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Bookkeeping Chapter 3 Quiz Exam Q’s and A’s
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Bookkeeping Chapter 3 Quiz Exam Q’s and A’s
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Bookkeeping Chapter 3 Quiz Exam Q’s andA’s
With double-entry bookkeeping, all of the following are correct, except - -A
credit may decrease a liability
-With respect to the role of a bookkeeper, tagging and monitoring fixed
assets, issuing invoices to customers, paying suppliers in a timely manner,
and preparing financial statements are referred to as principal - -
Accountabilities
-Accounts receivable are to short-term amounts due from customers as
accounts _______ are to short-term obligations to pay for purchases on credit.
- -Payable
-During an accounting period, all of the following refer to individual
transactions EXCEPT - -Preparing a preliminary trial balance
-You should record any transaction that might impact any shareholder
whose income depends on returns on investment. Among accounting
principles, this statement is best associated with the _______ principle. - -
Materiality
-A/an _______ balance is a test to determine that the sum of credits is equal
to the sum of debits in given accounting period. - -Trial
-If it is assumed that accounting software will automatically cancel out an
accrual in the following month, accruals are initiated as _______ accruals. - -
Reversing
-With depreciation, the estimated amount of money that can be expected
from some buyer at the end of asset's useful life is its - -Salvage Value
-On a balance sheet, accounts receivable appears as - -An Asset
-To determine the useful life of a motor vehicle you must determine that
asset's _______ - -Salvage Value (?)
-Manufacturing businesses often divide inventory into all of the following
categories, EXCEPT - -Unfinished Goods
-Which statement completion is MOST accurate? The IRS concept of
constructive receipt - -Imposes an accrual concept on a cash method of
accounting
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