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Bookkeeping Chapter 3 Quiz with complete solutions
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Bookkeeping Chapter 3 Quiz
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Bookkeeping Chapter 3 QuizWith double-entry bookkeeping, all of the following are correct, except - Answer -A
credit may decrease a liability
With respect to the role of a bookkeeper, tagging and monitoring fixed assets, issuing
invoices to customers, paying suppliers in a timely manner, and preparing financial
statements are referred to as principal - Answer -Accountabilities
Accounts receivable are to short-term amounts due from customers as accounts
_______ are to short-term obligations to pay for purchases on credit. - Answer -Payable
During an accounting period, all of the following refer to individual transactions EXCEPT
- Answer -Preparing a preliminary trial balance
You should record any transaction that might impact any shareholder whose income
depends on returns on investment. Among accounting principles, this statement is best
associated with the _______ principle. - Answer -Materiality
A/an _______ balance is a test to determine that the sum of credits is equal to the sum
of debits in given accounting period. - Answer -Trial
If it is assumed that accounting software will automatically cancel out an accrual in the
following month, accruals are initiated as _______ accruals. - Answer -Reversing
With depreciation, the estimated amount of money that can be expected from some
buyer at the end of asset's useful life is its - Answer -Salvage Value
On a balance sheet, accounts receivable appears as - Answer -An Asset
To determine the useful life of a motor vehicle you must determine that asset's _______
- Answer -Salvage Value (?)
Manufacturing businesses often divide inventory into all of the following categories,
EXCEPT - Answer -Unfinished Goods
Which statement completion is MOST accurate? The IRS concept of constructive
receipt - Answer -Imposes an accrual concept on a cash method of accounting
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