Exam (elaborations)
Bookkeeping practice Questions with Solutions
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Bookkeeping practice
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Bookkeeping practiceThe two main methods of bookkeeping and accounting are - answer The cash method
and the accrual method
Double entry - answer bookkeeping means that every transaction will affect two or more
accounts
A (blank) amount will appear on the left side of a T-account - answer Debit
A listing of balances in the accounts in order to determine whether debits are equal to
credits is a - answer trial balance
The listing of Accounts that are available for posting transactions is the - answer chart of
accounts
When a check us written, a cash account should be - answer credit balances
Liability accounts will normally have - answer credit balances
Revenue accounts will normally have - answer credit balances
The bookkeeping or accounting equation is - answer Assets=Liabilities +Owner's 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 - answer accounts
receivable
what are equity accounts are known as balance sheet accounts - answer Assets,
liability, ad stockholders' equity
Large corporations should report revenues on their income statements when the -
answerRevenues are earned
The difference between the balance in a company's cash account and its bank
statement is documented in the (blank) of the bank statement - answer reconciliation
Accrued expense are likely to pertain to transactions that have (blank) been paid
(already or not yet ) - answer not yet
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