NACPB BOOKKEEPING CERTIFICATION PRACTICE TEST QUESTIONS WITH ACCURATE SOLUTIONS- GRADED A+

NACPB BOOKKEEPING CERTIFICATION PRACTICE TEST QUESTIONS WITH ACCURATE
SOLUTIONS- GRADED A+




Springville Distributors made sales using a list prie of $880 and a trade discount of 30%.
What amount should be recorded for the sale?

A) $594

B) $216

C) $264

D) $616

D



The Accounts Payable account has a $3,000 credit balance. An entry for the payment of the
$1,000 on the amount owed is recorded and posted. The new balance of the Accounts
Payable account is

A) a $2,000 debit balance

B) a $4,000 debit balance

C) a $2,000 credit balance

D) a $4,000 credit balance

C




Which of the following need not be completed separately if a worksheet is prepared?

A) a balance sheet

B) a trial balance

C) an income statement

D) a statement of the owner's equity

, B




Amounts that a business must pay in the future are known as

A) accounts payable

B) accounts receivable

C) captial

D) expenses

A




The balance of a customer's account in the accounts receivable ledger is circled to show
that it is a debit amount.

A) True

B) False

B




All financial statements submitted to the SEC by publicly owned corporations must include
an auditor's report prepared by

A) an internal auditor

B) anyone in the accounting department

C) the firm's managerial accountant

D) an independent certified public accountant

D