BOOKKEEPING QUESTIONIONNAIRE

Date: _____________________ Name: _____________________________________________ What is the current FICA Tax Rate? ___________________ What is the order to do a bank reconciliation (place numbers 1-7)? ___ Bank Balance ___ Book Balance Ending ___ Disbursements ___ Outstanding Checks ___ Book Balance Beginning ___ Deposits ___ Deposits in Transit Explain the difference between a Capital Lease and Operating Lease:

What journal entries would you make to post a vehicle lease, equipment lease and rent lease?

Explain how a company posts a bill coming from a vendor, and how the company proceeds when a bill payment is due. Describe the various journal entries to record:

Explain how a company posts a sales invoice (debit and credit) and how to associate it with a vendor bill (debit and credit) associated to that sale.

What is the entry to record a bad debt?

What is the entry to record a discount allowed to a customer?

List all the Payroll Liabilities that an employee residing in NYC is responsible for:

List all the Payroll Liabilities that an Employer in NYC is responsible for, and the liability due dates:

What are the quarterly sales tax due dates for NY and NJ?

What are the quarterly estimated income tax due dates for NY?

What is the annual LLC filing fee cost, and its’ due date? What form does it get filed/paid with?

What is the annual S or C-Corp filing fee cost, and its’ due date? What form does it get filed/paid with?

What are 2 examples of Current Asset accounts?

What are 2 examples of Fixed Asset accounts?

What are 2 examples of Current Liability accounts?

What are 2 examples of Long Term Liability accounts?

What are 2 examples of Equity accounts?

What are 2 examples of Income accounts?

What are 2 examples of COGS accounts?

What are 2 examples of Expense accounts?

Aside from what is listed above, what other type of accounts would you see on a Chart of Accounts?

How is Job Costing tracked in Quickbooks? Describe the steps you’d take to record:

Describe the steps to enter / keep track of inventory in Quickbooks:

How do you record money paid from the LLC to its’ members? Describe all the steps, journals and accounts used to record:

List all the types of accounts that require reconciliation on a daily and monthly basis:

Provide an example of when you’d use a Due To/From Account:

Check One Which would increase the balance in a liability account? __Debit __Credit Which would increase the balance in a revenue account? __Debit __Credit Rent expenses, wages expenses and advertising expenses are expected to have which type of balances? __Debit __Credit The balance sheet reports amounts for a ______ time. __ period of __moment in Normally, the Inventory Account will report the goods on hand at the selling price of the goods __True __False Federal income tax withheld from an employee's pay is matched by the employer. __True __False The cost of the land that is used as the site of a new warehouse should be depreciated. __True __False The amount of insurance premiums that have not yet expired is reported as: __Asset __Expense

Fill In The Blank Prior to approving a vendor’s invoice for payment, the invoice and _______________________ should be compared. The report that sorts a company’s accounts receivables into current, 1-30 days past due, 31-60 days past due etc. is referred to as the ___________of accounts receivable. Assets that will turn to cash within one year are reported as ______________ assets. Adjusting entries are recorded in the __________ journal.

If the bank statement has an ending balance of $1700, and there are $600 of deposits in transit and $2100 of checks outstanding, what would the adjusted balance per the bank statement be?

What is a Form 941?

What is a Form 940?

What is a Form NYS-45?

What is a Form 1120?

What is a Form 1120S?

What is a Form IT-204?

What is a Form IT-204-LL?

What is the difference between Forms CT-400 and NYC-400?

What is a Form 2210?

What is Schedule E on Form 1040?

What is a Form 4562?

What would you include on a Quarterly Financial Statement?

What would you include on an Annual Financial Statement?

What aspect of bookkeeping are you most comfortable doing?

What aspect of bookkeeping are you least comfortable doing?

What is 1+1?

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