Below is a sample of the questions on the test - actual questions vary by test. All questions are multiple choice or true/false.

The gross profit on sales for a period is determined by:

  • Subtracting the cost of goods sold from the sales.
  • Subtracting the sales returned and the discount on sales from the gross sales.
  • Subtracting the sales from the purchases for the period.
  • Calculating the difference between the inventory at the beginning of the period and the inventory at the end of the period.

The Profit and Loss Statement doesn't show:

  • The cost of goods sold.
  • Depreciation of fixed assets.
  • Payroll taxes expenses.
  • The net worth of the business.

ABC Company has assets of $14,000 and liabilities of $2,000. The company's net worth is $16,000.

  • True
  • False

What form do you use to file FUTA tax?

  • 944
  • 941
  • 940

How often is the 941 filed?

  • Monthly
  • Quarterly
  • Annually
  • When the amount due exceeds $500.

When beginning a Bank Reconciliation, QuickBooks will ask you to enter all of the following information except:

  • The ending bank balance.
  • The statement closing date.
  • The checkbook balance.
  • The bank service charges.

How do you determine if a check has been reconciled in QuickBooks?

  • A checkmark is displayed in the bank account register.
  • The word "Reconciled" appears on the check in QuickBooks.
  • All of the above.
  • Look at the bank reconciliation in QuickBooks.

If you regularly invoice a customer for the same items or services, you can save time by:

  • Entering multiple invoices at once.
  • Copying the original invoice.
  • Memorizing the original invoice.
  • Using Statement Charges.

When entering a bill from a vendor using "Enter Bills", the bill must be paid:

  • Using Pay Liabilities.
  • Using Write Checks.By entering the payment in the check register.
  • Using Pay Bills.

When paying payroll taxes, you must:

  • Use Write Checks.
  • Enter the payment in the check register.
  • Use Pay Bills.
  • Use Pay Liabilities.
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