Basic Bookkeeping Practice Questions
Course Introduction
Basic Bookkeeping introduces students to the fundamental principles and practices essential for maintaining financial records in both personal and business contexts. This course covers key concepts such as the double-entry system, chart of accounts, recording transactions, managing ledgers, and preparing basic financial statements. Students will develop practical skills in categorizing expenses and revenues, reconciling accounts, and ensuring the accuracy and integrity of financial data. Through hands-on exercises and real-world examples, this course equips learners with the foundational knowledge necessary for further studies in accounting and effective financial management.
Recommended Textbook
College Accounting A Practical Approach 12th Canadian Edition by Jeffrey Slater
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Page 2
Chapter 1: Accounting Concepts and Procedures
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Sample Questions
Q1) The balance sheet shows the company's financial position as of a particular date.
A)True
B)False
Answer: True
Q2) Carrie billed her legal clients $6,000 for legal work completed during the month. This transaction will:
A)cause a $6,000 increase in revenues and liabilities.
B)cause a $6,000 increase in revenues and a decrease in liabilities.
C)cause a $6,000 increase in assets and revenues.
D)not be recorded until the cash is collected.
Answer: C
Q3) An accounting report that shows the changes in capital during the accounting period is:
A)a balance sheet.
B)an income statement.
C)a statement of owner's equity.
D)All of these answers are correct.
Answer: C
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3
Chapter 2: Debits and Credits: Analyzing and Recording
Business Transactions
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Sample Questions
Q1) The side that increases the account balance, by the rules of debit and credit, is said to be the:
A)debit side.
B)credit side.
C)normal balance.
D)None of these answers are correct.
Answer: C
Q2) A credit to an asset account was posted to the Capital account. This error would cause:
A)assets to be overstated.
B)liabilities to be overstated.
C)Capital to be understated.
D)Both A and C are correct.
Answer: A
Q3) Net income or net loss for a period is calculated by the following formula:
A)total revenues - total withdrawals.
B)total revenues - total expenses - total withdrawals.
C)total revenues - total expenses.
D)total revenues - total expenses + capital.
Answer: C
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Chapter 3: Beginning the Accounting Cycle
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Sample Questions
Q1) The general journal does not have a column titled:
A)Date.
B)Account Titles & Descriptions.
C)Dr. and Cr.
D)Balance.
Answer: D
Q2) A slide is evenly divisible by the number 8.
A)True
B)False
Answer: False
Q3) Interim statements are statements that are usually prepared for a portion of the business' fiscal year.
A)True
B)False
Answer: True
Q4) The dollar amount of the debits must be equal to the dollar amount of the credits for each transaction.
A)True
B)False
Answer: True
Page 5
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Chapter 4: The Accounting Cycle Continued
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Sample Questions
Q1) The inside columns on the financial statements are used to:
A)show debits.
B)show credits.
C)show subtotals.
D)None of these answers are correct.
Q2) Which of the following accounts would most likely be depreciated?
A)Equipment
B)Office Supplies
C)Cash
D)Accounts Payable
Q3) The cost of an asset less accumulated depreciation equals:
A)residual value.
B)book value.
C)depreciation expense.
D)None of these answers are correct.
Q4) The worksheet is the first financial statement prepared.
A)True
B)False
Q5) What are the differences between depreciation expense and accumulated depreciation?
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Chapter 5: The Accounting Cycle Completed
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Sample Questions
Q1) Adjusting journal entries:
A)need not be journalized since they appear on the worksheet.
B)need not be posted if the financial statements are prepared from the worksheet.
C)are not needed if closing entries are prepared.
D)must be journalized and posted.
Q2) The trial balance prepared after all of the temporary accounts have been closed is called a post-closing trial balance.
A)True
B)False
Q3) The entry to close the expense account(s)was entered in reverse-Income Summary was credited and the expense account(s)was/were debited. The result of this error is that:
A)before closing it, Income Summary will have a credit balance.
B)before closing it, Income Summary will have a debit balance.
C)the assets will be overstated.
D)the liabilities will be overstated.
Q4) Why will the Income Summary account never appear on a financial statement?
