Bookkeeping Basics
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Course Introduction
Bookkeeping Basics introduces students to the fundamental principles and practices of recording, classifying, and summarizing financial transactions. The course covers essential topics such as the double-entry system, chart of accounts, journals, ledgers, trial balances, and basic financial statements. Students will develop practical skills in maintaining accurate financial records, tracking income and expenses, and understanding the role of bookkeeping in the overall accounting process. By the end of the course, learners will be prepared to apply bookkeeping techniques in both personal and business settings, ensuring financial data integrity and compliance with standard accounting practices.
Recommended Textbook
College Accounting Chapters 1 9 22nd Edition by James A. Heintz
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Chapter 1: Introduction to Accounting
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Sample Questions
Q1) Looking at events that have taken place and thinking about how they affect a business is called ____________________.
Answer: analyzing
Q2) The Financial Accounting Standards Board develops generally accepted accounting principles to provide some assurance that companies are reporting business activities in a similar manner.
A)True
B)False
Answer: True
Q3) ____________________ design the accounting information system and focus on analyzing and interpreting information by studying the impact of alternative decisions.
Answer: Accountants
Q4) A CMA is a Certified Marketing Auditor.
A)True
B)False
Answer: False
Q5) The owners of a corporation are called ____________________.
Answer: stockholders shareholders
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Chapter 2: Analyzing Transactions: the Accounting Equation
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Q1) Jason purchased office equipment for $4,800 in cash.This transaction would A) increase assets and increase owner's equity.
B) increase assets and increase liabilities.
C) increase one asset and decrease another asset.
D) decrease assets and decrease liabilities.
Answer: C
Q2) A(n)____________________ is a reduction in owner's equity as a result of the owner taking cash or other assets out of the business for personal use.
Answer: withdrawal
Q3) A business entity is an individual,association,or organization with control over economic resources and which engages in economic activities.
A)True
B)False
Answer: True
Q4) Most businesses recognize ____________________ when earned,even if cash has not yet been received.
Answer: revenue
Q5) Amounts owed to the business by its customers are called
Answer: accounts receivable
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Chapter 3: The Double-Entry Framework
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Q1) When services are performed for which payment will be received later,accounts receivable increases.
A)True
B)False
Answer: True
Q2) An increase in an asset account may be offset by a(n)
A) decrease in a liability account.
B) increase in an expense account.
C) increase in owner's equity.
D) decrease in owner's equity.
Answer: C
Q3) The purchase of an asset on account and making a partial payment results in all of the following EXCEPT
A) an increase in an asset account.
B) a decrease in the Cash account.
C) a balanced accounting equation.
D) an increase in owner's equity.
Answer: D
Q4) The ____________________ balance is on the side that increases an account.
Answer: normal
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Chapter 4: Journalizing and Posting Transactions
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Sample Questions
Q1) Purchase invoices received from suppliers provide information about A) cash payments.
B) cash receipts.
C) sales of goods or services.
D) purchases of goods or services.
Q2) Forms and papers that provide information about a business transaction are called A) ledgers.
B) accounts.
C) source documents.
D) journals.
Q3) If the difference between the debits and credits of a trial balance is divisible by nine,you may have committed a(n)____________________ or a(n)____________________ error.
Q4) The purpose of a journal is to provide a chronological record of all transactions completed by the business. A)True
B)False
Q5) Journal entries requiring more than one debit and/or one credit are called
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Chapter 5: Adjusting Entries and the Work Sheet
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Q1) When assets are recorded at original value,they are recorded under the A) historical cost principle.
B) original principle.
C) current principle.
D) value principle.
Q2) What does the credit balance in the Accumulated Depreciation account represent?
A) the cost of additional equipment purchased this year
B) the amount of depreciation taken in past years
C) the cost of existing equipment sold during the year
D) the amount of depreciation taken in the current year
Q3) Depreciable cost is the amount of depreciation expense recorded for each accounting period.
A)True B)False
Q4) The net income or loss for the year can be found on the work sheet as the balance item at the bottom of either the Balance Sheet columns or the Income Statement columns.
A)True B)False
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Chapter 6: Financial Statements and the Closing Process
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Q1) What is the correct sequence for closing the temporary accounts?
A) revenue accounts,expense accounts,Income Summary,drawing account
B) expense accounts,revenue accounts,Income Summary,drawing account
C) revenue accounts,expense accounts,drawing account,Income Summary
D) drawing account,revenue accounts,expense accounts,Income Summary
Q2) ____________________ accounts do not accumulate information across accounting periods but are closed.
Q3) The purpose and use of the income summary account is to summarize the difference between revenues and expenses.
A)True
B)False
Q4) The account to which the drawing account is closed is called A) Revenue.
B) Income Summary.
C) Owner's Capital. D) Cash.
Q5) Expenses on the income statement could be listed in alphabetical order by dollar amount.
A)True
B)False
8
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Chapter 7: Accounting for Cash
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Q1) Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.
A)True
B)False
Q2) A petty cash fund of $200 has $17 in cash,$180 in petty cash vouchers,and $3 in miscellaneous receipts not included with the petty cash vouchers.The proper journal entry to replenish the fund would include a credit to Cash for A) $3.
B) $17.
C) $180.
D) $183.
Q3) To a business,____________________ includes currency,coins,checks received from customers,money orders,and bank cashier's checks.
Q4) On any given day,it is unlikely that the balance in the cash account on the depositor's general ledger (or books)will be the same as the bank balance.
A)True
B)False
Q5) The bank on which a check is drawn is known as the ____________________.
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Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Q1) The account,____________________,should be credited for the total income tax withheld from an employee's earnings.
Q2) The payroll register for the week ended April 15 for Ultimate Tanning Spa indicates gross earnings of $4,000 and total deductions of $1,200.The journal entry for the payroll for this week would include which of the following credit amounts to Cash?
A) $1,200
B) $2,800
C) $4,000
D) $5,200
Q3) A separate record of each employee's earnings is known as a(n)____________________.
Q4) Each employee is required to furnish the employer with which of the following forms?
A) W-2
B) 941
C) W-4
D) 1040
Q5) Gross pay less mandatory and voluntary deductions is called
10
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Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Q1) Employers' payroll taxes include FICA,FUTA,and SUTA taxes.
A)True
B)False
Q2) The federal unemployment tax is levied on
A) employers and is not deducted from employees' earnings.
B) employees and is deducted from customer payments.
C) employers and is deducted from employees' earnings.
D) employees and employers.
Q3) Self-employed individuals can be viewed as both employer and employee.
A)True
B)False
Q4) Persons earning self-employment income of $400 or more must pay a self-employment tax.
A)True
B)False
Q5) Employers are allowed a credit against the FUTA tax for participation in state unemployment programs.
A)True
B)False
Q6) Employer payroll taxes include FUTA,SUTA,and ____________________ taxes.
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Chapter 10: Module Accounting For A Professional Service
Business The Combination Journal
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Sample Questions
Q1) To record wages earned but not paid under the modified cash accounting method,
A) debit Wages Payable and credit Wages Expense.
B) debit Cash and credit Wages Expense.
C) debit Wages Expense and credit Wages Payable.
D) no entry is required.
Q2) The column in the combination journal used to debit accounts that are used infrequently.
A)accrual basis of accounting
B)combination journal
C)Description column
D)General Credit column
E)General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns
Q3) The debits and credits to Cash are not posted until the end of the accounting period.
A)True
B)False
Q4) ____________________ are meant for frequently used accounts.
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