The American Institute of Professional Bookkeepers VOLUME 2: Issue 9

Self-Quiz for Bookkeepers—Do You Know the Answer?

Every month, AIPB members get an 8-question skills quiz in their free technical update, The General Ledger newsletter (www.aipb.org/general_ledger.html).

 

Below is a typical quiz. To find the answers, scroll down (we put the answers where you can't see them while taking the quiz). Good luck!

 

1. Payments received by a tenant for cancellation of a lease are (credits to rent expense/proceeds from sale of property).

 

2. Employers (can/cannot) set one workweek schedule for some employees and another schedule for others.

 

3. A temporarily idled asset (can/can't) be depreciated.

 

4. Whether an employee must be paid overtime for working more than 8 hours in a 24-hour period is determined by (federal/state) law.

 

5. Commissions, bonuses and fees paid to obtain a lease on property for business purposes are (capitalized/expensed).

 

6. Rounding work hours to the nearest quarter hour (is/is not) permitted under federal law.

 

7. When a sole proprietorship, partnership or C or S corporation changes name or location, it (does/does not) need a new TIN.

 

8. An employer must adjust an employee's FITW within _____ days of receiving a revised W-4 from the employee.

 

 

 

 

 

 

 

 

 

 

 

Answers:

  1. proceeds from sale of property.
  2. can
  3. can
  4. state
  5. capitalized
  6. is    
    But you must be consistent—i.e., round up in the morning and afternoon or round down in the morning and afternoon. You cannot round up in the morning and down in the afternoon.
  7. does not 
  8. 30 

 

Every month, you get an informative quiz like this in The General Ledger newsletter, yours free as a member. Join now and let the March General Ledger  (www.aipb.org/general_ledger.html)  show you:

 

Become a member today (www.aipb.org/member_benefits.html) and get:

Free Report #1: "21 Key Bookkeeping Changes in Current Tax Laws." Discover:

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Offer your company or clients easy methods of protection, including:

But you get more than these 3 free special reports as a new member.

 

Join now and we will update you each month on new bookkeeping and reporting requirements. . . answer your bookkeeping questions on our free telephone Answerline. . . give you special member discounts on products and services for bookkeepers, and more. To join, click www.aipb.org/membership_application.php. Become a member now.


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