Bookkeeping Certification Exam|37
Complete Questions and Answers
If assets are $15,000 and liabilities are 5000 and owners equity equals
10,000 - -True
-Match each business type to its corresponding characteristic, - -sole
proprietorship is the easiest type of business to form, corporation offers
limited liability to its owners partnership owned by two or more individuals
-Place the account types in the order they are listed within the trial balance -
-Asset, liability, capital, withdrawal, revenue, expense
-Which of these is equivalent to the accounting equation - -
-Which of these is not an owners equity account - -
-Unneeded revenue is considered. What type of account - -
-Kamala Chan owner of timepiece masters withdrawals $2000 from the
business to pay personal expenses. What are the two accounts - -
-What cannot be a source document for a business? - -
-What are the steps of the accounting cycle? - -
-Match and identify all of the generally accepted accounting principles - -
-When is revenue recognized under the accural base of accounting? - -
-The proper journal entry for recording the payment of storage rent on
account is the debit accounts payable and a credit to what - -
-Which of these describes how to record service revenue on account - -
-Which account increases the debit side of a account - -
-What would the adjusting entry to account for the use of supplies consist
of? - -
-As of December 31 Steve's plumbing is completed $2200 worth of work for
academic systems as the project is not complete work will continue into the
new year. What type of adjusting entry does Steve's plumbing record - -
Complete Questions and Answers
If assets are $15,000 and liabilities are 5000 and owners equity equals
10,000 - -True
-Match each business type to its corresponding characteristic, - -sole
proprietorship is the easiest type of business to form, corporation offers
limited liability to its owners partnership owned by two or more individuals
-Place the account types in the order they are listed within the trial balance -
-Asset, liability, capital, withdrawal, revenue, expense
-Which of these is equivalent to the accounting equation - -
-Which of these is not an owners equity account - -
-Unneeded revenue is considered. What type of account - -
-Kamala Chan owner of timepiece masters withdrawals $2000 from the
business to pay personal expenses. What are the two accounts - -
-What cannot be a source document for a business? - -
-What are the steps of the accounting cycle? - -
-Match and identify all of the generally accepted accounting principles - -
-When is revenue recognized under the accural base of accounting? - -
-The proper journal entry for recording the payment of storage rent on
account is the debit accounts payable and a credit to what - -
-Which of these describes how to record service revenue on account - -
-Which account increases the debit side of a account - -
-What would the adjusting entry to account for the use of supplies consist
of? - -
-As of December 31 Steve's plumbing is completed $2200 worth of work for
academic systems as the project is not complete work will continue into the
new year. What type of adjusting entry does Steve's plumbing record - -
