Sample Test

exam

Below are some sample test questions from our Bookkeeping 101 Assessment Exam.

The questions on the Bookkeeping 101 Assessment Exam cover the following topics:

[ultimate_icon_list][ultimate_icon_list_item icon_size=”18″ icon_margin=”5″ icon_color=”#1bbf05″ icon_style=”none” icon_color_bg=”#ffffff” icon_color_border=”#333333″ icon_border_size=”1″ icon_border_radius=”500″ icon_border_spacing=”50″ icon=”Defaults-ok”]Accounts Payable[/ultimate_icon_list_item][ultimate_icon_list_item icon_size=”18″ icon_margin=”5″ icon_color=”#1bbf05″ icon_style=”none” icon_color_bg=”#ffffff” icon_color_border=”#333333″ icon_border_size=”1″ icon_border_radius=”500″ icon_border_spacing=”50″ icon=”Defaults-ok”]Accounts Receivable[/ultimate_icon_list_item][ultimate_icon_list_item icon_size=”18″ icon_margin=”5″ icon_color=”#1bbf05″ icon_style=”none” icon_color_bg=”#ffffff” icon_color_border=”#333333″ icon_border_size=”1″ icon_border_radius=”500″ icon_border_spacing=”50″ icon=”Defaults-ok”]Payroll[/ultimate_icon_list_item][ultimate_icon_list_item icon_size=”18″ icon_margin=”5″ icon_color=”#1bbf05″ icon_style=”none” icon_color_bg=”#ffffff” icon_color_border=”#333333″ icon_border_size=”1″ icon_border_radius=”500″ icon_border_spacing=”50″ icon=”Defaults-ok”]GST/HST[/ultimate_icon_list_item][ultimate_icon_list_item icon_size=”18″ icon_margin=”5″ icon_color=”#1bbf05″ icon_style=”none” icon_color_bg=”#ffffff” icon_color_border=”#333333″ icon_border_size=”1″ icon_border_radius=”500″ icon_border_spacing=”50″ icon=”Defaults-ok”]Financial Statements[/ultimate_icon_list_item][ultimate_icon_list_item icon_size=”18″ icon_margin=”5″ icon_color=”#1bbf05″ icon_style=”none” icon_color_bg=”#ffffff” icon_color_border=”#333333″ icon_border_size=”1″ icon_border_radius=”500″ icon_border_spacing=”50″ icon=”Defaults-ok”]Debits & Credits[/ultimate_icon_list_item][/ultimate_icon_list]

What would the journal entry look like for the following transaction:

The purchase of a new printer for $900 plus $117 HST sales tax

A. Debit Bank $900, Credit Computer Purchases $900, Credit Sales Tax Paid $117
B. Debit Bank $900, Credit Computer Purchases $1017, Debit Sales Tax Paid $117
C. Credit Bank $1017, Debit Computer Purchases $900, Debit Sales Tax Paid $117
D. Debit Bank $1017, Credit Computer Purchases $1017

What is the difference between a long term liability and a current liability?

A. A long term liability is not repayable
B. A current liability is due within one year
C. A current liability is due within one quarter or 3 months
D. A long term liability would show up in the Equity section of your balance sheet and a current liability would not

A PD7A form is:

A. The Canada Revenue Agency form to track your GST/HST Return
B. A form required by Canada Revenue Agency at termination of an employee
C. A form listing source deductions that are owing to the Canada Revenue Agency
D. A form filed with Canada Revenue Agency when you file your T4 slips
E. A form provided to an employee upon termination of employment

You have a final debit balance of $3000 for a particular vendor in your Accounts Payable.  This means:

A. You have bills owing to this vendor in the amount of $3000
B. You have overpaid this vendor by $3000
C. Over all of the invoices received from them you have paid the vendor $3000

If you aren’t sure why you should administer this test BEFORE you hire your next bookkeeper, then you must read our Why Test? Information.

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