MP Bookkeeping Solutions is currently hiring for Independent Contractors!

Please upload your current resume and complete the following 26 questions to be considered.

Please Upload your Resume Here *

Please Upload your Resume Here

First Name *

Last Name *

Business Name (If Applicable)

Email *

Phone *

Website

What is the accounting equation? *

Assets = Liabilities - Equity

Assets = Liabilities + Equity

Assets + Liabilities = Equity

Assets = Equity - Liabilities

Which of the following accounts normally has a debit balance? *

Sales Revenue

Accounts Payable

Retained Earnings

Inventory

A company purchases office supplies for $500 on credit. What is the correct journal entry? *

Debit Cash $500, Credit Office Supplies $500

Debit Office Supplies $500, Credit Accounts Payable $500

Debit Accounts Payable $500, Credit Office Supplies $500

Debit Office Supplies Expense $500, Credit Cash $500

Which financial statement reports a company's assets, liabilities, and equity at a specific point in time? *

Income Statement

Statement of Cash Flows

Balance Sheet

Statement of Retained Earnings

Under the accrual basis of accounting, when is revenue recognized? *

When the cash is received from the customer.

When the service is performed or goods are delivered.

When the customer places an order.

At the end of the fiscal year.

In a bank reconciliation, what is an "outstanding check"? *

A check from a customer that could not be deposited.

A check written by the company that has not yet been cashed by the recipient.

A check from the company that is older than six months.

A check that was recorded by the bank for the wrong amount.

"Accumulated Depreciation" is what type of account? *

Asset

Contra-Liability

Contra-Asset

Expense

What does FICA tax, a common US payroll tax, consist of? *

Federal and State Income Tax

Federal and State Unemployment Tax

Social Security and Medicare taxes

Workers' Compensation and Disability Insurance

A company’s Chart of Accounts is a listing of all: *

Customers and vendors

Accounts used in the general ledger

Open invoices and bills

Company employees and their pay rates

The main purpose of closing entries is to: *

Adjust the balances of asset and liability accounts.

Reconcile the bank statement at year-end.

Zero out the balances of temporary accounts (revenue, expenses, dividends).

Record depreciation for the period.

An accounts receivable aging report is primarily used to: *

Determine which customer invoices are past due.

Calculate the total sales for the accounting period.

Record payments made to vendors.

Estimate the company's annual tax liability.

Unearned Revenue is classified as a(n): *

Asset

Revenue

Equity

Liability

In QuickBooks Online, what is the primary purpose of the "Bank Feed" function? *

To process payroll for the company's employees.

To create and send invoices to customers.

To download recent bank and credit card transactions for categorization.

To generate the company's annual tax return.

The allowance for doubtful accounts is a contra-account to: *

Cash

Sales Revenue

Bad Debt Expense

Accounts Receivable

How is Cost of Goods Sold (COGS) calculated for a period? *

Beginning Inventory + Purchases - Ending Inventory

Beginning Inventory - Purchases + Ending Inventory

Sales - Gross Profit

Both a and c are valid methods.

A company's General Ledger is best described as: *

A chronological record of all transactions (like a journal).

A summary of cash inflows and outflows only.

A collection of all accounts, showing their activity and balances.

A list of all overdue customer invoices.

When replenishing a petty cash fund for $150, the journal entry will most likely include: *

A debit to Petty Cash for $150.

A credit to Petty Cash for $150.

Debits to various expense accounts totaling $150.

Credits to various expense accounts totaling $150.

What does GAAP stand for? *

Generally Accepted Accounting Procedures

Government Auditing and Accounting Procedures

Generally Accepted Accounting Principles

General Accounting and Auditing Principles

A business pays its rent for the next three months in advance. This transaction should be recorded as a: *

Prepaid Expense

Accrued Expense

Rent Expense

Accounts Payable

If a company's assets are $150,000 and its liabilities are $60,000, what is its equity? *

$210,000

$90,000

$60,000

It cannot be determined from the information given.

When you record a payroll run in the general ledger, what are the primary accounts that are debited and what accounts are credited? *

From a bookkeeping standpoint, what is the crucial difference between the Social Security and Medicare taxes withheld from an employee's check versus those paid by the employer? *

If a bi-weekly pay period ends on March 29th but the employees won't be paid until April 5th, what adjusting journal entry is necessary for the March financial statements for accrual based reports? Why is it important? *

After processing payroll, the balance sheet shows a balance in "FICA Taxes Payable." What does this balance represent, and what is the bookkeeper's next step to clear this liability? *

When reviewing the company's quarterly Form 941, which accounts in the general ledger would you use to verify that the reported wages and tax liabilities are correct? *

Tell me about why you want to work with us and what is it that makes you qualified for this role? *

Tell Me About Yourself