Exam (elaborations)
Bookkeeping (Quiz #1) Questions and Answers 2024
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Bookkeeping (Quiz #1)
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Bookkeeping (Quiz #1)List as many assets as you can - answer A/R, cash, savings, building/land, equipment,
supplies.
List as many liabilities as you can - answer A/P, mortgage payable, bank loan, credit
card payable.
What is the accounting equation? - answer ALOE. A=L+OE
What is the acronym for the rules of accounting that govern the bookkeeping system? –
answer GAAP. (Generally accepted accounting principles)
What financial statement shows assets, liabilities, and owners equity? - answer Balance
sheet
Does the drawings account increase owners equity or decrease it? - answer Decrease
What two main categories are recorded on the income statement? - answer Revenue
and expense
If a business makes a sale but doesn't get paid cash, which accounts change? -
answerAccounts receivable and revenue
What is the accounting period? - answerCan be any time covered by financial statement
What is the first figure on the statement of owners equity? - answerBeginning capital
balance
How would you arrive at net income? - answerSubtract expenses from revenue
When an owner withdraws cash for personal use do his assets increase or decrease? -
answerDecrease
When you incur an expense, does it mean that you have paid cash for it? - answerNo
What two accounts change when a sale is made on an account? - answerAccounts
receivable and revenue
What is the unwritten promise to pay a creditor? - answerAccounts payable
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