Bookkeeping and Accounting Test

Question 1

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

Accepted Answer

All the above

Answer

When posting payments, accounting systems typically offer flexibility to handle various scenarios. You can apply payments to the oldest outstanding invoices, disburse them to specific invoices as instructed by the customer, or simply post them to the customer's account as an unapplied credit. Therefore, all these options are generally available.

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

In many accounting software interfaces, the 'Received On Account' menu or function is specifically used to record incoming customer payments. This option also typically handles the application of credit memos (reductions in customer balances) and debit memos (increases in customer balances), centralizing customer account adjustments.

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

After a payment has been initially created and recorded, the 'Create Disbursements' tab (or a similarly named section) is where you proceed to allocate or apply that payment to specific outstanding invoices. This step is crucial for accurately reducing the customer's balance for particular transactions and clearing open items.

Question 4

A ledger is a primary accounting book.

Accepted Answer

True

Answer

A ledger is indeed considered a primary accounting book. While transactions are first recorded in journals (books of original entry), the ledger is where these entries are systematically posted to individual accounts, providing summarized balances. These balances are then used to prepare the trial balance and financial statements, making the ledger indispensable.

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

The correct workflow for applying a customer payment to a specific invoice begins with creating the payment record. Next, you would typically use a 'Fetch ALL' function to display all outstanding invoices and credits. You then select the specific invoice(s) for application, often by double-clicking, and finally 'Commit Disbursements' to finalize the payment application.

CPB / BookKeeping Practice Test

CPB / BookKeeping Practice Test

Bookkeeping and Accounting Test