Basic Bookkeeping-8

Accounts Receivable is a/an
1. Asset Account
2. Liability Account
3. Revenue Account
4. Expense Account
Owner's Equity is a/an
1. Capital Account
2. Asset Account
3. Liability Account
4. Revenue Account
Salary and Wages is a/an
1. Expense Account
2. Asset Account
3. Capital Account
4. Revenue Account
Accounts Payable is a/an
1. Liability Account
2. Asset Account
3. Capital Account
4. Expense Account
Supplies On Hand is a/an
1. Asset Account
2. Liability Account
3. Expense Account
4. Capital Account
Equipment is a/an
1. Asset Account
2. Expense Account
3. Liability Account
4. Revenue Account
Fees Earned is a/an
1. Revenue Account
2. Asset Account
3. Capital Account
4. Liability Account
Owner's Draws is a/an
1. Capital Account
2. Expense Account
3. Liability Account
4. Asset Account
Wages Owed is a/an
1. Liability Account
2. Expense Account
3. Capital Account
4. Revenue Account
Supplies Used is a/an
1. Expense Account
2. Liability Account
3. Asset Account
4. Capital Account
A type of account that is called a permanent or real account is a/an
1. All of the listed answers are correct
2. Asset Account
3. Liability Account
4. Capital Account
Which of the following accounts normally has a debit balance ?
1. Rent Expense
2. Accounts Payable
3. Owner's Equity
4. Sales
Which of the following accounts normally has a credit balance ?
1. Accounts Payable
2. Cash
3. Accounts Receivable
4. Equipment
Which of the following accounts is decreased by a debit ?
1. Accounts Payable
2. Cash
3. Accounts Receivable
4. Rent Expense
Which of the following accounts is increased by a credit ?
1. Sales
2. Cash
3. Accounts Receivable
4. Rent Expense
The inventory costing method where the value of the calculated ending inventory is the same for a rising or falling price market is -
1. Average Cost Method
2. LIFO Cost Method
3. FIFO Cost Method
4. None of the listed answers is correct
The method of inventory costing that assumes that goods are sold in the order that they are purchased is -
1. FIFO - First In First Out
2. LIFO - Last In First Out
3. Average Cost
4. Specific Identification
The method of inventory costing that matches the most recent inventory costs with revenues is -
1. LIFO - Last In First Out
2. FIFO - First In First Out
3. Average Cost
4. Specific Identification
The special journal normally used to record sales of merchandise on account is the -
1. Sales Journal
2. Cash Receipts Journal
3. Cash Disbursements Journal
4. Purchases Journal
The special journal normally used to record the sale of merchandise for cash -
1. Cash Receipts Journal
2. Sales Journal
3. Cash Disbursements Journal
4. General Journal
Merchandise purchased on account (using credit) would normally be recorded in the -
1. Purchases Journal
2. Cash Disbursements Journal
3. Cash Receipts Journal
4. None of the listed answers is correct
An example of what is referred to as a General Ledger Control Account is-
1. Accounts Receivable
2. Sales
3. Rent Expense
4. Owner's Drawing
The most liquid and most subject to theft asset is -
1. Cash
2. Equipment
3. Accounts Receivable
4. Notes Receivable
Which of the following is not a source of cash ?
1. Payment to a Creditor
2. Cash Sale
3. Loan From a Bank
4. Collection of a Customer's Account
A payroll tax that is paid by employees and also matched by the employer is -
1. FICA
2. Federal Unemployemt
3. State Unemployment
4. Workmen's Compensation

Basic Bookkeeping-8

Quiz