Bookkeeping

1. 1Accounting is the [blank_start]action[blank_end]/[blank_start]process[blank_end] of keeping [blank_start]financial[blank_end] accounts OR
   it is a [blank_start]systematic[blank_end] process of [blank_start]identifying[blank_end], r[blank_start]ecording[blank_end], m[blank_start]easuring[blank_end], cl[blank_start]assifying[blank_end], v[blank_start]erifying[blank_end], s[blank_start]ummarizing[blank_end], in[blank_start]terpreting[blank_end], and c[blank_start]ommunicating[blank_end] financial information.

   1. Aaction
   2. Bprocess
   3. Cfinancial
   4. Dsystematic
   5. Eidentifying
   6. Fecording
   7. Geasuring
   8. Hassifying
   9. Ierifying
   10. Jummarizing
   11. Kterpreting
   12. Lommunicating
2. 2GAAP stands for:
   [blank_start]Generally[blank_end] [blank_start]Accepted[blank_end] [blank_start]Accounting[blank_end] [blank_start]Principles[blank_end]

   1. AGenerally
   2. BAccepted
   3. CAccounting
   4. DPrinciples
3. 3List the Common Accounting Principles:
   [blank_start]Business[blank_end] [blank_start]Entity[blank_end] Principle
   [blank_start]Conservatism[blank_end] Principle
   [blank_start]Consistency[blank_end] Principle:
   [blank_start]Going[blank_end] [blank_start]Concern[blank_end] Principle
   [blank_start]Materiality[blank_end] Principle

   1. ABusiness
   2. BEntity
   3. CConservatism
   4. DConsistency
   5. EGoing
   6. FConcern
   7. GMateriality
4. 4"Separate business transactions from personal ones" is which Common Accounting Principle?

   1. AConservatism Principle
   2. BBusiness Entity Principle
   3. CConsistency Principle
   4. DGoing Concern Principle
5. 5"Report moderate and realistic financial information to prevent overstatement " refers to which common accounting principle?

   1. ABusiness entity principle
   2. BConsistency
   3. CConservatism
   4. DGoing concern
6. 6Consistency Principle: use the [blank_start]same[blank_end] accounting [blank_start]methods[blank_end] from [blank_start]period[blank_end] to [blank_start]period[blank_end]

   1. Asame
   2. Bmethods
   3. Cperiod
   4. Dperiod
7. 7"Presume the business will continue operations for the foreseeable future" is what principle?

   1. AGoing Concern Principle
   2. BBusiness entity principle
   3. CConservatism principle
   4. DConsistency principle
8. 8List the Common accounting standards
   
   [blank_start]Cost[blank_end] Principle
   [blank_start]Revenue[blank_end] [blank_start]recognition[blank_end] principle
   [blank_start]Matching[blank_end] principle

   1. ACost
   2. BRevenue
   3. Crecognition
   4. DMatching
9. 9"record assets at their actual cost"

   1. ACost principle
   2. BMatching principle
   3. Cconsistency principle
   4. DMateriality principle
10. 10Matching principle: report [blank_start]expenses[blank_end] in the [blank_start]same[blank_end] period as the [blank_start]related[blank_end] [blank_start]revenues[blank_end]

    1. Aexpenses
    2. Bsame
    3. Crelated
    4. Drevenues

11. 11Accrual bases: recognize revenue when [blank_start]earned[blank_end] and expense when [blank_start]incurred[blank_end]
    

    1. Aearned
    2. Bincurred
12. 12Cash basis: system of accounting that recognized revenue when [blank_start]received[blank_end] and expense when [blank_start]paid[blank_end]

    1. Areceived
    2. Bpaid
13. 13Assets are when you [blank_start]have[blank_end].
    Current: used [blank_start]within[blank_end] fiscal year
    Long-term: [blank_start]last[blank_end] [blank_start]longer[blank_end] than current fiscal year

    1. Ahave
    2. Bwithin
    3. Clast
    4. Dlonger
14. 14Liabilities are debts owned
    Current: debts that [blank_start]will[blank_end] be paid in current fiscal year
    long-term: debts that will take [blank_start]longer[blank_end] than fiscal year to pay off

    1. Awill
    2. Blonger
15. 15Owner's Equity: what you [blank_start]own[blank_end]

    1. Aown
16. 16Income/Revenue is the business' income [blank_start]earned[blank_end] from normal business activities

    1. Aearned
17. 17Expenses are [blank_start]costs[blank_end] [blank_start]incurred[blank_end] for the purpose of [blank_start]earning[blank_end] [blank_start]income[blank_end]

