Bookkeeping Study Guide Questions
Course Introduction
This course provides an introduction to the fundamental principles and practices of bookkeeping. Topics include the recording and classification of financial transactions, preparation of journals and ledgers, management of accounts payable and receivable, and the development of basic financial statements. Students will gain practical skills in maintaining accurate financial records, understanding debits and credits, reconciling bank statements, and utilizing bookkeeping software. The course is designed to build a strong foundation for further study in accounting and finance, as well as to equip learners with essential skills for managing business and personal finances.
Recommended Textbook College Accounting Chapters 1 9 22nd Edition by James
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Page 2
A. Heintz
Chapter 1: Introduction to Accounting
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Sample Questions
Q1) The owners of a corporation are called ____________________.
Answer: stockholders shareholders
Q2) Cost accountants provide a wide variety of services including
A) designing and implementing accounting information systems.
B) auditing reviews.
C) performing general accounting services.
D) analyzing the cost effectiveness of products produced and services provided.
Answer: D
Q3) The accountant who oversees the entire accounting process and is the principal accounting officer of the company is called the ____________________.
Answer: controller
Q4) Since financial information is communicated in accounting terms,accounting is said to be the "language of business."
A)True
B)False
Answer: True
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Chapter 2: Analyzing Transactions: the Accounting Equation
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Q1) Expenses that are incurred in operating the enterprise increase owner's equity.
A)True
B)False
Answer: False
Q2) Sue Lee paid $1,200 for her employees' salaries.This transaction would
A) increase assets and decrease owner's equity.
B) increase assets and increase liabilities.
C) decrease assets and decrease liabilities.
D) decrease assets and decrease owner's equity.
Answer: D
Q3) The income statement and statement of owner's equity provide information covering a period of time.
A)True
B)False
Answer: True
Q4) ____________________ is the amount by which business assets exceed the business liabilities.
Answer: Owner's equity
Answer: accounts receivable Page 4
Q5) Amounts owed to the business by its customers are called
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Chapter 3: The Double-Entry Framework
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Q1) The trial balance is used in preparing financial statements.
A)True
B)False
Answer: True
Q2) A credit increases liabilities and owner's equity.
A)True
B)False Answer: True
Q3) The ____________________ balance is on the side that increases an account.
Answer: normal
Q4) At least two accounts are affected by every transaction.
A)True
B)False Answer: True
Q5) A cash payment on a loan affects which of the following accounts?
A) Cash and Accounts Receivable
B) Cash and Notes Payable
C) Cash and an expense account
D) Cash and a revenue account
Answer: B
Page 6
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Chapter 4: Journalizing and Posting Transactions
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Sample Questions
Q1) The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts are equal.
A)True
B)False
Q2) If the owner of a company invested cash in a business enterprise,the transaction would include
A) debiting Cash and crediting Capital.
B) debiting Capital and crediting Cash.
C) debiting Cash and crediting Revenue.
D) debiting Revenue and crediting Cash.
Q3) The chart of accounts includes assets,liabilities,and owner's equity accounts only.
A)True B)False
Q4) The Item column in a general ledger is used to provide ____________________ for special entries.
Q5) Source documents provide the input for the accounting process. A)True B)False
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Chapter 5: Adjusting Entries and the Work Sheet
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Sample Questions
Q1) The historical cost principle allows for assets to be recorded at actual cost.
A)True
B)False
Q2) The third pair of columns on a 10-column work sheet prepared at the end of the period would be the
A) Income Statement columns.
B) Adjustments columns.
C) Balance Sheet columns.
D) Adjusted Trial Balance columns.
Q3) The depreciation system used by many businesses for tax purposes is the A) Accelerated Cost Recovery System.
B) Modified Adjusted Cost Recovery System.
C) Modified Actual Cost Recovery System.
D) Modified Accelerated Cost Recovery System.
Q4) Under the ____________________ principle,assets are recorded at their actual cost,and this cost remains on the books as long as the business owns an asset.
Q5) ____________________ is a method of matching an asset's original cost against the revenues produced over its useful life.
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Chapter 6: Financial Statements and the Closing Process
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Q1) A(n)____________________ balance sheet shows the assets on the left and the liabilities and the owner's equity sections on the right.
Q2) The accuracy of the statement of cash flows can be proved by comparing the cash provided by operating activities with the change in the cash balance.
A)True B)False
Q3) The ____________________ balance sheet shows the liabilities and owner's equity sections below the asset section.
Q4) After the accounts are closed and the journal entries have been posted,which of the following accounts would have a balance?
A) Payroll Taxes Expense
B) Miscellaneous Expense
C) Professional Expense
D) Supplies
Q5) The income summary account is an account used only during the closing process. A)True B)False
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Chapter 7: Accounting for Cash
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Q1) In some checkbooks,a document attached to a check that contains space for relevant information about the check.
A)restrictive endorsement
B)bank reconciliation
C)bank statement
D)blank endorsement
E)canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code
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Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Q1) Both manual and electronic payroll systems require the same payroll input and output.
A)True
B)False
Q2) The Fair Labor Standards Act provides that all employees covered by the act must be paid one and one-half times the regular rate for all hours worked over 40 per week.
A)True
B)False
Q3) Employees Income Tax Payable is a liability account that is credited for the FICA tax withheld from an employee's earnings.
A)True
B)False
Q4) Federal income tax that is withheld each pay period from the employee's earnings is NOT based on the
A) total earnings of the employee.
B) marital status of the employee.
C) number of withholding allowances claimed by the employee.
D) number of sick days.
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Q5) An employee's total earnings are also known as ____________________.
Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Q1) A system to encourage employers to provide regular employment to workers.
A)Electronic Federal Tax Payment System (EFTPS)
B)employer FICA taxes
C)Employer Identification Number (EIN)
D)Form W-2
E)Form W-3
F)Form 940
G)Form 941
H)FUTA (Federal Unemployment Tax Act) tax
I)merit-rating system
J)self-employment income
K)self-employment tax
L)SUTA (state unemployment tax) tax
M)workers' compensation insurance
Q2) In general,the larger the amount of Social Security and Medicare taxes due from an employer,the more frequently payments must be made.
A)True
B)False
Q3) A system for making federal tax deposits electronically is called the
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Chapter 10: Module Accounting For A Professional Service
Business The Combination Journal
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Q1) The ____________________ is a method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.
Q2) The column in the combination journal used to debit accounts that are used infrequently.
A)accrual basis of accounting
B)combination journal
C)Description column
D)General Credit column
E)General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns
Q3) Professional service enterprises include real estate,insurance,advertising,transportation,and various other firms.
A)True
B)False
Q4) A(n)____________________ is a journal with special and general columns.
Q5) ____________________ are meant for frequently used accounts.
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