Bookkeeping
NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________.
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Bookkeeping.
| 1. |
In a manual bookkeeping system, transactions are first recorded in a __________.
|
| 2. |
A journal _________ includes the date, accounts, and amounts.
|
| 3. |
In a manual bookkeeping system, each amount in a journal is posted to an
_____________.
|
| 4. |
A company's
_____________ ledger contains all of the accounts such as Rent Expense, Supplies, and Interest Payable.
|
| 5. |
An internal document that is prepared to prove that the total of all the debit balances is equal to the total
of all the credit balances is a
_____________.
|
| 6. |
Historically, the final step of the
_____________
's responsibilities was to prepare a trial balance.
|
| 7. |
Accounting
_____________ has made the recording of transactions much more efficient.
|
| 8. |
Accounting software has eliminated many of the math and recording
_____________
that were common with a manual system.
|
| 9. |
Because at least two accounts are involved in every transaction, the bookkeeping system is referred to as
_____________ entry bookkeeping.
|
| 10. |
A _________ entry is entered on the left side of an account. |
debit |
credit |
| 11. |
A _________ entry is entered on the right side of an account. |
debit |
credit |
| 12. |
A typical entry in the account Wages Expense will be a |
debit |
credit |
| 13. |
A typical entry in the account Sales will be a |
debit |
credit |
| 14. |
A debit will cause the balance in a liability account to |
decrease |
increase |
| 15. |
When a check is written, the company's Cash account should be |
debited |
credited |
| 16. |
When cash is received, the company's Cash account should be |
debited |
credited |
| 17. |
Invoices from vendors (suppliers) which are due in 30 days should be credited to Accounts
_____________
|
| 18. |
The
_____________ of accounts is a listing of the general ledger accounts in which amounts can be posted.
|
| 19. |
The chart of accounts has two broad types of accounts: balance sheet accounts and
_____________ accounts.
|
| 20. |
Historically, the financial statements have been prepared by an
_____________.
|
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Bookkeeping.
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