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Exam (elaborations)

Bookkeeping Test Questions with Correct Answers
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  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

Bookkeeping Test A listing of the account numbers and titles but without account balances is the ______________ of accounts. - Answer- Chart Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and ______________ order should be compared. - Answer- Purchases ...

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Document information

  • August 4, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Bookkeeping
  • Bookkeeping

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Bookkeeping Test

A listing of the account numbers and titles but without account balances is the
______________ of accounts. - Answer- Chart

Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and
______________ order should be compared. - 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. - Answer- Aging

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

Adjusting entries are recorded in the ______________ journal. - 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
$______________. - Answer- $200.00

Which of the following will increase the balance in a liability account? - Answer-
Credit

Which of the following will increase the balance in a revenue account? - Answer-
Credit

Rent Expense, Wages Expense, and Advertising Expense are expected to have
____________ balances. - Answer- Debit

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

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

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

Costs that are used up or expire in the current accounting period are reported on the
income statement as ______________. - 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. -
Answer- Costs or Cost

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