Bookkeeping practice Question and answers 100% correct 2024
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping practice Question and answers 100% correct 2024 Bookkeeping practice, Chapter 15—Bookkeeping
The two main methods of bookkeeping and accounting are - correct answer The cash method and the accrual method
Double entry - correct answer bookkeeping means that every transaction ...
Bookkeeping practice, Chapter 15—
Bookkeeping
The two main methods of bookkeeping and accounting are - correct answer
✔The cash method and the accrual method
Double entry - correct 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 - correct answer
✔Debit
A listing of balances in the accounts in order to determine whether debits are
equal to credits is a - correct answer ✔trial balance
The listing of Accounts that are available for posting transactions is the -
correct answer ✔chart of accounts
When a check us written, a cash account should be - correct answer ✔credit
balances
Liability accounts will normally have - correct answer ✔credit balances
Revenue accounts will normally have - correct answer ✔credit balances
The bookkeeping or accounting equation is - correct answer
✔Assets=Liabilities +Owner's Equity
, The book of original entry is the definition of a - correct answer ✔Journal
When a sale is made on credit, the seller will debit the asset account - correct
answer ✔accounts receivable
what are equity accounts are known as balance sheet accounts - correct
answer ✔Assets, liability, ad stockholders' equity
Large corporations should report revenues on their income statements when
the - correct answer ✔Revenues 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 - correct
answer ✔reconciliation
Accrued expense are likely to pertain to transactions that have (blank) been
paid (already or not yet ) - correct answer ✔not yet
Deferred revenues likely involve cash amounts that have (blank) been
received (already or not yet) - correct answer ✔Not yet
A (blank) entry typically removes an accrual-type adjusting entry that had
been recorded in the preceding accounting period. - correct answer
✔reversing
Cash and Accounts receivable are two examples of accounts that are
reported on the classified balance sheet under the heading (blank) - correct
answer ✔current assets
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