Bookkeeping Quiz

Examples of bookkeeping forms are:

• EGeneral Ledger, General Journal

• General Journal, General Ledger, Bank Reconciliation

• Just the General Journal

• None of the above

If an asset and/or expense account is debited, it is:

• Decreased

• Increased

If a revenue account is increased, it is:

• Credited

• Debited

• Both

• Neither 1 nor 2

Debits and Credits should balance in a general journal entry:

• Yes

• No

The Chart of Accounts is comprised of how many account groups?

• 4

• 5

• 6

• 8

The Chart of Accounts is used to:

• Properly classify and record transactions.

• Decide if they are assets or liabilities.

• Determine if they belong to revenue accounts.

• None of the  above

An Asset is:

• Refers to amounts that are owed to others

• Refers to items that are owned

• Refers to amounts earned as revenue

• All of the above

Expenses are those items that are:

• Direct costs for producing goods

• Costs associated with operating a business

To journalize business transactions refers to:

• To journalize business transactions refers to:

• Recording them in the general ledger

• Organizing the company paperwork

• None of the above