    1. Acosts
    2. Bincurred
    3. Cearning
    4. Dincome
18. 18Basic Accounting Formula:
    
    [blank_start]Assets[blank_end] = [blank_start]Liabilities[blank_end] [blank_start]+[blank_end] [blank_start]Owner's Equity[blank_end]

    1. ALiabilities
    2. BOwner's Equity
    3. C+
    4. DAssets
19. 19Expanded Accounting Formula:
    
    [blank_start]Assets[blank_end] + [blank_start]Expenses[blank_end] + [blank_start]Drawings[blank_end] = [blank_start]Liabilities[blank_end] + [blank_start]Income/revenue[blank_end] + [blank_start]Capital[blank_end] (DEAD CLIC)

    1. AAssets
    2. BExpenses
    3. CDrawings
    4. DLiabilities
    5. EIncome/revenue
    6. FCapital
20. 20Identify various users/stakeholders of accounting information
    
    D[blank_start]irectors[blank_end]
    S[blank_start]hareholders[blank_end]
    M[blank_start]anagers[blank_end]
    G[blank_start]overnment[blank_end]
    F[blank_start]inancial Institutions[blank_end]
    P[blank_start]rofessional Organizations[blank_end]
    E[blank_start]mployees[blank_end]

    1. Airectors
    2. Bhareholders
    3. Canagers
    4. Dovernment
    5. Einancial Institutions
    6. Frofessional Organizations
    7. Gmployees
21. 21Chart of Accounts is a [blank_start]list[blank_end] of accounts that [blank_start]describe[blank_end] a business' [blank_start]activities[blank_end]

    1. Alist
    2. Bdescribe
    3. Cactivities
22. 22Accounting Cycle:
    Topanga just played today while angela fed cory
    [blank_start]Transactions[blank_end]
    [blank_start]Journal[blank_end]
    [blank_start]Posting[blank_end]
    [blank_start]Trial[blank_end] [blank_start]balance[blank_end]
    [blank_start]Worksheet[blank_end]
    [blank_start]Adjusting[blank_end]
    [blank_start]Financial[blank_end] [blank_start]Statements[blank_end]
    [blank_start]Close[blank_end] the [blank_start]books[blank_end]

    1. ATransactions
    2. BJournal
    3. CPosting
    4. DTrial
    5. Ebalance
    6. FWorksheet
    7. GAdjusting
    8. HFinancial
    9. IStatements
    10. JClose
    11. Kbooks
23. 23How is a Trial Balance organized?

    1. AAssets, Liabilities, Owner's Equity, Income/Revenue, Expenses
    2. BExpenses, Assets, Owner's Equity, Income, Liabilities
    3. CAssets, Expenses, Liabilities, Owner's Equity, Income
    4. DIncome, Expenses, Liabilities, Assets
24. 24"Shows profit of organization for selected dates"

    1. AIncome Statement
    2. BBalance Sheet
    3. CStatement of Cash Flows
    4. DStatement of Owner's Equity
25. 25Income Statement shows [blank_start]profit[blank_end] of organization for selected dates

    1. Aprofit
26. 26"Shows financial position of an organization on selected date"

    1. AIncome Statement
    2. BBalance Sheet
    3. CStatement of cash flows
    4. DStatement of Owner's equity
27. 27A balance sheet shows [blank_start]financial[blank_end] [blank_start]position[blank_end] of an organization

    1. Afinancial
    2. Bposition
28. 28"shows how cash and cash equivalents were used for the selected dates"

    1. AIncome statement
    2. Bbalance sheet
    3. CStatement of cash flows
    4. Dstatement of owner's equity
29. 29"Shows owner's equity in the business for the selected dates

    1. AIncome Statement
    2. BBalance sheet
    3. CStatement of cash flows
    4. Dstatement of owner's equity
30. 30common mistakes:
    [blank_start]debit[blank_end] entered as a [blank_start]credit[blank_end]
    [blank_start]transposition[blank_end] error: reversal of [blank_start]digits[blank_end]
    [blank_start]slide[blank_end] error: [blank_start]decimal[blank_end] in wrong place
    [blank_start]calculation[blank_end] error

    1. Adebit
    2. Bcredit
    3. Ctransposition
    4. Ddigits
    5. Eslide
    6. Fdecimal
    7. Gcalculation
31. 31purpose of worksheet: List of [blank_start]adjustments[blank_end] that need to be made to accounts at end of each fiscal period

    1. Aadjustments

Description

Quiz on Bookkeeping, created by Kristina Torry on 03/02/2016.

Author

Kristina Torry

Language

English

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History

Created on 3 Feb 2016 · updated on 19 Feb 2016

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