Check what you learned: Accounting

Eight questions. Pick the best answer for each, then click Check my answers at the bottom. Nothing is saved; you can take it as many times as you like.

1. You posted a journal entry to the wrong account last week. What is the right fix?

Reverse it. Utilops writes a new entry dated today that cancels it, then you post the right oneDelete itEdit the posted entry and change the account

2. You try to post an entry and Utilops says the period is locked. What does that mean?

The month is closed. Post in the open month or have an administrator reopen itYour password expiredThe entry does not balance

3. The Create Entry button on a journal entry is faded. What is the most likely reason?

The debits and credits are not equalThe office is closedYou need a newer browser

4. A bill from the chemical supplier arrives. Where does it go first?

Accounts Payable, Invoices tab, Enter InvoiceJournal EntriesBank Transfers

5. What does a vendor's Default Account do?

Fills in the expense account on every bill for that vendorSets which bank account pays themDecides whether they get a 1099

6. You moved $10,000 from checking to savings at the bank. What do you do in Utilops?

Record a bank transfer from checking to savingsNothing, the bank did itA journal entry to revenue

7. Which report shows what the utility owns and owes on one day?

Balance SheetIncome StatementAR Aging

8. The board adopted the budget, then changed one line in March. How do you record that?

Open Budget Amounts and click Amend, with the reasonMake a new budgetType over the number and save