Bookkeeping Test Questions with Correct Answers

Bookkeeping Test A listing of the account numbers and titles but without account balances is the ______________ of accounts. - Answer- Chart Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and ______________ order should be compared. - Answer- Purchases The report that sorts a company's accounts receivables into current, 1-30 days past due, 31-60 days past due, etc. is referred to as the ______________ of accounts receivable. - Answer- Aging The amount of insurance premiums that have not yet expired is reported as an ______________. - Answer- Assets Adjusting entries are recorded in the ______________ journal. - Answer- General The bank statement has an ending balance of $1,700. There are $600 of deposits in transit and $2,100 of checks outstanding. The adjusted balance per the bank statement is $______________. - Answer- $200.00 Which of the following will increase the balance in a liability account? - Answer- Credit Which of the following will increase the balance in a revenue account? - Answer- Credit Rent Expense, Wages Expense, and Advertising Expense are expected to have ____________ balances. - Answer- Debit 10. The cost of the land that is used as the site of a new warehouse should be depreciated. - Answer- False The book value of a company's equipment is usually the same as the equipment's fair market value. - Answer- False Assets that will turn to cash within one year are reported as ________________ assets. - Answer- Current Costs that are used up or expire in the current accounting period are reported on the income statement as ______________. - Answer- Expenses Generally, the amounts reported in the accounts Land, Buildings, and Equipment are the historical ______________ of these assets and not their current market values. - Answer- Costs or Cost