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Bookkeeping Concepts

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Bookkeeping (Quiz)

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If you have difficulty answering the following questions, learn more about this topic by reading our Bookkeeping (Explanation).


  1. 1. The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the
    __________
    accrual
    method.
  2. 2.
    __________
    Double
    -entry bookkeeping means that every transaction will affect two or more accounts.
  3. 3.

    A __________ amount will appear on the left side of a T-account.

    Debit
    Right!
    Credit
    Wrong.
  4. 4. A listing of the balances in the accounts in order to determine whether debits are equal to credits is a
    __________
    trial
    balance.
  5. 5. The listing of accounts that are available for posting transactions is the
    __________
    chart
    of accounts.
  6. 6.

    When a check is written, a cash account should be __________.

    Debited
    Wrong.
    Credited
    Right!
  7. 7.

    Liability accounts will normally have __________ balances.

    Debit
    Wrong.
    Credit
    Right!
  8. 8.

    Revenue accounts will normally have __________ balances.

    Debit
    Wrong.
    Credit
    Right!
  9. 9. The bookkeeping or accounting equation is Assets = Liabilities + Owner's
    __________
    Equity
    .
  10. 10.

    The book of original entry is the definition of a __________.

    Journal
    Right!
    Ledger
    Wrong.
  11. 11. When a sale is made on credit, the seller will debit the asset account Accounts
    __________
    Receivable
    .
  12. 12. Asset,
    __________
    liability
    , and stockholders' equity accounts are known as balance sheet accounts.
  13. 13.

    Large corporations should report revenues on their income statements when the __________.

    Cash Is Received
    Wrong.
    Revenues Are Earned
    Right!
  14. 14. The difference between the balance in a company's cash account and its bank statement is documented in the
    __________
    reconciliation
    of the bank statement.
  15. 15.

    Accrued expenses are likely to pertain to transactions that have __________ been paid.

    Already
    Wrong.
    Not Yet
    Right!
  16. 16.

    Deferred revenues likely involve cash amounts that have __________ been received.

    Already
    Right!
    Not Yet
    Wrong.
  17. 17. A
    __________
    reversing
    entry typically removes an accrual-type adjusting entry that had been recorded in the preceding accounting period.
  18. 18. Cash and Accounts Receivable are two examples of accounts that are reported on the classified balance sheet under the heading
    __________
    current
    assets.
  19. 19.

    A supplier of goods or services is known as a __________.

    Debtor
    Wrong.
    Vendor
    Right!
  20. 20. The separation of duties is part of the internal
    __________
    controls
    for safeguarding assets.

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