1. A company paid $1,700 for office supplies. What is the best way to record this transaction using accounting software?

a) An entry in the journal

b) An adjustment entry

c) In the check register

d) Directly in the statement of results

2. The business owner makes a $5,000 cash withdrawal for personal use. What is the best way to record this transaction using accounting software?

a) An entry in the journal

b) An adjustment entry

c) Directly in the balance sheet

d) In the check register

3. On December 31, 2xx1, at the end of the fiscal year, the firm Kelly's Consulting Services entered into a contract with a client to provide services in the month of January of the year 2xx2. Expecting to record profits in year 2xx1, Kelly credited the revenue account for consulting services and debited the Accounts Receivable to December of year 2xx1, in the amount corresponding to the contract to be executed in year 2xx2, as part of the year-end account adjustments. This is a violation of ethics by:

a) The customer agrees to pay in cash and not using a check in the month of January

b) The customer was not aware of the date included in the registration of the transaction

c) The company registers an income that has not yet been earned

d) No breach of ethics was committed because the company records the transaction in Accounts Receivable not in the Cash account

4. Rowan Inc. has an employee earning a salary of $2,000 per pay period. FICA and Social Security taxes are 6.2% and FICA Medicare taxes are 1.45% of your gross salary. What other additional information is needed to pay the employee using accounting software?

a) Hours worked

b) Information contained in form W-4

c) Hourly payment rate

d) All previous

5. The following are examples of source (source) documents that can be used to enter transactions into accounting software, with the exception of:

a) Purchase Order

b) Balance General

c) Bank Statement

d) Ticket of Sale

6. When a company prepares closing entries, that:

a) Returns to zero balance sheet only for assets and liabilities at the end of the accounting period

b) Returns to zero only the accounts of the Statement of Income at the end of the accounting period

c) Returns to zero only the accounts of Assets, Liabilities and Capital at the end of the accounting period

d) Returns to zero only the income, expense and retirement accounts at the end of the accounting period

7. Accounting software can be used to prepare the following, with the exception of:

a) checks

b) comparisons of previous years

c) financial statements

d) submit tax returns electronically (e-documents)

8. Accounting software can be used for the following operations with the exception of:

a) Determine the net payment due to the employee

b) Determine which accounts are included in the chart of accounts (chart of accounts)

c) Prepare a bank reconciliation

d) Prepare depreciation adjustment entries

9. The accounting Softword:

a) Can only record transactions affecting the cash account

b) Creates Financial Statements based on the data that has been entered into these statements

c) You do not need debit and credit entries for entries in the journal as you can generate entries by yourself

d) Use the providers (Vendors) option to keep track of Accounts Payable

10. The refund on the Petty Cash account is $358. What is the best way to register this transaction using accounting software?

a) An entry in the journal

b) An adjustment entry

c) Directly into the Balance Sheet

d) The check registers

12. The log from the journal books (journals) in the general ledger (ledger) in the accounting software is:

a) A long process that takes many hours to ensure its accuracy

b) Its done automatically

c) Performed manually at the end of the accounting cycle

d) Replaced by statement of accounts and cash balance report

15. A company thinks it can lose $3000 next year. The accountant is preparing to complete year-end account adjustments. What is the best way to record this transaction using accounting software?

a) An entry in the journal Directly

b) in the Balance Sheet

c) Directly in the Statement of Results

d) No entry must be recorded

16. When accounting software is used at the end of the year to prepare financial statements, you must:

a) the Cash Flow Statement (Cash Flow) first to transfer the final Cash balance from the General Balance in a journal entry

b) the Statement of Income first to transfer the Net Income to the Balance Sheet in a journal entry

c) the Balance Sheet first to transfer the total Capital to the Cash Flows statement in a journal entry

d) Do nothing, as financial statements are prepared automatically

17. When you use the accounting software at the end of the year to prepare the adjustment entries, you should:

a) Prepare the Balance Sheet and then prepare a trial balance to settle prepaid and unearned accounts

b) inputs as you would in a normal system

c) the Statement of Income first to transfer Net Income to the General Balance in a journal entry, the rest of the entries are made automatically

d) Do nothing as the adjustment inputs are done automatically

18. When financial information is presented to the board it is better to provide:

a) A list of increases and decreases in accounts over $10,000

b) A summary of data and details about it when required

c) Access to the database as well as the information prepared using the accounting software so that the data are compared to check its accuracy

d) Details of each number on each of the days in a presentation format like Power Point