Question 1 :

A client’s AR allowance roll-forward shows beginning allowance $9,500, current-year write-offs $4,200, and the required ending allowance is $14,800 based on the updated method, what is the correct bad debt expense to record for the year assuming write-offs were recorded against the allowance?

9500

1100

14800

19000

MCQ

Answered

0

Pending

5

Back to Assessment Details

Question 2 :

A depreciation workpaper for Briarcliff Fitness shows the staff used a half-year convention for all additions, but the firm policy is to start depreciation in the month placed in service; what is the best review note to clear the file?

Accept the half-year convention because it is conservative

Keep the half-year convention but disclose it in the footnotes

Recompute depreciation using the firm policy based on placed-in-service months, quantify the difference, and propose a true-up entry if material

Reverse all current-year depreciation because policy was not followed

MCQ

Answered

0

Pending

5

Back to Assessment Details

Question 3 :

At Lakeview Holdings LLC, Lauren Price is designing a month-end checklist in QBO and wants the first “hard stop” validation before any adjusting entries are posted. What step should come earliest to anchor the close to external evidence?

Run Profit and Loss and email it to management for comments

Set the close date immediately so nothing can change during close

Confirm bank and credit card statements are available and start reconciliations to the statement end date

Create recurring invoices for the next month to reduce workload

MCQ

Answered

0

Pending

5

Back to Assessment Details

Question 4 :

Teresa Vaughn reviews an adjusting entry in QBO that “fixes” an overstated expense by posting the offset to Uncategorized Income. What software-first correction approach should replace this?

Approve it because it fixes net income quickly

Use Profit and Loss drilldown to locate the source transaction, then edit/recategorize that transaction (or use the Reclassify Transactions tool if available) and remove the Uncategorized Income adjustment

Approve it if the memo explains the rationale

Reclass the income line to Accounts Payable so it stays off Profit and Loss

MCQ

Answered

0

Pending

5

Back to Assessment Details

Question 5 :

Ethan Collins sees invoices created from a custom template show no sales tax. On the Invoice, what is the most direct place to verify the tax is enabled and tax codes are being applied per line?

The invoice message to customer

The attachment section

The sales rep field

On the invoice line items, ensure the Tax column is shown and each line has the correct tax code selected

MCQ

Answered

0

Pending

5

Back to Assessment Details

Accounting Operations & Bookkeeping Preparation

A client’s AR allowance roll-forward shows beginning allowance $9,500, current-year write-offs $4,200, and the required ending allowance is $14,800 based on the updated method, what is the correct bad debt expense to record for the year assuming write-offs were recorded against the allowance?

MCQ

0

5

A depreciation workpaper for Briarcliff Fitness shows the staff used a half-year convention for all additions, but the firm policy is to start depreciation in the month placed in service; what is the best review note to clear the file?

MCQ

0

5

At Lakeview Holdings LLC, Lauren Price is designing a month-end checklist in QBO and wants the first “hard stop” validation before any adjusting entries are posted. What step should come earliest to anchor the close to external evidence?

MCQ

0

5

Teresa Vaughn reviews an adjusting entry in QBO that “fixes” an overstated expense by posting the offset to Uncategorized Income. What software-first correction approach should replace this?

MCQ

0

5

Ethan Collins sees invoices created from a custom template show no sales tax. On the Invoice, what is the most direct place to verify the tax is enabled and tax codes are being applied per line?

MCQ

0

5