Question 1
Accumulated Depreciation is best classified as:
Show answer & explanation
Correct answer: D - A contra-asset with a normal credit balance
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These 10 free CPB questions are organized by exam domain, so you can see how each part of the Certified Professional Biller blueprint is tested. Reveal the answer and explanation under each question.
Accumulated Depreciation is best classified as:
Correct answer: D - A contra-asset with a normal credit balance
The Supplies account shows a balance of $1,750 before adjustment. A physical count at year-end shows $480 of supplies still on hand. The adjusting entry is:
Correct answer: A - Debit Supplies Expense $1,270; credit Supplies $1,270
Equipment costing $30,000 has an estimated salvage value of $5,000 and a five-year useful life. Using the double-declining-balance method, depreciation expense for the SECOND year is:
Correct answer: B - $7,200
Which item appearing on a bank reconciliation requires a journal entry on the company's books?
Correct answer: C - A bank service charge of $28 appearing only on the bank statement
A $300 petty cash fund is replenished at month-end. Receipts total $268 and $32 in coin and currency remain in the box. The replenishment entry includes a credit to:
Correct answer: D - Cash for $268
A merchandiser reports beginning inventory of $18,000, purchases of $92,000, purchases returns and allowances of $4,000, purchases discounts of $1,800, freight in of $3,000, and ending inventory of $24,500. Cost of goods sold is:
Correct answer: B - $82,700
At the end of the accounting period, the Owner's Drawing account is closed by:
Correct answer: A - Debiting Owner's Capital and crediting Owner's Drawing
A trial balance is out of balance, with total debits exceeding total credits by $270. The MOST likely cause is:
Correct answer: D - A transposition error, such as a credit of $850 posted as $580
A client completed a $1,400 design job and the customer paid by credit card immediately at the time of service. Which QuickBooks Online transaction should be recorded?
Correct answer: C - A Sales Receipt recorded on the date of service
A bookkeeper opens a new bank reconciliation in QuickBooks Online and finds that the beginning balance does not agree with the ending balance from last month's completed reconciliation. This MOST likely indicates that:
Correct answer: A - A previously reconciled transaction was later changed or deleted
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