Bookkeeping practice Exam/20 Complete
Questions & Answers
The two main methods of bookkeeping and accounting are - -The cash
method and the accrual method
-Double entry - -bookkeeping means that every transaction will affect two
or more accounts
-A (blank) amount will appear on the left side of a T-account - -Debit
-A listing of balances in the accounts in order to determine whether debits
are equal to credits is a - -trial balance
-The listing of Accounts that are available for posting transactions is the - -
chart of accounts
-When a check us written, a cash account should be - -credit balances
-Liability accounts will normally have - -credit balances
-Revenue accounts will normally have - -credit balances
-The bookkeeping or accounting equation is - -Assets=Liabilities +Owner's
Equity
-The book of original entry is the definition of a - -Journal
-When a sale is made on credit, the seller will debit the asset account - -
accounts receivable
-what are equity accounts are known as balance sheet accounts - -Assets,
liability, ad stockholders' equity
-Large corporations should report revenues on their income statements
when the - -Revenues are earned
-The difference between the balance in a company's cash account and its
bank statement is documented in the (blank) of the bank statement - -
reconciliation
-Accrued expense are likely to pertain to transactions that have (blank)
been paid (already or not yet ) - -not yet
Questions & Answers
The two main methods of bookkeeping and accounting are - -The cash
method and the accrual method
-Double entry - -bookkeeping means that every transaction will affect two
or more accounts
-A (blank) amount will appear on the left side of a T-account - -Debit
-A listing of balances in the accounts in order to determine whether debits
are equal to credits is a - -trial balance
-The listing of Accounts that are available for posting transactions is the - -
chart of accounts
-When a check us written, a cash account should be - -credit balances
-Liability accounts will normally have - -credit balances
-Revenue accounts will normally have - -credit balances
-The bookkeeping or accounting equation is - -Assets=Liabilities +Owner's
Equity
-The book of original entry is the definition of a - -Journal
-When a sale is made on credit, the seller will debit the asset account - -
accounts receivable
-what are equity accounts are known as balance sheet accounts - -Assets,
liability, ad stockholders' equity
-Large corporations should report revenues on their income statements
when the - -Revenues are earned
-The difference between the balance in a company's cash account and its
bank statement is documented in the (blank) of the bank statement - -
reconciliation
-Accrued expense are likely to pertain to transactions that have (blank)
been paid (already or not yet ) - -not yet
