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Sample Bookkeeping Questions

1. Which of the following is an item of working capital?

  1. Fixed assets
  2. Long-term investments
  3. Accounts receivable
  4. Bonds payable

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2. To which account in the Balance Sheet is the net income or net loss

    transferred to at the end of the accounting period?

  1. Cash
  2. Accounts Receivable
  3. Inventory

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Sample Accounts Payable Questions

3. Accounts Payable is classified as a/an ___________ in the _____________.

  1. Current asset; Balance Sheet
  2. Current liability; Balance Sheet
  3. Expense; Income Statement
  4. Revenue; Income Statement

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4. Which of the following documents authorizes the purchase transaction?

  1. Credit memo from supplier
  2. Invoice or bill from supplier
  3. Purchase order
  4. Purchase requisition

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Sample Accounts Receivable Questions

5. Brown Glory Corp. has sales revenue of $150,000, sales discounts of

    $12,000, sales returns allowances of $24,000, and cost of goods sold of

     $60,000. What would be the net sales revenue of Brown Glory Corp.?

 

  1. $102,000
  2. $54,000
  3. $90,000
  4. $114,000

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6. What is meant by accounts receivable?

  1. Money owed to a company by its debtors
  2. Money owed by a company to its creditors
  3. Money owed to a company by its employees
  4. Money owed by a company to its vendors

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Answers:

1. The correct answer is C.

Explanation: Working capital consists of current assets and current liabilities. For the next question - click here

2. The correct answer is A.

Explanation: The amount of net income or net loss is transferred to Retained Earnings, which is an equity account. For the next question - click here

3. The correct answer is B.

Explanation: Accounts payable is a short-term obligation. Hence, it is classified as a current liability in the Balance Sheet. For the next question - click here

4. The correct answer is C.

Explanation: A purchase order is a buyer-generated document that authorizes the purchase transaction, and when the seller accepts the terms and conditions indicated therein, it becomes a binding contract between the seller and the buyer. For the next question - click here

5. The correct answer is D.

Explanation: Net sales revenue is the amount left after deducting sales discounts and sales returns and allowances from gross sales revenue. Cost of goods sold is deducted from net sales revenue to arrive at gross profit.

Gross Sales Revenue – Sales Discounts – Sales Returns and Allowances

$150,000 – $12,000 – $24,000 = $114,000. For the next question - click here

6. The correct answer is A.

Explanation: Accounts receivable is defined as money owed to a company by its debtors. When a company sells goods on credit, it creates a current asset by the name of accounts receivable and books the corresponding revenue. When the cash is received, the asset is reversed.


 

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