Q5) What are the major goals of the closing process?
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Chapter 6: Banking Procedure and Control of Cash
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Sample Questions
Q1) The normal balance of the Petty Cash account is a credit.
A)True
B)False
Q2) The person or company to whom a check is payable is called the: A)payer.
B)drawer.
C)drawee.
D)payee.
Q3) When a bank credits your account, it is decreasing the balance.
A)True
B)False
Q4) Prepare the required journal entries from the bank reconciliation below as of the end of January:
The balance per general ledger is $200
There is a debit memo for interest expense, $100
There is a debit memo for a customer's NSF check $375
Outstanding checks amount to $2,000
This month's service charge amounts to $75
Deposits in transit amount to $1,500
Q5) ________ Bought a book of stamps
8
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Chapter 7: Calculating Pay and Payroll Taxes: The
Beginning of the Payroll Process
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Sample Questions
Q1) A pay period is defined as:
A)weekly.
B)bi-weekly.
C)monthly.
D)All of the above are correct.
Q2) FICA taxes provide funding to the government to pay:
A)monthly retirement benefits for persons over age 62.
B)medical benefits for persons over age 65.
C)benefits for person who have become disabled.
D)All of the above are correct.
Q3) Which of the below allowances would have the most amount of taxes withheld for federal income tax purposes?
A)S-1
B)S-0
C)S-3
D)S-2
Q4) Explain what is meant by the cumulative gross earnings.
Q5) Gross pay is the amount that the employee takes home.
A)True
B)False
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Chapter 8: Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process
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Sample Questions
Q1) The W-2 is the Wage and Tax Statement.
A)True
B)False
Q2) Why are the employee deductions recorded as payables on the employer's books?
Q3) Compute the employees' FICA-Medicare. ________
Q4) Form 941 taxes include OASDI, Medicare, and federal unemployment tax.
A)True
B)False
Q5) There is no limit on the amount of taxes paid for SUTA.
A)True
B)False
Q6) A deposit must be made when filing the W-3 form.
A)True
B)False
Q7) Form SS-4 is:
A)completed to obtain an EIN.
B)submitted to summarize the W-2 forms to the Social Security Administration.
C)submitted quarterly to pay FIT and FICA taxes.
D)submitted annually to pay unemployment taxes.
Q8) Compute the employers payroll tax. ________ Page 10
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Chapter 9: Sales and Cash Receipts
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Sample Questions
Q1) Define and compare the accounts receivable subsidiary ledger with the controlling account, Accounts Receivable.
Q2) The collection on account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts. This error will cause:
A)the net income for the period to be understated.
B)the net income for the period to be overstated.
C)the control account to not agree with the subsidiary ledger.
D)the assets to be overstated.
Q3) Sold Merchandise for Cash subject to a sales tax accepting cash. This will be recorded with:
A)a credit to an asset account.
B)a debit to a liability account.
C)a debit to Capital.
D)None of these are correct.
Q4) Sales is a revenue account.
A)True
B)False
Q5) Compare and discuss a discount period versus a credit period.
Q6) Explain how the record keeping differs between a cash sale and a credit sale.
Page 12
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Chapter 10: Purchases and Cash Payments
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Sample Questions
Q1) A form used in business to place an order for the buying of goods from a seller is:
A)purchase requisition.
B)purchase order.
C)purchase discount.
D)purchases returns.
Q2) The return of merchandise was recorded as a debit to Accounts Receivable and a credit to Purchases Returns and Allowances. This error will cause:
A)net income to be overstated.
B)net income to be understated.
C)total liabilities to be understated.
D)total assets to be overstated.
Q3) A debit memorandum increases which account on the seller's books?
A)Accounts Payable
B)Purchases Returns and Allowances
C)Sales Returns and Allowances
D)Accounts Receivable
Q4) Individual amounts are recorded during the month to the accounts payable ledger.
A)True
B)False
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Chapter 11: Preparing a Worksheet for a Merchandise Company
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Sample Questions
Q1) As supplies are used, they become:
A)an asset.
B)a liability.
C)an expense.
D)a revenue.
