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Basic Bookkeeping Questions with Answers
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Basic Bookkeeping Which of the following accounts is an asset account? - Answer- cash, inventory, accounts receivable, all of the listed answers are correct Economic events that affect the financial position of a business are called> - Answer- Transactions Paying an amount owed to a sup...

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

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  • Basic Bookkeeping
  • Basic Bookkeeping

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Basic Bookkeeping
Which of the following accounts is an asset account? - Answer- cash, inventory,
accounts receivable, all of the listed answers are correct

Economic events that affect the financial position of a business are called> - Answer-
Transactions

Paying an amount owed to a supplier? - Answer- Decreases assets and decreases
liabilities

A debit to which of the listed accounts increases the account's balance? - Answer-
Assets
Owner's Draw
Expense

Which of the following statements is not correct? - Answer- The normal balance of a
liability account is a debit balance.

_____ are properties used in the operation or investment activities of a business. -
Answer- assets

____ are creditor's claims to the property (assets of a business. - Answer- Liability

A book containing the account balances for a business's assets, liabilities, equity,
revenue, expense, and draw accounts is called? - Answer- The general Ledger

Which of the following is not information normally provided by an Accounts
Receivable Subsidiary Ledger? - Answer- Amount Owed by each supplier

A balance sheet is a formal financial statement that summarizes revenues and
expenses for a specific period of time. - Answer- False

Which of the following should not be classified in the balance sheet as property,
plant, and Equipment? - Answer- cars held for sale

The normal balance of any account is? - Answer- Side which increases the account

Which of the following is considered to be good cash management practices? -
Answer- All:
Preparing monthly bank reconciliations
maintaining an accurate check book
Preparing cash forecasts
making daily cash deposits

Given the following information, beginning balance of unearned revenues, $1,000;
ending balance of unearned revenues - $2,000;and advance payments received *-
3,000 the amount of revenue earned for the period is _____. - Answer- $2,000

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