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