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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