Exam (elaborations)
Accounting Mastering Double-Entry Bookkeeping Questions with correct Answers
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Accounting Mastering Double-Entry Bookkeeping
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Accounting Mastering Double-EntryBookkeeping
To make a profit, revenues, (sales and other income) must be greater than -
answerExpenses
If the expenses are greater than the revenue, the business has a - answerLoss
The recording, compiling, recordkeeping and analysis of all financial transactions and
events, including presentation of all the financial statements (income stmt, balance
sheet, and stmt of cash flow) - answerAccounting
The recording, compiling, recordkeeping of financial transactions and events. -
answerBookkeeping
The most important part of bookkeeping - answerDouble-Entry Bookkeeping
Double-Entry Bookkeeping is aka - answerDouble-Entry Accounting
The foundation of the entire accounting system is - answerBookkeeping
Each financial transaction or event is recorded in an account in - answerDollars
If one of your products are sold you record it in the - answerSales Revenue Account
If something is repaired by your company, you record it in the - answerService Revenue
Account
If you lend money to another business, you record it in the - answerInterest Revenue
Account
If you pay monthly rent, you record it in the - answerRent Expense Account
Your telephone bill is paid out of the - answerTelephone Expense Account
If you place an Ad, it is paid out of the - answerAccounts Payable Account
All accounts are kept in a general ledger, which is now called - answerLedger Accounts
The five Chart of Accounts are - answerAsset, Liability, Owners' Equity, Revenue, and
Expense
, Which category account is cash - answerAsset
Which category account is Accounts Payable - answerAsset
Which category account is Inventory - answerAsset
Which category account is Land - answerAsset
Which category account are Buildings - answerAsset
Which category account is Equipment - answerAsset
Which category account is Furniture - answerAsset
Categories 100 through 199 are - answerAsset Accounts
Which category account is Accounts Payable - answerLiability
Which category account is Rent Payable - answerLiability
Which category account is Property Taxes Payable - answerLiability
Which category account is Note Payable - answerLiability
Which category account is Interest Payable - answerLiability
Which category account is Federal Income Tax Withheld - answerLiability
Categories 200 through 299 are - answerLiability
Which category account is Capital - answerOwners' Equity Account
Which category account is Common Stock - answerOwners' Equity Account
Which category account is Retained Earnings - answerOwners' Equity Account
Categories 300 to 399 are - answerOwners' Equity Account
Which category account is Sales Revenue - answerRevenue Account
Which category account is Rent Revenue - answerRevenue Account
Which category account is Interest Revenue - answerRevenue Account
Which category account is Commissions Revenue - answerRevenue Account
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