Bookkeeping Quiz and Test | AccountingCoach

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The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the __________ method.

__________-entry bookkeeping means that every transaction will affect two or more accounts.

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

Debit

Credit

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 __________ balance.

The listing of accounts that are available for posting transactions is the __________ of accounts.

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

Debited

Credited

Liability accounts will normally have __________ balances.

Debit

Credit

Revenue accounts will normally have __________ balances.

Debit

Credit

The bookkeeping or accounting equation is Assets = Liabilities + Owner's __________.

10.

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

Journal

Ledger

11.

When a sale is made on credit, the seller will debit the asset account Accounts __________.

12.

Asset, __________, 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

Revenues Are Earned

14.

The difference between the balance in a company's cash account and its bank statement is documented in the __________ of the bank statement.

15.

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

Already

Not Yet

16.

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

Already

Not Yet

17.

A __________ 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 __________ assets.

19.

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

Debtor

Vendor

20.

The separation of duties is part of the internal __________ for safeguarding assets.

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