Q2) On the worksheet the ending Merchandise Inventory account appears in the:
A)adjusted trial balance and balance sheet columns.
B)adjustment column.
C)adjustment, adjusted trial balance, and income statement columns.
D)adjustment, adjusted trial balance, and balance sheet column.
Q3) From the following items, which would most likely cause the recording of unearned revenue?
A)Potential sale of merchandise
B)Purchase of merchandise on account
C)Legal fees collected after work is performed
D)Subscriptions collected in advance for a magazine
Q4) Mortgage Payable is found on the income statement.
A)True
B)False
14
Q5) Discuss the reasons a company would consider using a periodic inventory system.
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Sample Questions
Q1) Net Sales are:
A)Gross Sales + Sales Discounts + Sales Returns and Allowances.
B)Gross Sales - Sales Discounts - Sales Returns and Allowances.
C)Revenue - Sales Discounts + Sales Returns and Allowances.
D)Gross Sales + Sales Discounts - Sales Returns and Allowances.
Q2) Cost of Goods Sold includes:
A)Freight-in.
B)Freight-out.
C)Interest Income.
D)Net Sales.
Q3) Plant and Equipment is usually listed:
A)in alphabetical order.
B)in order of liquidity.
C)by how long they will last.
D)dollar value.
Q4) The calculation of Net Purchases does not include:
A)Purchases Returns and Allowances.
B)Purchases Discounts.
C)Purchases.
D)Freight-in.
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Chapter 13: Accounting for Bad Debts
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Sample Questions
Q1) The journal entry to record the estimate of uncollectible accounts includes:
A)debit Sales; credit Bad Debts Expense.
B)debit Bad Debts Expense; credit Accounts Receivable.
C)debit Allowance for Doubtful Accounts; credit Bad Debts Expense.
D)debit Bad Debts Expense; credit Allowance for Doubtful Accounts.
Q2) The amount of Accounts Receivable a company estimates it will collect is the:
A)Gross Accounts Receivable.
B)Bad Debts Allowance.
C)Net Realizable Value.
D)Accounts Receivable Allowance.
Q3) If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?
A)Bad Debts Expense
B)Accounts Receivable
C)Accounts Payable
D)Bad Debts Recovered
Q4) Reinstated an account previously written off under the allowance method.
Debit account ________ Credit account ________
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Chapter 14: Notes Receivable and Notes Payable
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Sample Questions
Q1) Sold merchandise on account.
Debit ________ & ________ Credit ________ & ________
Q2) To obtain an extension of time for the payment of an account, a customer may issue a note for any portion of the amount due.
A)True
B)False
Q3) Both Accounts Payable and Notes Payable are both informal promises to pay. A)True
B)False
Q4) Betty's Boutique discounts its own 120-day, 6%, $25,000 note payable at a bank. It records the proceeds as:
A)debit Cash $24,500; debit Discounts on Notes Payable $500; credit Notes Payable $25,000.
B)debit Cash $25,000; credit Notes Payable $25,000.
C)debit Cash $23,500; debit Discount on Notes Payable $1,500; credit Notes Payable $25,000.
D)debit Cash $24,500; credit Notes Payable $24,500.
Q5) Describe (a)the function of a promissory note and (b)explain its various parts and features.
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Chapter 15: Accounting for Merchandise Inventory
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Sample Questions
Q1) Paid for merchandise after the discount period expired. - Periodic Debit ________ & ________ Credit ________ & ________
Q2) If the ending inventory is overstated in period 1:
A)beginning inventory in period 2 is overstated.
B)goods available for sale in period 2 are overstated.
C)cost of goods sold in period 2 is overstated.
D)All of these answers are correct.
Q3) Title passes immediately to the buyer under FOB ________.
Q4) Which of the following would not be used to pay for purchases under the periodic system?
A)Debit to Accounts Payable
B)Credit to Purchase Discounts
C)Credit to Accounts Payable
D)Credit to Cash
Q5) The retail inventory method can be used to estimate the amount of inventory destroyed by fire.
A)True
B)False
Q6) Items that are very similar, such as canned goods in a grocery store would be costed using the ________ system of inventory valuation.
