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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