Bookkeeping Review
Bookkeeping Basics Quiz
Test your knowledge of bookkeeping principles with our engaging quiz. This quiz is designed for anyone looking to refresh their understanding of essential accounting practices and terminology.
- Multiple choice and open-ended questions
- Topics covering chart of accounts, journal entries, and more
- Ideal for students and professionals alike
The chart of accounts is....
A list of all of your debits and credits
A complete list of all accounts that are part of the business
A list of your assets
A chart showing how the business is doing
Liabilities are what part of your business?
Services provided to your customers
Insurance required to run the business
Money recorded as income
Debts and obligations of the business
You write out a check to pay an electric bill. What is your entry?
Debit cash, Credit utilities
Credit cash, debit utilities
You receive a payment for an invoice issued to a customer. You record it as...
Debit cash, credit accounts receivable
Credit cash, debit accounts receivable
Debit cash, credit sales
Credit cash, debit sales
The basics of accounting entries are that....
Debits must equal credits using only 2 accounts
Debits must equal credits and can involve multiple accounts
An example of a source document is...(select all that apply)
A bill from your telephone company
Receipt for office supplies
A resume
Invoices to customers
Copies of checks
Marketing flyers
When entering a General Journal entry debits should always be listed first
True
False
What details should be included with entries? (Select all that apply)
Date of transaction
Date due
Colors of items ordered
Customer address
Check number
Amounts
What accounting report would show your current cash position?
A Balance Sheet
A bank statement
A Profit & Loss report
An accounts receivable report
Assets always increase when debited
True
False
Revenue accounts always increase when debited
True
False
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