Page 18
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Chapter 16: Accounting for Property, Plant, Equipment, and Intangible Assets
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Sample Questions
Q1) A piece of equipment is purchased for $78,000 on January 1. It has a 5-year life and a salvage value of $8,000. Compute the annual depreciation expense using the double-declining-balance method for all 5 years.
Q2) A car is purchased for $25,000 on January 1. It has a 4-year life and a salvage value of $1,000. Compute the annual depreciation expense using the double-declining-balance method for all 4 years.
Q3) Ken Applegate owned equipment with an original cost of $30,000 with $20,000 of accumulated depreciation. The equipment was traded in on new equipment costing $50,000 with a trade-in allowance of $8,000 and the balance in cash. Determine the following.
a. The book value of the old machine was ________.
b. The loss on the exchange was ________.
c. The cost basis on the books for the new machine, assuming accounting rules, is ________.
Q4) The cost of equipment is expensed:
A)at the time it is paid.
B)over the periods that benefit the company.
C)in the period it is purchased.
D)in the period it is sold.
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Chapter 17: Partnership
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Sample Questions
Q1) The different partners are taxed on:
A)the gross revenue of the partnership.
B)the amount they withdraw from the partnership.
C)the total amount of the net profit of the partnership.
D)the partners' share of the net profit of the partnership.
Q2) If the retiring partner's interest is sold to one of the remaining partners, the retiring partner's equity is merely transferred to the other partner.
A)True
B)False
Q3) The business bought store equipment on account.
Debit ________ & ________ &
Q4) A loss occurs when net income is not large enough to cover salary and interest allowances for the partners.
A)True B)False
Q5) Janie and Larry are partners, with beginning capital balances of $60,000 and $40,000 respectively. During the year, Janie withdrew $10,000 and Larry withdrew $15,000. The year's net income of $30,000 was distributed $10,000 to Janie and $20,000 to Larry. Prepare a statement of Partners' equity.
Page 20
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Chapter 18: Corporations: Organizations and Stock
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Q1) Custer.com Company's outstanding stock is 100 shares of $100, 6% cumulative nonparticipating preferred stock and 1,000 shares of $10 par value common stock. Custer paid $2,000 cash dividends including one-year dividends in arrears to preferred stockholders. Common stockholders received:
A)$0.
B)$800.
C)$1,818.
D)$600.
Q2) Purchased machinery for cash.
Debit ________ & ________ & ________ Credit ________ & ________ &
Q3) The entry to record selling 150 shares of no-par common stock with a stated value of $30 for $40 would be to:
A)debit Common Stock for $6,000; credit Cash for $6,000.
B)debit Cash for $6,000; credit Common Stock for $6,000.
C)debit Cash for $6,000; credit Common Stock for $4,500; credit Paid-In Capital in Excess of Stated Value-Common for $1,500.
D)debit Cash for $6,000; credit Common Stock for $4,500; credit Paid-In Capital in Excess of Par Value-Common for $1,500.
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Chapter 19: Corporations: Stock Values, Dividends, Treasury
Stocks, and Retained Earnings
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Q1) A retained earnings appropriation is a restriction of retained earnings by:
A)accountants.
B)senior management.
C)stockholders.
D)the board of directors.
Q2) When the corporation has only common stock, the total of stockholders' equity divided by the number of shares issued equals:
A)redemption value.
B)book value per share.
C)dividend per share.
D)market value.
Q3) Treasury stock was purchased and recorded as an asset. This error would cause:
A)the period end assets to be understated.
B)the period end liabilities to be overstated.
C)the period end stockholders' equity to be overstated.
D)None of the above is correct.
Q4) Sold treasury stock at a price equal to cost.
22
Q5) Explain some possible reasons a company may declare a stock dividend instead of a cash dividend.
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Chapter 20: Corporations and Bonds Payable
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Q1) When the total amount of a bond issue matures at a certain date at which time the bondholder can convert into shares of stock, the bonds are called convertible bonds.
A)True
B)False
Q2) When selling bonds at a premium, the premium received effectively:
A)reduces the cost of borrowing.
B)increases the cost of borrowing.
C)does not affect the cost of borrowing.
