bills balances are wrong. What mistake was made?
a. You applied a bill payment to the wrong billb. You chose the wrong vendor when you entered a bill paymentc. You chose the wrong expense account when you entered the original billd. You recorded the wrong money amount when recording a bill payment

8. When doing Bank Reconciliation, what final number must match the statement ending balance?
a. The bank Account Balance from the general ledger that includes all transactionsb. The Balance of Account Receivablec. The beginning balance of the credit card accountd. The balance of only the transactions we have marked as cleared the bank statement

9. If there is no mistake in the cash records, what would cause the bank account balance to be different from the balance of cash in QuickBooks?
a. Because of outstanding checksb. Because of deposits in transitc. Because of an unrecorded service charge from the bankd. All of the above

10. What is the CLEARED BALANCE?
a. The balance of the bank Statement at the beginning of the monthb. The balance of cash in bank in QuickBooks before doing this month's reconciliationc. The balance in the QuickBooks records of all the transactions that we indicated as cleared the bankd. The balance of the bank statement after all outstanding checks will clear

11. How can you tell if someone changed the money amount of a transaction that was already cleared in a past month’s bank reconciliation?
a. When you open the reconciliation window, you get a message that the beginning balance is differentb. You will get a message in your inboxc. The trial balance will have different debit and credit amountsd. None of the above

12. How would you find and fix any improper changes to any transaction that has already been marked as cleared in a past bank reconciliation?
a. Trial Balanceb. Discrepancy Reportc. Transaction List By Customerd. Use The Search Tool

13. When is it appropriate to adjust the numbers and force them to match when finishing a bank reconciliation?
a. When it is your first time doing bank reconciliation in an account that you never entered a beginning balance of that accountb. When the downloaded transaction from the bank feeds are different from the printed bank statementc. When you just can't find why the numbers don’t match so you need to force it to work

14. You try to undo a past reconciliation but there is no option to click to undo, why can’t you?
a. You are not logged in as the accountant userb. Not using the accountant’s edition of QuickBooks onlinec. Both a and bd. Neither a nor b

15. In a cash company (no receivables or payables) what’s the only important data that the bank reconciliation process will not reveal as recorded wrong?
a. The money amounts of the transactionb. Duplicate transactionsc. Missing transactionsd. Wrongly classified expense transactions

16. How can you find and fix checks, bills and expense transactions that have been mistakenly recorded in the wrong account category classification?
a. Do the bank reconciliationb. Do customer and vendor reconciliationc. Use the account transaction report to search each expense and asset by vendord. Customize the Transaction List By Vendor report to show the split account to examine the expense or asset in each transactione. Both C and D

17. What would be a good way of quickly re-classifying many transactions that had the correct vendor recorded but the wrong expense or asset account was recorded on a check, bill or Expense transaction?
a. Run reports and open each transaction 1-by-1b. Log in as the accountant user and use the re-classification tool in the accountant toolboxc. Upgrade to the plus version of QuickBooks Online and log in as the administrator, then open the re-classification tool from the plus sign in the top right of the screend. Just pay someone to go through each transaction 1-by-1

18. When writing a refund check to a client, what account from the chart of accounts must you use in the category field in the checks or expense window?
a. Unearned legal feesb. Legal fees earnedc. Delivery expensed. Legal fees receivable