Exam (elaborations)
Bookkeeping (Quiz #1) Questions and Answers 2024
- Course
- Institution
Bookkeeping (Quiz #1)
[Show more]
Content preview
Bookkeeping (Quiz #1)List as many assets as you can - answer A/R, cash, savings, building/land, equipment,
supplies.
List as many liabilities as you can - answer A/P, mortgage payable, bank loan, credit
card payable.
What is the accounting equation? - answer ALOE. A=L+OE
What is the acronym for the rules of accounting that govern the bookkeeping system? –
answer GAAP. (Generally accepted accounting principles)
What financial statement shows assets, liabilities, and owners equity? - answer Balance
sheet
Does the drawings account increase owners equity or decrease it? - answer Decrease
What two main categories are recorded on the income statement? - answer Revenue
and expense
If a business makes a sale but doesn't get paid cash, which accounts change? -
answerAccounts receivable and revenue
What is the accounting period? - answerCan be any time covered by financial statement
What is the first figure on the statement of owners equity? - answerBeginning capital
balance
How would you arrive at net income? - answerSubtract expenses from revenue
When an owner withdraws cash for personal use do his assets increase or decrease? -
answerDecrease
When you incur an expense, does it mean that you have paid cash for it? - answerNo
What two accounts change when a sale is made on an account? - answerAccounts
receivable and revenue
What is the unwritten promise to pay a creditor? - answerAccounts payable
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
