Sample Bookkeeping Questions
Sample Bookkeeping Questions
1. Which of the following is an item of working capital?
- Fixed assets
- Long-term investments
- Accounts receivable
- 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?
- Retained Earnings
- Cash
- Accounts Receivable
- Inventory
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Sample Accounts Payable Questions
3. Accounts Payable is classified as a/an ___________ in the _____________.
- Current asset; Balance Sheet
- Current liability; Balance Sheet
- Expense; Income Statement
- Revenue; Income Statement
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4. Which of the following documents authorizes the purchase transaction?
- Credit memo from supplier
- Invoice or bill from supplier
- Purchase order
- Purchase requisition
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