Bookkeeping and Accounting Test

Question 1

When you post payments, you'll be able to:

Accepted Answer

All the above

Answer

Post payment and apply to the oldest invoices.

Answer

Post payments and disburse to specific invoices.

Answer

Post payment to customers accounts and not disburse.

Question 2

Which pull-down menu on the Bookkeeping view is used to post payments, credit memos, and debit memos?

Accepted Answer

Received On Account

Answer

Payments

Answer

Customers

Answer

Post

Question 3

Which tab on the Payment Edit screen allows you to establish disbursements after you've created a payment?

Accepted Answer

Create Disbursements tab

Answer

AR Summary tab

Answer

Main tab

Answer

None of the Above

Question 4

A ledger is a primary accounting book.

Accepted Answer

True

Answer

False

Question 5

Choose the appropriate workflow for submitting a customer payment and applying it to a specific invoice.

Accepted Answer

Create Payment > Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button

Answer

Fetch ALL > (double click) on line item to apply > COMMITT DISBURSEMENTS button > Create Payment

Answer

Create Payment > COMMITT DISBURSEMENTS button > Fetch ALL > (double click) on line item to apply

Answer

COMMITT DISBURSEMENTS button > Create Payment > Fetch ALL > (double click) on line item to apply

Question 6

In order to prepare the final account, the ledger is not required.

Accepted Answer

False

Answer

True

Question 7

When establishing disbursements, which "Fetch" button would you use to see all uncleared payments, credits, debits, and invoices that are eligible for disbursement?

Accepted Answer

Fetch All

Answer

Fetch & Apply

Answer

Fetch All Credits

Answer

Committ Disbursements

Question 8

Journal Folio is the full form of JF.

Accepted Answer

True

Answer

False

Question 9

Final entry is another name for ledger.

Accepted Answer

True

Answer

False