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Bookkeeping (Practice Quiz)

Author:
Harold Averkamp, CPA, MBA

For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided.

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1.
The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the __________ accrual method.
2.
__________ Double-entry bookkeeping means that every transaction will affect two or more accounts.
3.
A __________ amount will appear on the left side of a T-account.

Debit

Right!

Credit

Wrong.
4.
A listing of the balances in the accounts in order to determine whether the total amount of debits is equal to the total amount of credits is a __________ trial balance.
5.
The listing of accounts that are available for posting transactions is the __________ chart of accounts.
6.
When a check is written, a cash account should be __________.

Debited

Wrong.

Credited

Right!
7.
Liability accounts will normally have __________ balances.

Debit

Wrong.

Credit

Right!
8.
Revenue accounts will normally have __________ balances.

Debit

Wrong.

Credit

Right!
9.
The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________ Equity.
10.
The book of original entry is the definition of a __________.

Journal

Right!

Ledger

Wrong.
11.
When a sale is made on credit, the seller will debit the asset account Accounts __________ Receivable .
12.
Asset, __________ liability, and stockholders' equity accounts are known as balance sheet accounts.
13.
Large corporations should report revenues on their income statements when the __________.

Cash Is Received

Wrong.

Revenues Are Earned

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

Already

Wrong.

Not Yet

Right!
16.
Deferred revenues likely involve cash amounts that have __________ been received.

Already

Right!

Not Yet

Wrong.
17.
A __________ reversing entry typically removes an accrual-type adjusting entry that had been recorded in the preceding accounting period.
18.
Cash and Accounts Receivable are two examples of accounts that are reported on the classified balance sheet under the heading __________ current assets.
19.
A supplier of goods or services is known as a __________.

Debtor

Wrong.

Vendor

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

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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