Bookkeeping practice Exam Questions
and Answers
The two main methods of bookkeeping and accounting are - Answer -The cash method
and the accrual method
Double entry - Answer -bookkeeping means that every transaction will affect two or
more accounts
A (blank) amount will appear on the left side of a T-account - Answer -Debit
A listing of balances in the accounts in order to determine whether debits are equal to
credits is a - Answer -trial balance
The listing of Accounts that are available for posting transactions is the - Answer -chart
of accounts
When a check us written, a cash account should be - Answer -credit balances
Liability accounts will normally have - Answer -credit balances
Revenue accounts will normally have - Answer -credit balances
The bookkeeping or accounting equation is - Answer -Assets=Liabilities +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
what are equity accounts are known as balance sheet accounts - Answer -Assets,
liability, ad stockholders' equity
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 (blank) of the bank statement - Answer -reconciliation
and Answers
The two main methods of bookkeeping and accounting are - Answer -The cash method
and the accrual method
Double entry - Answer -bookkeeping means that every transaction will affect two or
more accounts
A (blank) amount will appear on the left side of a T-account - Answer -Debit
A listing of balances in the accounts in order to determine whether debits are equal to
credits is a - Answer -trial balance
The listing of Accounts that are available for posting transactions is the - Answer -chart
of accounts
When a check us written, a cash account should be - Answer -credit balances
Liability accounts will normally have - Answer -credit balances
Revenue accounts will normally have - Answer -credit balances
The bookkeeping or accounting equation is - Answer -Assets=Liabilities +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
what are equity accounts are known as balance sheet accounts - Answer -Assets,
liability, ad stockholders' equity
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 (blank) of the bank statement - Answer -reconciliation
