Here are some more basic bookkeeping and accounting questions. The questions are great for exam prep, they cover financial statements, double entry bookkeeping and other basic accounting principles. The answers to the questions are at the bottom of this post.
Basic Bookkeeping Questions
Question #1 - A listing of all balances on accounts is called what?
Question #2 - Equity is shown on which financial statement?
Question #3 - A listing of account names and account codes is called what?
Question #4 - A double entry bookkeeping posting requires a minimum of how many accounts?
Question #5 - Gross profit is equal to revenue less which item?
Question #6 - Inventory and accounts receivable are classified in the balance sheet as?
Question #7 - The income statement shows income and expenses, assets and liabilities or receipts and payments?
Bonus Question - The balance sheet shows income and expenses, assets and liabilities or receipts and payments?
Basic Bookkeeping Answers
Answer #1 - Trial balance
Answer #2 - Balance sheet
Answer #3 - Chart of accounts / Nominal ledger
Answer #4 - 2
Answer #5 -Cost of sales
Answer #6 - Assets
Answer #7 - Income and expenses
Answer #8 - Assets and liabilities
Use this link for my previous video - Basic Bookkeeping and Accounting Questions #1