Accounting 101 - Bookkeeping

15 Points Per Correct Answer - No time limit  

1. What is the normal balance for an expense account? Debit Contraliability Credit None of these

2. The act of transferring the information from the General Journal to the General Ledger is called what? Posting Journalizing Transferring Pasting

3. What does the accounting acronym G.A.A.P. stand for? Answer: (Four Words)

4. The abbreviations for debit and credit (Dr. and Cr.) come from what language, and mean what? Greek, debitor and creditor Greek, debere and credere Latin, debere and credere Latin, debitor and creditor

5. True or False? To "debit" an account means to add to it. True False

6. What kind of balance sheet makes distinctions between current and capital assets? Keynesian Normal Classified Gregarian

7. How do you get the Current Ratio? divide long-term liabilities by current assets divide current liabilities by current assets divide current assets by current liabilities divide capital assets by current liabilities

8. True or False? If a mistake is made in a journal entry, two correcting entries are required to fix it. True False

9. When we talk about accounting, what kind of job do we mean? All of bookkeeping, auditing, consulting, and more. Bookkeeping and consulting. Bookkeeping and auditing. Bookkeeping only.

10. Which part of the G.A.A.P. is "the assumption that economic events can be identified with a particular unit of accountability"? Double-entry assumption Going concern assumption Economic entity assumption Monetary unit assumption

11. Which form of accounting states that transactions are to be recorded in the period that they occur? Cash basis of accounting Accrual basis of accounting Economic basis of accounting Transaction basis of accounting

12. Usually, what asset account in a company's ledger is the most liquid? Answer: (One Word)

13. Which kind of accountant would you go to to have prepare your income tax documentation, public or private? Answer: (One Word - Public or Private)

14. What does the certification CA stand for? Answer: (Two Words)

15. When you have yet to bill a customer for services rendered and have not received the money in the same financial period that the service was performed, then the transaction is recorded as a(n) ________ (assume accrual basis of accounting)? unearned revenue accrued revenue accrued expense prepaid expense