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Basic Accounting Questions #2

January 25, 2016

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

 

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