Exam (elaborations)
Accounting Coach: Bookkeeping questions n answers
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Accounting Coach: Bookkeeping questions n answers
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Accounting Coach: BookkeepingWhat account does the following describe?
Cash, Accounts Receivable, Land, Equipment - correct answer ✔✔Asset
What account does the following describe?
Loans Payable, Accounts Payable, Bonds Payable - correct answer ✔✔Liabilities
What account does the following describe?
Common stock, retained earnings - correct answer ✔✔Stockholders' equity
What account does the following describe?
Sales, service fee - correct answer ✔✔Operating revenues
What account does the following describe?
Salaries expense, rent expense, depreciation expense - correct answer ✔✔Operating expenses
What account does the following describe?
Investment income, gain on disposal of truck - correct answer ✔✔Non-operating revenues and gains
What account does the following describe?
, Interest expense, loss on disposal of equipment - correct answer ✔✔non-operating expenses and losses
Are balance sheet accounts permanent or temporary accounts?
Assets, liabilities, Stockholders' (Owner's) equity - correct answer ✔✔Permanent
Are income statement accounts permanent or temporary accounts?
Operating revenues, Operating expenses, Non-operating revenues/gains, Non-operating expenses and
losses - correct answer ✔✔Temporary
Which of the following does the revenue increase?
Asset
Liabilities
Stockholders' Equity
Expense - correct answer ✔✔Stockholders' equity because at the end of the accounting year, the
revenue account will be closed and transferred to the Retained Earnings account
What is the definition of permanent accounts? - correct answer ✔✔Ending balances in the balance
sheet accounts are carried over to the next accounting year.
What account does accumulated depreciation fall under? - correct answer ✔✔Asset
What are short-term investments? - correct answer ✔✔Short-term or temporary investments that may
include certificates of deposits, bonds, notes, or investments in a common or preferred stock of another
corporation if the stock can be easily sold on a stock exchange.
What is Allowance of Doubtful Accounts? - correct answer ✔✔Contra-asset account that is intended to
be a credit balance. Records reporting of bad debts expense.
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