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Bookkeeping Fundamentals Test (Upwork)
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Bookkeeping Fundamentals Test (Upwork)
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25 Questions

1. Which of the following documents would you NOT rely on to originate accounting entries?
2. TUV Co. performed services for Client Asim and billed them in December. TUV follows the accrual basis of accounting. In January TUV received the $5
3. Which of the following does NOT form part of the bank reconciliation process?
4. The accounting equation is ....?
5. Cost of Good Sold is calculated by adding purchases to the beginning inventory and then subtracting ...?
6. Which of the following is more an accountant's role than a bookkeeper's role?
7. Assets that will be converted to cash within one year will be reported under what category in the Balance Sheet?
8. What is the typical balance of a liability account reported in the Balance Sheet?
9. Which of the following statements describes the accounting equation?
10. If Assets totaled $55
11. In regards to time
12. Which of the following is NOT generally used as an alternative name for 'Owners Equity'?
13. To credit an expense account means to decrease it.
14. Net profit is always greater than Gross Profit.
15. The deposit book issued by the bank is used to evidence the banking of .....?
16. In a company's accounts
17. That part of the equity that the owner invests in the business is known as ...?
18. Which of the following balance-day entries do not need reversing entries at the start of the new period?
19. Which account group does 'Drawings' belong to?
20. Which of the following would be reported in the financial statements as a current asset?
21. A cash receipts journal is a special journal used to record all cash disbursement.
22. Which of the following is NOT found on an income statement?
23. Treasury stock is classified under which account group?
24. A chart of accounts is an index of the accounts contained in the ... ?
25. The calculation for gross profit is

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