Basic Accounting Test Questions1

GT Accounting Basics
Test Questions
1. A journal entry is necessary to move expense from project A to project B.
Which project should be debited?
a. Project B
b. Project A
c. Both
d. Neither
2. A Departmental Sales Journal entry must be made to post Revenue to
Project A and Expense to project B. What should be debited and credited?
a. Project A should be debited, Project B credited
b. Project A should be credited, Project B debited
c. Project A should be credited, Project B should decrease the budget
d. Project B should be debited, Project A should increase the budget
3. What is the formula for a balanced fund?
a. Liabilities+ (expense-revenue)-Fund Balance = Assets
b. Revenue Expense = Assets Liabilities
c. Liabilities + PY Fund Balance + (Revenue Expense) = Assets
d. Assets = Liabilities
4. What is the largest fund at Georgia Tech?
a. GTRI
b. DLPE
c. Agency
d. Resident Instruction
5. When would I need to establish and agency fund?
a. When I am acting as an agent for a group, but do not own
resources.
b. When I am paying bills that are unrelated to sponsored projects.
c. When I plan on accumulating funds for use in future fiscal years.
d. When I deposit funds at the Bursars Office for DSS.
6. Who establishes Agency Funds?
a. Procurement
b. Accounts Payable
c. Budget Office
d.
Accounting Services
7. Who establishes state projects?
a. Procurement
b. Accounts Payable
c. Budget Office
d. Accounting Services
8. Who established Sponsored Projects?
a. Grants and Contracts Accounting
b. Accounts Payable
c. Budget Office
d. Accounting Services
9. Where does one deposit checks from Sponsors?
a. Bursars Office
b. Bank
c. Forward to Accounting Services for Deposit
d. None of the Above
10. What account should be used when the revenue account is unknown?
a. 470100
b. 400000
c. 485000
d. None of the Above
11. True or False A 64XXXX should only be used for GT and Visitor travel?
12. The best account to charge postage is:
a. 714100
b. 714900
c. 714150
d. 714190
13. What is the best account to charge monthly copy machine fees for use of
a copy machine?
a. 719200
b. 714100
c. 818400
d. 843200
14.True or False software is considered equipment?
15.Equipment Purchases less than $3000 should be charged to
a. 843200
b. 743200
c. 714100
d. 400000
16.Equipment purchases between $3000 - $4999.99 should be charged to
a. 843200
b. 743200
c. 714100
d. 400000
17.Equipment purchases $5000 or greater should be charged to
a. 843200
b. 743200
c. 714100
d. 40000
18. When should a Per Diem account be used?

a. when payment is made to a Limited Liability Corporation
b. when payment is made on behalf of an educational unit
c. when payment is made to an individual whos employer makes no payroll
deductions from their paycheck
d. when payment is made to an individual whos employer does make payroll
deductions from their paycheck
19. When can an individual enter into a contract on behalf of GT?
a. never
b. when approved by Dean
c. when project budget is approved by Dean
d. when project budget is approved by procurement
20. What are the only two account codes required for agency funds?
a. 714150, 470100
b. 791000, 400000
c. 719000, 400000
d. 791000, 471000
21. True or False internal Departmental Sales billings must be routed through
accounts payable?
22. True or False On the expense ledger, you can identify an Accounting
Services journal by the Source Code ACT?
23. True or False The best way to view a journal entry and supporting
documentation is on Image Now?
24. True or False GT Foundation activity posted on GT reports can be identified
as Other Memo?
25. True or False CSU journal entries are primarily done by units who have
Departmental Sales and Services?
26. When submitting a journal entry to Accounting Services, what must be
included when adjusting Per Diem Accounts?
a. Equipment Id
b. Social Security Number
c. Tax Id
d. Vendor Id
27. True or False Debits should equal credits on a journal entry?
28. True or False Documentation is required on all journal entries?

29. True or False Two signatures are required on all journal entries submitted
to Accounting Services?

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What are the main types of funds discussed in the document?

What are some important rules around journal entries mentioned in the document?

GT Accounting Basics

18. When should a Per Diem account be used?

28. True or False Documentation is required on all journal entries?

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