D)reduces the amount of cash received when bonds are sold.
Q3) A bond payable is similar to which of the following?
A)Accounts Payable
B)Accounts Receivable
C)Notes Payable
D)Cash
Q4) One reason a corporation might issue bonds rather than selling stock is that:
A)bond interest is a tax-deductible expense.
B)interest rates are high.
C)dividends will lower the amount of tax due.
D)bondholders have claims at liquidation.
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Chapter 21: Statement of Cash Flows
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Q1) The sale of plant and equipment for cash would result in:
A)an increase in cash from investing activities.
B)a decrease in cash from investing activities.
C)an increase added to net income from operations.
D)a decrease subtracted from net income from operations.
Q2) The activity that is probably the most important indicator of financial health is the net cash flow from:
A)buying and selling activities.
B)financing activities.
C)operating activities.
D)investing activities.
Q3) Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in:
A)the operating activities section.
B)the financing activities section.
C)the investing activities section.
D)None of the above.
Q4) An example of a noncash expense would be depreciation.
A)True
B)False
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Chapter 22: Analyzing Financial Statements
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Q1) The ratio that measures the productivity of total assets used is the:
A)rate of return on total assets.
B)return on sales.
C)Inventory turnover.
D)rate of return on common stockholders' equity.
Q2) If management wishes to measure how effectively the assets were used in generating a profit, they could use the:
A)rate of return on total assets.
B)rate of return on common stockholders' equity.
C)return on sales.
D)times interest earned.
Q3) What is the rate of return on common stockholders' equity if net income is $22,700, sales are $100,000, and common stockholders' equity is $86,000?
A)22.7%
B)26.4%
C)86%
D)None of these answers are correct.
Q4) Define two types of comparative income statements and compare the information provided by them.
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Chapter 23: The Voucher System
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Q1) Vouchers Payable replaces Accounts Payable in the general ledger.
A)True
B)False
Q2) The voucher system strengthens internal control because:
A)all the duties of preparing a voucher and the receiving reports are assigned to multiple employees.
B)certain payments, which are made on a regular basis, such as monthly rent payments, still need to be vouchered.
C)the employee who approves all vouchers then sends the approved vouchers to others who prepare the voucher register and the check register.
D)All of these answers are correct.
Q3) Toy Trains Company bought $5,000 of merchandise, terms 2/10, n/30. The journal entry to record the transaction under the net approach method would be to:
A)debit Purchases $4,900; credit Accounts Payable $4,900.
B)debit Purchases $5,000; credit Vouchers Payable $5,000.
C)debit Purchases $5,000; credit Vouchers Payable $4,900; credit Discounts Lost $100.
D)debit Purchases $4,900; credit Vouchers Payable $4,900.
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Chapter 24: Departmental Accounting
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Q1) Departmental accounting requires:
A)measuring departmental gross profit.
B)allocating direct costs to departments.
C)allocating indirect costs to departments.
D)None of these answers is correct.
Q2) The data processing department of a tax firm would be a profit center.
A)True
B)False
Q3) Most companies that prepare departmental income statements also prepare departmental balance sheets.
A)True
B)False
Q4) Departmental income statements would not be a useful to tool for management to determine the viability of a department.
A)True B)False
Q5) A human resource department would be a profit center.
A)True
B)False
Q6) Explain the difference between a "cost center" and a "profit center."
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Chapter 25: Manufacturing Accounting
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Q1) Work-in-Process is credited and Payroll is debited when direct labor is charged to production.
A)True
B)False
Q2) Nails, depreciation, and foreman salaries are examples of:
A)raw materials.
B)direct labor.
C)manufacturing overhead.
D)none of the above.
Q3) A cost of goods manufactured statement should be prepared before the income statement has been prepared.
A)True
B)False
Q4) The Overhead-Control account is used for the:
A)application of overhead to production and it has a debit balance.
B)accumulation of all actual overhead costs and it has a credit balance.
C)application of overhead to production and it has a credit balance.
D)accumulation of all actual overhead costs and it has a debit balance.
Q5) Charged direct labor to production.
Debit ________ & ________ & ________ Credit ________ & ________ &
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