Phil

Topics: Inventory, Depreciation, Revenue Pages: 8 (2441 words) Published: March 30, 2011
Bookkeeper's Hiring Test
Basic Test Payroll Option Depreciation Option Inventory-Perpetual Option

Test Name: AIPB Hiring Test Test Form: 5 Test Points: 25.00

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Name: ________________________________ Date: _________________ [1]BASIC BANK01 - BAT 003 Which of the following statements is true? A. An asset account is increased by a credit B. An expense account is increase by a credit C. A revenue account is decreased by a credit D. An equity account is decreased by a debit [2]BASIC BANK02 - BAT 010 The Income Summary account contains: A. Total revenues and total expenses for the year B. Total assets and total liabilities at year end C. Total revenues, expenses, assets, and liabilities at year end D. Total revenues and assets at year end

Bookkeeper's Hiring Test
Form: 5

[3]BASIC BANK03 - OE 015 On July 7, 200X, your firm signs a 5-year rental lease for an office for $2,000 a month. The lease starts August 1, 200X, and requires payment of each month’s rent in advance on the first of the month. On July 7, your firm pays $5,000 both for a deposit that is refundable at the end of the 5-year term and the rent for August. How do you record the $5,000 payment? 5,000 A. Rent Expense Cash 5,000 2,000 B. Prepaid Rent Rent Expense 3,000 Cash 5,000 Prepaid Rent 2,000 C. Deposit 3,000 Cash 5,000 D. Rent Expense 2,000 Rent Paid In Advance 3,000 Cash 5,000 [4]BASIC BANK04 - ABB 010 PriCo made a $5,500 deposit that the bank erroneously recorded as $550. In PriCo’s bank reconciliation, the difference of $4,950 should be: A. Deducted from the balance per bank B. Deducted from the balance per books C. Added to the balance per bank D. None of the above

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This test was designed by the American Institute of Professional Bookkeepers, the national association and certifying organization for bookkeepers. For information, visit www.aipb.org or call 800-622-0121 © 2005 American Institute of Professional Bookkeepers All rights reserved.

Bookkeeper's Hiring Test [5]BASIC BANK05 - ABB 010 If a company recorded a $1,200 bank deposit on its books as $2,100, the $900 difference is: A. Deducted from the balance per books in a bank reconciliation B. Deducted from the balance per bank in a bank reconciliation C. Added to the balance per bank in a bank reconciliation D. Added to the balance per books in a bank reconciliation [6]BASIC BANK06 - AR 010 On September 1, your calendar-year firm, which is on the accrual basis, sublets office space to TenantCo for an annual rental of $1,200 and receives and records $400 rent received in advance. What adjusting entry will you record on December 31? A. Debit Rent Receivable for $300 B. Credit Rent Revenue for $400 C. Credit Rent Revenue for $1,200 D. Debit Rent Revenue for $100 [7]BASIC BANK07 - AE 010 On October 1, your calendar year company, which is on the accrual basis, signs a $20,000 painting contract and makes a $4,000 advance, which you record in Painting Expense. If, on December 31, management informs that you 25% of the work has been completed, what adjusting entry will you record? A. Debit Painting Expense for $1,000 B. Debit Painting Expense for $9,000 C. Debit Painting Expense for $5,000 D. Credit Painting Payable for $5,000 [8]BASIC BANK08 - RCIA 010 On October 11, your firm, which is on the accrual basis, accepts a $7,500 advance to create a $15,000 video for a client and books the advance in Unearned Revenue. At year end, 20% of the work has been completed. What adjusting entry do you record? 3,000 A. Unearned Revenue Revenue 3,000 3,000 B. Cash Revenue 3,000 3,000 C. Revenue Unearned Revenue 3,000 Unearned Revenue 1,500 D. Revenue 1,500

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This test was designed by the American Institute of Professional Bookkeepers, the national association and certifying organization for bookkeepers. For information, visit www.aipb.org or call...
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