So, you want to learn Bookkeeping! Merlin's Basic Accounting Quiz by Bean Counter's Dave Marshall Copyright ©-2007 Bean Counter

1. An entry made to the Accounts Receivable Control Account also requires an entry to the - (a)    Accounts Receivable Subsidiary Ledger (b)    Purchases Journal (c)    Accounts Payable Subsidiary Ledger (d)    General Journal 2. Receiving a payment on account from a customer - (a)    increases one asset and increases another asset (b)    increases one asset and decreases another asset (c)    increases an asset and increases revenue (d)    decreases an asset and increases revenue 3. Paying an amount owed to a supplier - (a)    increases an asset and decreases a liability (b)    decreases an asset and increases a liability (c)    decreases an asset and decreases a liability (d)    increases an asset and increases a liability 4. The current portion of long-term debt is classified as - (a)    a long term debt (b)    owner's equity (c)    a current asset (d)    a current liability 5. Which of the following would be added to the balance per bank when performing a bank reconciliation ? (a)    outstanding checks (b)    deposits in transit (c)    bank fees (d)    none of the listed answers is correct