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Bookkeeper Practice Test with Complete Solutions
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Bookkeeper Practice Test with Complete Solutions What is the main purpose of a general journal? The main purpose of a general journal is to record all types of transactions in chronological order before they are posted to individual ledger accounts. What does "depreciation" refer to in ...

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  • September 15, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bookkeeper practice test with complete solutions

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  • Bookkeeper Practice
  • Bookkeeper Practice

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Bookkeeper Practice Test with Complete
Solutions

What is the main purpose of a general journal?


✔✔ The main purpose of a general journal is to record all types of transactions in chronological

order before they are posted to individual ledger accounts.




What does "depreciation" refer to in bookkeeping?


✔✔ Depreciation refers to the gradual reduction in the value of a fixed asset over time due to

wear and tear or obsolescence.




How is an expense invoice typically handled in bookkeeping?


✔✔ An expense invoice is typically recorded by increasing the expense account and increasing

accounts payable or reducing cash if paid immediately.




What is the purpose of an asset register?


✔✔ An asset register is used to track and manage the company’s fixed assets, including their

acquisition cost, depreciation, and current value.




1

, What is a credit note, and when is it used?


✔✔ A credit note is used to reduce the amount a customer owes to a business, often issued for

returned goods or overbilling errors.




How does one record a bank charge in the books?


✔✔ A bank charge is recorded by debiting the bank charges expense account and crediting the

bank account.




What is the function of an accounts payable subsidiary ledger?


✔✔ The accounts payable subsidiary ledger tracks all outstanding amounts owed to suppliers

and helps manage supplier payments.




How are bad debts handled in bookkeeping?


✔✔ Bad debts are written off by debiting the bad debt expense account and crediting accounts

receivable to remove the uncollectible amounts.




What is the purpose of a cash book?


✔✔ The purpose of a cash book is to record all cash transactions, including receipts and

payments, and to maintain an accurate cash balance.

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