Exam (elaborations)
Bookkeeping practice Exam/20 Complete Questions & Answers
- Course
- Institution
Bookkeeping practice Exam/20 Complete Questions & Answers
[Show more]
Content preview
Bookkeeping practice Exam/20 CompleteQuestions & Answers
The two main methods of bookkeeping and accounting are - -The cash
method and the accrual method
-Double entry - -bookkeeping means that every transaction will affect two
or more accounts
-A (blank) amount will appear on the left side of a T-account - -Debit
-A listing of balances in the accounts in order to determine whether debits
are equal to credits is a - -trial balance
-The listing of Accounts that are available for posting transactions is the - -
chart of accounts
-When a check us written, a cash account should be - -credit balances
-Liability accounts will normally have - -credit balances
-Revenue accounts will normally have - -credit balances
-The bookkeeping or accounting equation is - -Assets=Liabilities +Owner's
Equity
-The book of original entry is the definition of a - -Journal
-When a sale is made on credit, the seller will debit the asset account - -
accounts receivable
-what are equity accounts are known as balance sheet accounts - -Assets,
liability, ad stockholders' equity
-Large corporations should report revenues on their income statements
when the - -Revenues are earned
-The difference between the balance in a company's cash account and its
bank statement is documented in the (blank) of the bank statement - -
reconciliation
-Accrued expense are likely to pertain to transactions that have (blank)
been paid (already or not yet ) - -not yet
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 Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now