Exam (elaborations)
Bookkeeping Test with correct Answers
- Course
- Institution
Bookkeeping Test with correct Answers
[Show more]
Content preview
Bookkeeping Test with correct AnswersA 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now