Which of the Following Statements is True of Bookkeeping

Which of the Following Statements is True of Bookkeeping

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

Bookkeeping and Accounting MCQs

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

This quiz, which covers
bookkeeping and bookkeeping, will be helpful to assess your knowledge of the fundamentals in accounting and finance.

The test consists of 25 objective type quizzes with iv options each. Students demand to choose one option to progress to the next question.

If you find it challenging to answer the questions, we recommend visiting our fiscal accounting section to easily learn the basics of accounting and bookkeeping.  Let’southward start the examination below.

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1.

According to the rules of debit and credit for residue canvass accounts:

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ii.

Sunset Tours has a $three,500 account receivable from the Del Mar Rotary. On 20 January, the Rotary makes a partial payment of $2,100 to Sunset Tours. The journal entry fabricated on 20 January by Dusk Tours to record this transaction includes:

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3.

Tick all of the following statements that correctly describe internet income. Net income:

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four.

Which of the post-obit is provided past a trial balance where total debits are equal to total credits?

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5.

Which of the following explains the debit and credit rules relating to the recording of revenue and expenses?

Read:   Overstating Ending Inventory Will Overstate All of the Following Except

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6.

Which of the post-obit is not considered an belittling attribute of the accounting profession?

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7.

Tick all of the correct answers. In the accounting cycle:

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eight.

Tick all of the correct answers. Dividends:

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nine.

The purpose of adjusting entries is to:

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10.

Before month-end adjustments are made, the trial balance of Rover Excursions on 31 January shows a revenue of $27,900 and expenses of $17,340. Adjustments are necessary for the following items:

Portion of prepaid rent applicative to January $2,700
Depreciation for Jan $ane,440
Portion of fees collected in advance earned in January $three,300
Fees earned in January not notwithstanding billed to customers $1,950

What is the house’s net income for January?

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11.

A CPA house auditing Mason Street Recording Studios has establish that the total stockholders’ equity was understated and liabilities were overstated. Which of the following errors could take been the crusade?

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12.

Suppose that Fisher Corporation usually earns taxable income but sustains a loss in the electric current period. In the post-obit, indicate all of the correct answers. The entry to tape income tax expenses in the current period will most likely exist:

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13.

Highlight all of the post-obit that apply. The concept of materiality:

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fourteen.

For a publicly-owned company, point which of the following accounting activities are probable to occur at or shortly after year-finish. (More than one reply may be correct)

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15.

Which of the following financial statements is more often than not prepared first?

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16.

Which of the following accounts would never be reported in the income statement as an expense?

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17.

Which of the following accounts would never announced in the after-endmost trial rest? (More one answer may be correct)

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18.

Which of the following periodical entries is required to close the income summary account of a profitable company?

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nineteen.

Select any correct items for which generally accustomed accounting principles require disclosure in notes accompanying the financial statements.

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20.

Ski West adjusts its accounts at the cease of each month just closes them simply at the finish of the agenda year on 31 Dec. The ending balances in the equipment rental acquirement account and the cash account in February and March appear below.

February. 28 Mar. 31
Greenbacks $14,200 $26,500
Equipment Rental Acquirement $12,100 $18,400

Ski West prepares financial statements showing separately the operating results of each month. In the financial statements prepared for the month ended 31 March, the equipment rental revenue and cash should announced as follows:

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21.

Which of the following accounts is non closed to the income summary account at the end of the accounting menstruation? (More than one reply may be correct)

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Frequently Asked Questions

What is Bookkeeping?

Bookkeeping is a function of the accountancy process that deals solely with recording and classification of financial transactions of a business.

What is the most important feature of Accounting?

The primary objective of Bookkeeping is to go along a complete and authentic record of all the fiscal transactions in a systematic orderly, logical fashion. This ensures that the financial effects of these transactions are reflected in the books of accounts.

What is the about important characteristic of Accounting?

What is the most important feature of Bookkeeping?

What are the types of Accounting?

The single-entry and double-entry Bookkeeping systems are the two methods commonly used. While each has its advantage and disadvantage, the business concern has to choose the one which is virtually suitable for their business.

Why Bookkeeping records are maintained?

Proper Bookkeeping gives companies a reliable measure of their performance. It also provides information to make general strategic decisions and a benchmark for its revenue and income goals. In short, once a business organization is up and running, spending extra time and money on maintaining proper records is disquisitional.

Which of the Following Statements is True of Bookkeeping

Source: https://learn.financestrategists.com/quiz/multiple-choice/account-and-bookkeeping/

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