Free Printable Bookkeeping 1.1

1.

a person who enters the numbers into the accounting books

a)

bookkeeper

b)

accountant

c)

business owner

d)

entrepreneur

2.

when you record all the transactions only when cash actually changes hands

a)

cash-basis method

b)

accrual method

c)

accounting

d)

bookkeeping

3.

when you record the transaction when the transaction is completed, even if cash has not yet changed hands

a)

cash-basis method

b)

accrual method

c)

accounting

d)

bookkeeping

4.

You should never use the cash-basis accounting method if...

a)

your business carries over inventory

b)

your business allows customers to buy on store credit

c)

you have an accountant

d)

your business has a credit card

5.

You should never use the cash-basis accounting method if...

a)

you decide to incorporate your business

b)

you have gross annual sales of more than $5 million

c)

you have an accountant

d)

your business has a credit card

6.

A sole proprietor is

a)

a single owner

b)

a partnership group

c)

a fish salesman

d)

a business expert

7.

If you change your accounting method, you must...

a)

file a form with the IRS

b)

get a new computer

c)

start a new piece of paper

d)

get an accountant

8.

If you change your accounting method, you must file this with the IRS

a)

Change in Accounting Method

b)

Change of Method

c)

Change of Accounting

d)

Change of Accountant

9.

If you change your accounting method, you must file this with the IRS

a)

Form 3115

b)

Form 5113

c)

Form 8513

d)

Form 3185

10.

You must file the change of accounting method with the IRS at least ____ days before the end of the tax year.

a)

30

b)

60

c)

90

d)

180

11.

You purchased $1500 in products on Dec. 15 to sell to customers. These products sold out by December 25th, but only $1000 was paid in cash, the rest ($3000) was on store credit to be paid in January. How much should be written in Accounts Received for Dec. using the cash-basis method?

a)

$1500

b)

$1000

c)

$2000

d)

$3000

12.

You purchased $1500 in products on Dec. 15 to sell to customers. These products sold out by December 25th, but only $1000 was paid in cash, the rest ($3000) was on store credit to be paid in January. How much should be written in Accounts Received for Dec. using the accrual method?

a)

$1000

b)

$4000

c)

$2000

d)

$3000

13.

You purchased $1500 in products on Dec. 15 to sell to customers. These products sold out by December 25th, but only $1000 was paid in cash, the rest ($3000) was on store credit to be paid in January. Is there a profit or loss Dec. 31 using the accrual method?

a)

profit

b)

loss

c)

break even

14.

You purchased $1500 in products on Dec. 15 to sell to customers. These products sold out by December 25th, but only $1000 was paid in cash, the rest ($3000) was on store credit to be paid in January. Is there a profit or loss Dec. 31 using the accrual method?, how much?

a)

profit, $2500

b)

profit, $2000

c)

loss, $2500

d)

loss, $2000

15.

You purchased $1500 in products on Dec. 15 to sell to customers. These products sold out by December 25th, but only $1000 was paid in cash, the rest ($3000) was on store credit to be paid in January. Is there a profit or loss Dec. 31 using the cash-basis method?

a)

profit

b)

loss

c)

break even

16.

You purchased $1500 in products on Dec. 15 to sell to customers. These products sold out by December 25th, but only $1000 was paid in cash, the rest ($3000) was on store credit to be paid in January. Is there a profit or loss Dec. 31 using the accrual method?, how much?

a)

profit, $2500

b)

profit, $2000

c)

loss, $500

d)

loss, $2500

Bookkeeping 1.1

Total questions: 16

Worksheet time: 9mins

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