bookkeeping quiz/20 Complete
Questions and Answers
The two main methods of bookkeeping and accounting are - -1) the cash
method and 2) the _accrual__ method.,
-__________-entry bookkeeping means that every transaction will affect two
or more accounts. - -Double
-A __________ amount will appear on the left side of a T-account. - -Debit
-A listing of the balances in the accounts in order to determine whether
debits are equal to credits is a __________ balance. - -trial
-The listing of accounts that are available for posting transactions is the
__________ of accounts. - -chart
-When a check is written a cash account should be __________. - -Credited
-Liability accounts will normally have __________ balances. - -Credit
-Revenue accounts will normally have __________ balances. - -Credit
-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
-Asset- _________ - and stockholders' equity accounts are known as balance
sheet accounts. - -liability
-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 __________ of the bank statement. - -
reconciliation
-Accrued expenses are likely to pertain to transactions that have __________
been paid. - -Not Yet
Questions and Answers
The two main methods of bookkeeping and accounting are - -1) the cash
method and 2) the _accrual__ method.,
-__________-entry bookkeeping means that every transaction will affect two
or more accounts. - -Double
-A __________ amount will appear on the left side of a T-account. - -Debit
-A listing of the balances in the accounts in order to determine whether
debits are equal to credits is a __________ balance. - -trial
-The listing of accounts that are available for posting transactions is the
__________ of accounts. - -chart
-When a check is written a cash account should be __________. - -Credited
-Liability accounts will normally have __________ balances. - -Credit
-Revenue accounts will normally have __________ balances. - -Credit
-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
-Asset- _________ - and stockholders' equity accounts are known as balance
sheet accounts. - -liability
-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 __________ of the bank statement. - -
reconciliation
-Accrued expenses are likely to pertain to transactions that have __________
been paid. - -Not Yet
