BOOKKEEPING PRACTICE EXAM
QUESTIONS WITH COMPLETE
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
Accrued expense are likely to pertain to transactions that have (blank) been paid
(already or not yet ) - ANSWER-not yet
QUESTIONS WITH COMPLETE
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
Accrued expense are likely to pertain to transactions that have (blank) been paid
(already or not yet ) - ANSWER-not yet
