Bookkeeping Quiz & Answer Guide

I found a Great Bookkeeping Quiz years ago that I would like to share with those who are looking for a bookkeeper and want a quick and simple quiz that will help you to assess basic skills and separate "clerks" from bookkeepers.
Try it!  When you finish, use the Answer Guide at the bottom of this page to see how you or your potential staff member did!
Bookkeeping Quiz
1. What accounts make up the balance sheet?

2. What accounts make up the profit/loss statement?

3. What are the normal balances of the following? (Dr or cr)
_______Postage Expense      _______Accounts Receivable
_______Office Equipment     _______Accrued Payroll Taxes
_______A/R Allowance         _______Fee Income
_______Note Payable            _______Shareholder’s Equity
_______Payroll Advance        _______Accumulated Depreciation
_______Petty Cash                _______Depreciation Expense

4. Define or describe the following:
FUTA__________________________________________________________________
FWT___________________________________________________________________
TIN____________________________________________________________________
W-2____________________________________________________________________
W-4____________________________________________________________________

5. Solve the following problems by journal entry:

A. The accounts receivable g/l balance does not agree with the subsidiary ledgers. $1,000.00 was credited in error to notes receivable.

B. The payroll taxes were over deposited by $35.00 and a refund check was received for the overdeposit. The check was deposited in the bank and credited to miscellaneous income.

C. A payroll check was voided after it was posted to the general ledger. (Gross=$500, FICA=$35.75, w/h=$64.25, misc. deduction=$100, net=$300).

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Bookkeeping Quiz Answers
1. Assets, liabilities, equity
2. Revenue, expenses
3. DR DR
   DR CR
   CR CR
   CR CR
   DR CR
   DR DR
4.
Federal Unemployment Tax: Deposit quarterly if over $100.00. Filed annually-form 941.
Federal Withholding Tax
Tax Identification Number
Form issued to employee: recaps annual compensation & taxes withheld.
Form completed by employee for employer indicating exemptions and deductions for payroll.
5.
A.
Notes receivable  dr  $1,000.00
Accounts receivable  cr      <$1,000.00>

B.
Misc. Income  dr  $ 35.00
Payroll            cr               <$ 35.00>

C.

Cash                           dr     $ 300.00
Salary Emp (gross)       cr                        <$ 500.00> 
Fica                            dr        35.75
Fed W/H                    dr         64.25
Misc. Deductions         dr       100.00
 

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