FABM1 Review

Multiple Choice

What is called the “book of original entry”?

•  Ledger

• Journal

• Trial Balance

• Worksheet

Multiple Choice

What is referred to as the book that consists of all accounts used by the company, the debits and credits under each account, and the resulting balance is known as the book of final entry.

•  Ledger

• Journal

• Trial Balance

• Worksheet

Multiple Choice

This is a commercial enterprise that provides work performed in an expert manner by an individual or team for the benefit of its customers. What is it?

• Service business

• Merchandising business

• Retail business

• Manufacturing business

Multiple Choice

Which of the following book of accounts is called the book of final entry?

• General Ledger

• General Journal

• T-account

• General voucher

Multiple Choice

What is referred to as the process of transferring entries from the journal into the accounts in the ledger?

• journalizing

• posting

• bookkeeping

• identifying

Multiple Choice

This contains accounts that are broad in nature such as Cash, Accounts Receivable, Supplies, and so on.

• Subsidiary ledger

• General journal     

• General ledger

• Subsidiary journal

Multiple Choice

What is done to update the accounts and bring them to their correct balances?

• Journal entries

• Adjusting journal entries

• Posting entries

• Trial balance

Multiple Choice

The adjusting journal entry for depreciation is __________-

• debiting Depreciation Expenses and crediting Accumulated Depreciation

• debiting Accumulated Depreciation and crediting Depreciation Expense

• debiting Bad Debts Expenses and crediting Allowance for Bad Debts

• debiting Allowance for Bad Debts and crediting Bad Debts Expenses

Multiple Choice

Which of the following is NOT considered as a business transaction?

• Purchase of supplies on account.

• Withdrawal of cash by the owner.

• Provision of services for which fees are not yet received.

• All of these are business transactions.

Multiple Choice

Examples of service business include the following EXCEPT __________.

• barbershop

• auto repair shop

• law office

• grocery store