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Bookkeeping Test/24 Complete Questions and Answers
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Bookkeeping Test/24 Complete Questions and Answers
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Bookkeeping Test/24 CompleteQuestions and Answers
A listing of the account numbers and titles but without account balances is
the ______________ of accounts. - -Chart
-Prior to approving a vendor's invoice for payment, the invoice, receiving
ticket, and ______________ order should be compared. - -Purchases
-The report that sorts a company's accounts receivables into current, 1-30
days past due, 31-60 days past due, etc. is referred to as the ______________
of accounts receivable. - -Aging
-The amount of insurance premiums that have not yet expired is reported as
an ______________. - -Assets
-Adjusting entries are recorded in the ______________ journal. - -General
-The bank statement has an ending balance of $1,700. There are $600 of
deposits in transit
and $2,100 of checks outstanding. The adjusted balance per the bank
statement is $______________. - -$200.00
-Which of the following will increase the balance in a liability account? - -
Credit
-Which of the following will increase the balance in a revenue account? - -
Credit
-Rent Expense, Wages Expense, and Advertising Expense are expected to
have ____________ balances. - -Debit
-10. The cost of the land that is used as the site of a new warehouse should
be depreciated. - -False
-The book value of a company's equipment is usually the same as the
equipment's fair market value. - -False
-Assets that will turn to cash within one year are reported as
________________ assets. - -Current
-Costs that are used up or expire in the current accounting period are
reported on the income statement as ______________. - -Expenses
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