Bookkeeping Software Module Quiz

Instructions:

Welcome to the Bookkeeping Software Module Quiz! This quiz is designed to test your knowledge of common business transactions and the appropriate modules to use for recording them in a typical bookkeeping software (e.g., QuickBooks, Xero, Sage). For each question, read the business transaction carefully and select the module you would primarily use to record it.

Your chosen answer will be displayed along with the correct answer immediately after you make a selection for each question. When you're finished, click the "Submit Quiz" button at the bottom to see your total score!

1. A customer pays for goods purchased on credit last month.




2. You pay your monthly rent to the landlord.




3. You send an invoice to a customer for services rendered on credit.




4. You purchase office supplies on account from a vendor.




5. You issue a payroll check to an employee.




6. A customer makes a down payment for a future service.




7. You receive a bill from your utility company for electricity.




8. You make a direct cash sale to a customer.




9. You purchase inventory items from a supplier on credit.




10. You record depreciation expense for the month.




11. You return damaged goods to a vendor and receive a credit memo.




12. A customer returns goods previously purchased on credit, and you issue a credit memo.




13. You reconcile your bank statement.




14. You apply for and receive a business loan from the bank.




15. You pay off a portion of a long-term loan.




16. You make an adjusting entry for accrued expenses at year-end.




17. You record the sale of a fixed asset for cash.




18. You transfer funds from your checking account to your savings account.




19. You purchase shares of stock in another company as an investment.




20. You receive dividends from an investment.




21. You write off an uncollectible customer account (bad debt).




22. You purchase a new piece of equipment for cash.




23. You receive a refund check from a supplier for an overpayment.




24. You adjust inventory levels due to spoilage or damage.




25. You record the owner's capital contribution to the business.