Bookkeeping Test Question and answers already passed 2024
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Bookkeeping
Institution
Bookkeeping
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
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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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