Bookkeeping practice Question and answers 100% correct 2024
4 views 0 purchase
Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping practice Question and answers 100% correct 2024 Bookkeeping practice, Chapter 15—Bookkeeping
The two main methods of bookkeeping and accounting are - correct answer The cash method and the accrual method
Double entry - correct answer bookkeeping means that every transaction ...
Bookkeeping practice, Chapter 15—
Bookkeeping
The two main methods of bookkeeping and accounting are - correct answer
✔The cash method and the accrual method
Double entry - correct answer ✔bookkeeping means that every transaction
will affect two or more accounts
A (blank) amount will appear on the left side of a T-account - correct answer
✔Debit
A listing of balances in the accounts in order to determine whether debits are
equal to credits is a - correct answer ✔trial balance
The listing of Accounts that are available for posting transactions is the -
correct answer ✔chart of accounts
When a check us written, a cash account should be - correct answer ✔credit
balances
Liability accounts will normally have - correct answer ✔credit balances
Revenue accounts will normally have - correct answer ✔credit balances
The bookkeeping or accounting equation is - correct answer
✔Assets=Liabilities +Owner's Equity
, The book of original entry is the definition of a - correct answer ✔Journal
When a sale is made on credit, the seller will debit the asset account - correct
answer ✔accounts receivable
what are equity accounts are known as balance sheet accounts - correct
answer ✔Assets, liability, ad stockholders' equity
Large corporations should report revenues on their income statements when
the - correct answer ✔Revenues are earned
The difference between the balance in a company's cash account and its bank
statement is documented in the (blank) of the bank statement - correct
answer ✔reconciliation
Accrued expense are likely to pertain to transactions that have (blank) been
paid (already or not yet ) - correct answer ✔not yet
Deferred revenues likely involve cash amounts that have (blank) been
received (already or not yet) - correct answer ✔Not yet
A (blank) entry typically removes an accrual-type adjusting entry that had
been recorded in the preceding accounting period. - correct answer
✔reversing
Cash and Accounts receivable are two examples of accounts that are
reported on the classified balance sheet under the heading (blank) - correct
answer ✔current assets
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 flyhigher329. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.