Exam (elaborations)
bookkeeping quiz with complete solutions
- Course
- Institution
bookkeeping quiz with complete solutions
[Show more]
Content preview
bookkeeping quiz with completesolutions
The two main methods of bookkeeping and accounting are - Answer -1) the cash
method and 2) the _accrual__ method.,
__________-entry bookkeeping means that every transaction will affect two or more
accounts. - Answer -Double
A __________ amount will appear on the left side of a T-account. - Answer -Debit
A listing of the balances in the accounts in order to determine whether debits are equal
to credits is a __________ balance. - Answer -trial
The listing of accounts that are available for posting transactions is the __________ of
accounts. - Answer -chart
When a check is written a cash account should be __________. - Answer -Credited
Liability accounts will normally have __________ balances. - Answer -Credit
Revenue accounts will normally have __________ balances. - Answer -Credit
The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.
- Answer -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 Accounts
__________. - Answer -Receivable
Asset- _________ - and stockholders' equity accounts are known as balance sheet
accounts. - Answer -liability
Large corporations should report revenues on their income statements when the
__________. - Answer -Revenues Are Earned
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now