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bookkeeping quiz with complete solutions
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bookkeeping quiz with complete solutions
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bookkeeping quiz with completesolutions
The two main methods of bookkeeping and accounting are - Answer -1) the cash
method and 2) the _accrual__ method.,
__________-entry bookkeeping means that every transaction will affect two or more
accounts. - Answer -Double
A __________ amount will appear on the left side of a T-account. - Answer -Debit
A listing of the balances in the accounts in order to determine whether debits are equal
to credits is a __________ balance. - Answer -trial
The listing of accounts that are available for posting transactions is the __________ of
accounts. - Answer -chart
When a check is written a cash account should be __________. - Answer -Credited
Liability accounts will normally have __________ balances. - Answer -Credit
Revenue accounts will normally have __________ balances. - Answer -Credit
The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.
- Answer -Equity
The book of original entry is the definition of a __________. - Answer -Journal
When a sale is made on credit the seller will debit the asset account Accounts
__________. - Answer -Receivable
Asset- _________ - and stockholders' equity accounts are known as balance sheet
accounts. - Answer -liability
Large corporations should report revenues on their income statements when the
__________. - Answer -Revenues Are Earned
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