YOU ONE ATTEMPT! GOOD LUCK! /31 Accounting Clerk Online Test 1 / 31 Enter Your Full name 2 / 31 What do you understand by BOOK KEEPING? Check 3 / 31 How comfortable are you with Excel? Check 4 / 31 What bookkeeping software are you comfortable using? Check 5 / 31 What do you do to avoid making errors with financial figures? Check 6 / 31 Would you be comfortable communicating with vendors and clients? Check 7 / 31 What are debit and credits and how would you apply them? Check 8 / 31 What are the three financial statements in accounting and how are they linked? Check 9 / 31 What are the main features of a balance sheet? Check 10 / 31 SENSAR is a construction company with 7 employees. 2 of the employees are junior staff earning ghc500 monthly, 4 other staff are senior staff and earn ghc1000 monthly. The manager earns ghc1500. Draw up a salary calculator to show tax deductions, SSNIT deductions, and bonuses etc that apply to the salary. Check 11 / 31 You have purchased a double door fridge in the UK at £220 for sale in Ghana.Considering the following:Shipping and clearing cost is £50. Tax is 4%.How much would you sell the fridge in Ghana for profit margin of GHc300? Using an exchange rate of 8.20 Check 12 / 31 What is the overriding theme of the Grill Inferno menu ? Check 13 / 31 What is the difference between a ledger and a journal? Check 14 / 31 What is withholding tax and how does it apply to business transactions? Check 15 / 31 How do you ensure efficient yet accurate bookkeeping and data entry? Check 16 / 31 Which pair of accounts is increased by recording a credit? Common Stock and Rent Expense Cash and Accounts Receivable Treasury Stock and Common Stock Notes Payable and Service Revenue 17 / 31 Which of the following errors will cause a trial balance to be out of balance? A debit to Office Equipment is incorrectly debited to Office Supplies The bookkeeper forgot to journalize a transaction A credit was posted to an account as a debit The bookkeeper forgot to post a journal entry to the ledger 18 / 31 The Supplies account had a Ghc360 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of Ghc80 worth of unused supplies were on hand.Which of the following is the required adjusting entry? Debit Supplies Expense Ghc280 and credit Supplies Ghc280 Debit Supplies Expense Ghc80 and credit Supplies Ghc80. Debit Supplies Ghc80 and credit Supplies Expense Ghc80 Debit Supplies Ghc280 and credit Supplies Expense Ghc280 19 / 31 A company’s weekly payroll of Ghc750 is paid on Fridays. There are five days in a pay period. Assume that the last day of the month falls on Wednesday. Which of the following is the required adjusting entry? Debit Unpaid Salaries and credit Salaries Payable for ghc450 Debit Salaries Expense and credit Salaries Payable for ghc450 Debit Salaries Expense and credit Salaries Payable for ghc300 Debit Salaries Payable and credit Salaries Expense for ghc450 20 / 31 A company sold equipment for Ghc100,000; the equipment had cost Ghc300,000 and had accumulated depreciation of ghc180,000. The company’s journal entry to record the sale of the equipment would include a Credit to Sale of Equipment for Ghc100,000 Credit to Equipment for Ghc120,000 Debit to Equipment for Ghc300,000 Debit to Loss on Sale of Equipment for Ghc20,000 21 / 31 Which of the following should be classified as a current asset? Accounts Receivable Accumulated Depreciation Franchises Land Held for Future Use 22 / 31 Which of the following is most likely to appear on the balance sheet as a current liability? Bonds Payable Accumulated Depreciation Long-term Notes Payable Wages Payable 23 / 31 Gross profit equals the difference between net sales and Net Income Cost of Goods Sold Cost of Goods Sold plus Operating Expenses Operating Expenses 24 / 31 Under the perpetual inventory system, in addition to making the entry to record a sale, a company would Make no additional entry until the end of the period Debit Cost of Goods Sold and credit Purchases Debit Cost of Goods Sold and credit Inventory Debit Inventory and credit Cost of Goods Sold 25 / 31 Interest on a 3-month, 10 percent, Ghc10,000 note receivable is Check 26 / 31 On June, 30, 2011, Riddle Corporation issued ghc500,000 of 8%, 5-year bonds at 100. Interest is payable semi-annually. The journal entry to record the semiannual interest payment on December 31, 2011 would credit Check 27 / 31 The primary purpose of the statement of cash flows is to provide information Check 28 / 31 Use the following information to answer the next 4 questions. Formulas for ratio calculations are on the last page of this test. BEDUM Inc. is a “worldwide leader in children’s and family leisure time products and services” with a wide range of toys and games, entertainment offerings, and licensed products. The following information was provided in Hasbro’s most recent consolidated financial statements (amounts in thousands)What is BEDUM’s profit margin ratio for 2010? 0.1% 9.9% 14.7% 57.2% 29 / 31 What is BEDUM’s current ratio for 2010? Ghc1,502,248 0.3 : 1 1.7 : 1 3.1 : 1 44 30 / 31 What is BEDUM’s debt-to-total assets ratio for 2010? 60.5% 43.0% 39.5% 32.4% 45 31 / 31 What is BEDUM’s 2010 return on assets? 14.36 % 9.96 % 9.72 % 0.10 % Your score is 0%
