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Accounting Quiz

This handy quiz is helpful when you are hiring a bookkeeper. It was designed by an accountant to "weed out" those who may be familiar with various accounting packages, but have never been responsible for bookkeeping. These simple questions provide a mix of the basic knowledge a bookkeeper should have. It is a great screening tool that can be issued along with the employment application.  The attached answer sheet allows the employer to check the test and determine the basic bookkeeping knowledge applicants possess.

Click for Answers to the quiz, or you can download the Accounting Quiz in Microsoft Word Document format to print and for future use.

1.             What accounts make up the balance sheet?   

2.             What accounts make up the profit/loss statement?  

3.             What are the normal balances of the following?  (Dr or Cr) 

                _______Postage Expense                                _______Accounts Receivable               

                _______Office Equipment                               _______Accrued Payroll Taxes 

                _______A/R Allowance                                  _______Fee Income 

                _______Note Payable                                    _______Shareholders Equity 

                _______Payroll Advance                                _______Accumulated Depreciation 

                _______Petty Cash                                          _______Depreciation Expense 

4.                    Define or describe the following: 

FUTA__________________________________________________________________ 

FWT___________________________________________________________________ 

TIN____________________________________________________________________ 

W-2____________________________________________________________________ 

W-4____________________________________________________________________ 

5.                    Solve the following problems by journal entry: 

A.      The accounts receivable g/l balance does not agree with the subsidiary ledgers.  $1,000.00 was credited in error to notes receivable.     

B.     The payroll taxes were over deposited by $35.00 and a refund check was received for the overdeposit.  The check was deposited in the bank and credited to miscellaneous income.  

C.       A payroll check was voided after it was posted to the general ledger. (Gross=$500,  FICA=$35.75, w/h=$64.25, misc. deduction=$100, net=$300).
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