Accounts Payable, Finance And Accounting

Question: Which of the following methods can be used to value inventory in QuickBooks?
A
Double declining balance

B
Last in, first out (LIFO)

C
First in, first out (FIFO)

D
Average cost

Note: Not available
1. Report
Question: When clients have customers who are also vendors, what is the best way to offset Accounts Payable against Accounts Receivable?
A
Use the QuickBooks trade-off feature

B
Create a bank account through which you can clear the Payables and the Receivables

C
Use a single journal entry

D
Use multiple journal entries

Note: Not available
1. Report
Question: Accrual Basis means __________.
A
the most commonly used accounting method which reports income when earned and expenses when incurred,

B
the accounting method which reports income when received and expenses when paid.

C
the accounting method which reports income when earned and expenses when incurred.

D
All of the above

Note: Not available
1. Report
Question: A good example of a typical prepaid expense is:
A
Rent

B
Dividends

C
Insurance

D
Wages

Note: Not available
1. Report
Question: What is the difference between billable and non-billable expenses?
A
Billable expenses are the expenses incurred by you in carrying out your own business / performing your own duties and responsibilities and Non-billable expenses are the expenses incurred by you on behalf of your customer in performing duties / rendering services and supplying goods

B
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / rendering services and supplying goodsand Non-billable expenses are the expenses incurred by you in carrying out your own business / duties and performing your own responsibilities.

C
Neither of the above

Note: Not available
1. Report
Question: From the Accounts Payable point of view, what are the main problems that arise between Accounts Payable and Purchasing?
A
Missing information on Purchase Orders

B
Missing information about discounts

C
Delays

D
All of the above.

Note: Not available
1. Report
Question: Debit memos are required for_______.
A
the payment deductions taken on invoices.

B
the payments made on Purchase Orders

C
the payments received on Sales Orders

D
Both b and c

Note: Not available
1. Report
Question: Tax Accounting Services pays off $200 on account. To record this transaction for Tax Accounting Services, the Cash account is credited and the __________ account is debited.
A
Cash

B
Accounts Payable

C
Service Revenue

D
Accounts Receivable

Note: Not available
1. Report
Question: In its 2007 income statement, Cere & Co. has reported an income of $300,000 before income taxes. Cere estimated that, because of permanent differences, taxable income for 2007 would be $280,000. During 2007, Cere made estimated tax payments of $50,000, which were debited to income tax expense; Cere is subject to a 30% tax rate. What amount should Cere report as income tax expense?
A
$34,000

B
$50,000

C
$84,000

D
$90,000

Note: Not available
1. Report
Question: Which of the following accounts has a debit balance?
A
Accounts Payable account

B
Accrued taxes account

C
Accumulated depreciation account

D
Bad debt expense account

Note: Not available
1. Report

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Question: Which of the following methods can be used to value inventory in QuickBooks?

Question: When clients have customers who are also vendors, what is the best way to offset Accounts Payable against Accounts Receivable?

Question: Accrual Basis means __________.

Question: A good example of a typical prepaid expense is:

Question: What is the difference between billable and non-billable expenses?

Question: From the Accounts Payable point of view, what are the main problems that arise between Accounts Payable and Purchasing?

Question: Debit memos are required for_______.

Question: Tax Accounting Services pays off $200 on account. To record this transaction for Tax Accounting Services, the Cash account is credited and the __________ account is debited.

Question: Which of the following accounts has a debit balance?