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Explanation of the Topic...

Bookkeeping

Part 1	Introduction to Bookkeeping, How Bookkeeping Has Changed, Debits and Credits, Debits on the Left, Credits on the Right, Chart of Accounts, Financial Statements
Part 2	Bookkeeping Proficiency Exam

Bookkeeping Proficiency Exam

Our Bookkeeping Proficiency Exam contains 300 questions. It is available to take online (with immediate feedback) or in PDF format. Answers are included with both versions.

The questions will test your understanding of debits and credits, accounts used when recording transactions, basic accounting terminology used on financial statements, calculations of interest, and steps in reconciling the bank reconciliation. Sample questions are available below.

Use our Bookkeeping Proficiency Exam to review and improve your skills or to test the skill levels of others. All questions were prepared by a college instructor with 25 years of teaching and testing experience.

Sample Questions

Here is a sampling of the types of questions that are included in the bookkeeping exam:

1.	A supplier's invoice for $1,000 is received on June 1 and has terms of 1/10, net 30. If the invoice is paid on June 9, the amount to be paid is $____________.
2.	Depreciation Expense is associated with the contra-asset account ____________________ Depreciation.
3.	A bank service charge will require a _____________ to the general ledger account Cash.	debit credit
4.	The entry to J. Smith, Drawing when a withdrawal occurs.	debit credit
5.	Both assets and expenses will normally have debit balances.	True False
6.	Depreciation is recorded in the _____________ journal.
7.	Sales minus the cost of goods sold is the _________ profit.
8.	If an error results in the amount of inventory being too high, the company's reported net income will be too _________.	high low
9.	General administrative expense is part of a product's cost for inventory valuation.	True False
10.	Payroll withholdings are likely to be classified as _________________ liabilities.

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Additional Information and Resources

Because the material covered here is considered an introduction to this topic, many complexities have been omitted. You should always consult with an accounting professional for assistance with your own specific circumstances.

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