Basic Accounting Questions #2

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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