BOOKKEEPING EXAM QUESTIONS AND
ANSWERS
An amount entered on the left-hand side of an account, recording money paid out -
ANSWER-debit
A book of accounts - ANSWER-ledger
Customers who owe money for goods or services not yet paid for - ANSWER-debtors
an amount entered on the right-hand side of an account, recording a payment received
- ANSWER-credit
goods stored ready for sale - ANSWER-stock
suppliers who are owed money for purchases not yet paid for - ANSWER-creditors
.....................shows where money comes from and where it goes; it is always tranferred
from one.............to another one. Every event is entered twice - once as a credit and
once as a............ - ANSWER-Cash account, account, debit
Most businesses record very frequent or numerous transactions
in............... ....... ................. or .................. - ANSWER-day books, journals
The main account books are called................................., and the book relating to
creditors is called the....................... ...................... - ANSWER-normal ledgers, bought
ledgers
In order to prepare financial statements, companies do a ............... ................. which
copies al the debit and credit balances of different accounts into a single page -
ANSWER-trial balance
If you buy new assets, you ...................... the cash or capital account - ANSWER-credit
If you pay some bills, you .......................... the liabilities account - ANSWER-debit
If you buy materials from a supplier on 60 days' credit, you ...................... the purchases
account and .................. the suppliers account - ANSWER-debit, credit
if you sell something to a customer who will pay 30 days later, you ........................... the
sales account and ................ the customer's account - ANSWER-credit, debit
bookkeepers .................... business transactions - ANSWER-record
ANSWERS
An amount entered on the left-hand side of an account, recording money paid out -
ANSWER-debit
A book of accounts - ANSWER-ledger
Customers who owe money for goods or services not yet paid for - ANSWER-debtors
an amount entered on the right-hand side of an account, recording a payment received
- ANSWER-credit
goods stored ready for sale - ANSWER-stock
suppliers who are owed money for purchases not yet paid for - ANSWER-creditors
.....................shows where money comes from and where it goes; it is always tranferred
from one.............to another one. Every event is entered twice - once as a credit and
once as a............ - ANSWER-Cash account, account, debit
Most businesses record very frequent or numerous transactions
in............... ....... ................. or .................. - ANSWER-day books, journals
The main account books are called................................., and the book relating to
creditors is called the....................... ...................... - ANSWER-normal ledgers, bought
ledgers
In order to prepare financial statements, companies do a ............... ................. which
copies al the debit and credit balances of different accounts into a single page -
ANSWER-trial balance
If you buy new assets, you ...................... the cash or capital account - ANSWER-credit
If you pay some bills, you .......................... the liabilities account - ANSWER-debit
If you buy materials from a supplier on 60 days' credit, you ...................... the purchases
account and .................. the suppliers account - ANSWER-debit, credit
if you sell something to a customer who will pay 30 days later, you ........................... the
sales account and ................ the customer's account - ANSWER-credit, debit
bookkeepers .................... business transactions - ANSWER-record
