BOOKKEEPING EXAM QUESTIONS
WITH VERIFIED CORRECT ANSWERS
The two main methods of bookkeeping and accounting are - ANSWER-1) The Cash
method
2) The Accrual method
____________ bookkeeping means that every transaction will affect two or more
accounts. - ANSWER-Double-Entry
A __________ amount will appear on the left side of a T-account. - ANSWER-Debit
A listing of the balances in the accounts in order to determine whether debits are equal
to credits is a - ANSWER-Trail Balance
The listing of accounts that are available for posting transactions is the - ANSWER-
Chart of Accountants
When a check is written, a cash account should be __________. - ANSWER-Credited
Liability accounts will normally have __________ balances. - ANSWER-Credit
Revenue accounts will normally have __________ balances. - ANSWER-Credit
The bookkeeping or accounting equation is Assets = Liabilities + ________________ -
ANSWER-Owner's Equity
The book of original entry is the definition of a __________. - ANSWER-Journal
When a sale is made on credit, the seller will debit the asset account - ANSWER-
Accounts Receivable
Asset,__________, and stockholders' equity accounts are known as balance sheet
accounts. - ANSWER-Liability
Large corporations should report revenues on their income statements when the
__________. - ANSWER-Revenues are earned
The difference between the balance in a company's cash account and its bank
statement is documented in the ____________ of the bank statement. - ANSWER-
Reconciliation
Accrued expenses are likely to pertain to transactions that have __________ been paid.
- ANSWER-Not Yet
WITH VERIFIED CORRECT ANSWERS
The two main methods of bookkeeping and accounting are - ANSWER-1) The Cash
method
2) The Accrual method
____________ bookkeeping means that every transaction will affect two or more
accounts. - ANSWER-Double-Entry
A __________ amount will appear on the left side of a T-account. - ANSWER-Debit
A listing of the balances in the accounts in order to determine whether debits are equal
to credits is a - ANSWER-Trail Balance
The listing of accounts that are available for posting transactions is the - ANSWER-
Chart of Accountants
When a check is written, a cash account should be __________. - ANSWER-Credited
Liability accounts will normally have __________ balances. - ANSWER-Credit
Revenue accounts will normally have __________ balances. - ANSWER-Credit
The bookkeeping or accounting equation is Assets = Liabilities + ________________ -
ANSWER-Owner's Equity
The book of original entry is the definition of a __________. - ANSWER-Journal
When a sale is made on credit, the seller will debit the asset account - ANSWER-
Accounts Receivable
Asset,__________, and stockholders' equity accounts are known as balance sheet
accounts. - ANSWER-Liability
Large corporations should report revenues on their income statements when the
__________. - ANSWER-Revenues are earned
The difference between the balance in a company's cash account and its bank
statement is documented in the ____________ of the bank statement. - ANSWER-
Reconciliation
Accrued expenses are likely to pertain to transactions that have __________ been paid.
- ANSWER-Not Yet
