CODESP Accounting and Fiscal Services (Account Clerk)

Question 1

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

Accepted Answer

$227.50

Answer

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

Question 2

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

Accepted Answer

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

Answer

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.

Question 3

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?

Accepted Answer

60%

Answer

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

Question 4

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

Accepted Answer

The vendor's invoice

Answer

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.

Question 5

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

Accepted Answer

The fund is $5 short

Answer

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

CODESP - Cooperative Organization for the Development of Employee Selection Procedures Practice Test

CODESP - Cooperative Organization for the Development of Employee Selection Procedures Practice Test

CODESP Accounting and Fiscal Services (Account Clerk)