Sample Bookkeeping Questions

Sample Bookkeeping Questions1. Which of the following is an item of working capital?
Fixed assets
Long-term investments
Accounts receivable
Bonds payable
For the answer – click here2. 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
For the answer – click hereSample Accounts Payable Questions3. Accounts Payable is classified as a/an ___________ in the _____________.
Current asset; Balance Sheet
Current liability; Balance Sheet
Expense; Income Statement
Revenue; Income Statement
For the answer – click here4. Which of the following documents authorizes the purchase transaction?
Credit memo from supplier
Invoice or bill from supplier
Purchase order
Purchase requisition
For the answer – click here

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