Bookkeeping Certification Exam
Questions and Answers
If assets are $15,000 and liabilities are 5000 and owners equity equals 10,000 - Answer
-True
Match each business type to its corresponding characteristic, - Answer -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 - Answer -
Asset, liability, capital, withdrawal, revenue, expense
Which of these is equivalent to the accounting equation - Answer -
Which of these is not an owners equity account - Answer -
Unneeded revenue is considered. What type of account - Answer -
Kamala Chan owner of timepiece masters withdrawals $2000 from the business to pay
personal expenses. What are the two accounts - Answer -
What cannot be a source document for a business? - Answer -
What are the steps of the accounting cycle? - Answer -
Match and identify all of the generally accepted accounting principles - Answer -
When is revenue recognized under the accural base of accounting? - Answer -
The proper journal entry for recording the payment of storage rent on account is the
debit accounts payable and a credit to what - Answer -
Which of these describes how to record service revenue on account - Answer -
Which account increases the debit side of a account - Answer -
What would the adjusting entry to account for the use of supplies consist of? - Answer -
Questions and Answers
If assets are $15,000 and liabilities are 5000 and owners equity equals 10,000 - Answer
-True
Match each business type to its corresponding characteristic, - Answer -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 - Answer -
Asset, liability, capital, withdrawal, revenue, expense
Which of these is equivalent to the accounting equation - Answer -
Which of these is not an owners equity account - Answer -
Unneeded revenue is considered. What type of account - Answer -
Kamala Chan owner of timepiece masters withdrawals $2000 from the business to pay
personal expenses. What are the two accounts - Answer -
What cannot be a source document for a business? - Answer -
What are the steps of the accounting cycle? - Answer -
Match and identify all of the generally accepted accounting principles - Answer -
When is revenue recognized under the accural base of accounting? - Answer -
The proper journal entry for recording the payment of storage rent on account is the
debit accounts payable and a credit to what - Answer -
Which of these describes how to record service revenue on account - Answer -
Which account increases the debit side of a account - Answer -
What would the adjusting entry to account for the use of supplies consist of? - Answer -
