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Bookkeeping Test Question and answers already passed 2024

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Bookkeeping Test Question and answers already passed 2024 Bookkeeping Test, Ch. 15: Bookkeeping, Bookkeeping Certification, Bookkeeping/Accounting Terms A listing of the account numbers and titles but without account balances is the ______________ of accounts. - correct answer Chart Prior ...

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  • August 30, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
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  • bookkeeping test question and answers already pass

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Bookkeeping Test, Ch. 15: Bookkeeping,
Bookkeeping Certification,
Bookkeeping/Accounting Terms
A listing of the account numbers and titles but without account balances is the
______________ of accounts. - correct answer ✔Chart


Prior to approving a vendor's invoice for payment, the invoice, receiving ticket,
and ______________ order should be compared. - correct answer
✔Purchases


The report that sorts a company's accounts receivables into current, 1-30
days past due, 31-60 days past due, etc. is referred to as the
______________ of accounts receivable. - correct answer ✔Aging


The amount of insurance premiums that have not yet expired is reported as
an ______________. - correct answer ✔Assets


Adjusting entries are recorded in the ______________ journal. - correct
answer ✔General


The bank statement has an ending balance of $1,700. There are $600 of
deposits in transit
and $2,100 of checks outstanding. The adjusted balance per the bank
statement is $______________. - correct answer ✔$200.00


Which of the following will increase the balance in a liability account? - correct
answer ✔Credit

,Which of the following will increase the balance in a revenue account? -
correct answer ✔Credit


Rent Expense, Wages Expense, and Advertising Expense are expected to
have ____________ balances. - correct answer ✔Debit


10. The cost of the land that is used as the site of a new warehouse should be
depreciated. - correct answer ✔False


The book value of a company's equipment is usually the same as the
equipment's fair market value. - correct answer ✔False


Assets that will turn to cash within one year are reported as
________________ assets. - correct answer ✔Current


Costs that are used up or expire in the current accounting period are reported
on the income statement as ______________. - correct answer ✔Expenses


Generally, the amounts reported in the accounts Land, Buildings, and
Equipment are the historical ______________ of these assets and not their
current market values. - correct answer ✔Costs or Cost


The balance sheet reports amounts for a ______________ time. - correct
answer ✔Moment in


Normally, the Inventory account will report the goods on hand at the selling
prices of the goods. - correct answer ✔False

,An hourly-paid employee's take home pay is also known as the employee's
net pay. - correct answer ✔True


Federal income tax withheld from an employee's pay is matched by the
employer. - correct answer ✔False


The sale of a company's old delivery truck would be recorded in a sales
journal and in the account Sales. - correct answer ✔False


______________-entry bookkeeping involves two or more accounts when
recording every business transaction. - correct answer ✔Double


The two main methods of bookkeeping and accounting are 1) the cash
method, and 2) the __________ method. - correct answer ✔Accrual


A __________ amount will appear on the left side of a T-account. - correct
answer ✔Debit


A listing of the balances in the accounts in order to determine whether debits
are equal to credits is a __________ balance. - correct answer ✔Trial


The listing of accounts that are available for posting transactions is the
__________ of accounts. - correct answer ✔Chart



Ch. 15: Bookkeeping
What is accounts payable? - correct answer ✔Amount owed to creditors

, Give examples of why a medical practice makes adjustments (write off)
accounts? - correct answer ✔Professional discounts
Courtesy adjustment
Disallowances by insurance company


In manual bookkeeping systems, the patient statements may be created by
copying what? - correct answer ✔Patient ledger card


Which accounting method is not self balancing? - correct answer ✔Single
entry accounting


Name examples of
Assets a company may have - correct answer ✔Cash
Inventory
Furniture
Equipment


What is the primary use of the change drawer in a medical office? - correct
answer ✔Make chance when patient gives copayment or private pay in cash


Why is there a petty cash fund in the office? - correct answer ✔Minor office
expenses


What is a petty cash fund used for? - correct answer ✔Coffee
Small quantities of office supplies
Postage due fees
Office refreshments

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