Bookkeeping Exam

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Sample Bookkeeping Exam Questions

1. A listing of the account numbers and titles but without account balances is the ______________ of accounts.

2. Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and ______________ order should be compared.

3. 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.

4. The amount of insurance premiums that have not yet expired is reported as an ______________.

           asset            expense            

5. Adjusting entries are recorded in the ______________ journal.

6. 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 $______________.

7. Which of the following will increase the balance in a liability account?

           debit            credit            

8. Which of the following will increase the balance in a revenue account?

           debit            credit            

9. Rent Expense, Wages Expense, and Advertising Expense are expected to have ____________ balances.

           debit            credit            

10. The cost of the land that is used as the site of a new warehouse should be depreciated.

           True            False            

11. The book value of a company's equipment is usually the same as the equipment's fair market value.

           True            False            

12. Assets that will turn to cash within one year are reported as ___________________ assets.

13. Costs that are used up or expire in the current accounting period are reported on the income statement as ______________.

14. Generally, the amounts reported in the accounts Land, Buildings, and Equipment are the historical ______________ of these assets and not their current market values.

15. The balance sheet reports amounts for a ______________   ___________ time.

           period of            moment in            

16. Normally, the Inventory account will report the goods on hand at the selling prices of the goods.

           True            False            

17. An hourly-paid employee's take home pay is also known as the employee's net pay.

           True            False            

18. Federal income tax withheld from an employee's pay is matched by the employer.

           True            False            

19. The sale of a company's old delivery truck would be recorded in a sales journal and in the account Sales.

           True            False

20. ______________-entry bookkeeping involves two or more accounts when recording every business transaction.

Bookkeeping Proficiency Exam

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The above bookkeeping questions are taken from's 300-question Bookkeeping Exam.

Bookkeeping Course

Bookkeeping Proficiency Exam

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