Accounting and Fiscal Services (Account Clerk) Flashcards

An account clerk records a payment of $1,247.50 against an invoice of $1,475.00. What balance remains on the invoice?

Answer: $227.50

$1,475.00 minus $1,247.50 equals $227.50, which is the unpaid balance remaining on the invoice.

In double-entry bookkeeping, what happens every time a transaction is recorded?

Answer: At least one account is debited and at least one account is credited for equal total amounts

Double-entry bookkeeping requires that total debits equal total credits for every transaction, affecting at least two accounts, which keeps the accounting equation in balance.

A school site has a supply budget of $12,000 for the year. After spending $4,800 in the first semester, what percentage of the budget remains?

Answer: 60%

The remaining amount is $12,000 − $4,800 = $7,200, and $7,200 ÷ $12,000 = 0.60, so 60% of the budget remains.

Which document would an account clerk compare against a purchase order and receiving report before approving payment to a vendor?

Answer: The vendor's invoice

The three-way match used in accounts payable compares the purchase order, the receiving report, and the vendor's invoice to confirm that what was ordered and received matches what is being billed before payment is released.

A petty cash fund starts with $200. Receipts in the box total $135 and remaining cash is $60. What does this indicate?

Answer: The fund is $5 short

Receipts plus remaining cash should equal the fund total: $135 + $60 = $195, which is $5 less than $200, so the fund is $5 short.

An employee earns $18.40 per hour and worked 37.5 hours in one week. What is the gross pay for that week?

Answer: $690.00

Gross pay is the hourly rate times hours worked: $18.40 × 37.5 = $690.00.