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
Accounts Receivable

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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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