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Bookkeeping (Quiz #1)questions with complete solutions
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Bookkeeping (Quiz #1)questions with complete solutions
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Bookkeeping (Quiz #1)List as many assets as you can - correct answer ✔✔A/R, cash, savings, building/land, equipment,
supplies.
List as many liabilities as you can - correct answer ✔✔A/P, mortgage payable, bank loan, credit card
payable.
What is the accounting equation? - correct answer ✔✔ALOE. A=L+OE
What is the acronym for the rules of accounting that govern the bookkeeping system? - correct answer
✔✔GAAP. (Generally accepted accounting principles)
What financial statement shows assets, liabilities, and owners equity? - correct answer ✔✔Balance
sheet
Does the drawings account increase owners equity or decrease it? - correct answer ✔✔Decrease
What two main categories are recorded on the income statement? - correct answer ✔✔Revenue and
expense
If a business makes a sale but doesn't get paid cash, which accounts change? - correct answer
✔✔Accounts receivable and revenue
What is the accounting period? - correct answer ✔✔Can be any time covered by financial statement
What is the first figure on the statement of owners equity? - correct answer ✔✔Beginning capital
balance
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