Month-end close and financial statements: practice quiz
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1. What does pressing Close the day in Zeyto's Day End screen post to the ledger by itself?
2. In Day End, a Must fix item such as an open POS shift stops the day from being closed.
3. What does Mark Cleared do in Bank Reconciliation?
4. Where does a petty cash count difference post?
5. Which Zeyto account holds the value of goods received but not yet invoiced?
6. Zeyto automatically reverses an accrual journal on the first day of the next month.
7. A cost you paid in advance that belongs to later months is called a:
8. An asset costs AED 12,000, has no residual value and a life of 24 months. What is the straight-line monthly charge?
9. In a correct Trial Balance, which two totals are equal?
10. Net profit is:
11. In Zeyto's Profit & Loss report, This quarter means a calendar quarter, even if your financial year starts in another month.
12. Which method does Zeyto's Cash Flow report use?
13. The bank statement closes at AED 40,000. A cheque of AED 2,500 you issued has not been presented, and a deposit of AED 1,000 is not yet on the statement. What should the book balance be?
14. As on 31 October, a 4,000 invoice dated 5 September with 30-day terms is in which Aging bucket (30-day buckets)?
15. Which statements explain why Party Balance Summary can show a higher total than Aging?
Select all that apply.
16. A prepaid expense schedule of AED 36,000 over 12 months starts in October. What does Post Due Amortizations post as of 31 October?
17. Which statements about Amortization Schedules are true?
Select all that apply.
18. Payroll journals in Zeyto are dated:
19. An asset starts depreciating on 11 November (a 30-day month) with a straight-line monthly charge of AED 900. What is the first charge?
20. Running the Depreciation Run twice for the same month charges that month twice.
21. What is the first choice for correcting a wrong posted invoice in Zeyto?
22. Which problems can a balanced Trial Balance still hide?
Select all that apply.
23. Sales are AED 80,000, cost of sales AED 50,000 and other expenses AED 18,000. What is the net profit?
24. Where does the current period's profit appear on Zeyto's Balance Sheet?
25. Net income 50,000; depreciation 4,000; receivables up 12,000; payables up 7,000; fixed assets bought 30,000; capital introduced 20,000. What is the net change in cash?
26. Which statements about Year-End Close are true?
Select all that apply.
27. A year has income of AED 900,000 and expenses of AED 745,000. What does the closing voucher do to Retained Earnings?
28. Which statement about locking the books is accurate, according to Zeyto's help?
29. The Cash and Liquidity 90-day forecast counts overdue customer invoices as money arriving tomorrow.
30. An accrual of AED 2,000 is posted on 31 October and reversed on 1 November. The real bill of AED 2,300 (ignoring VAT) is booked in November. What net expense does November show?