Bookkeeping Skills Test - Level 1

10 Questions

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Bookkeeping Skills Test - Level 1

Bookkeeping is the most essential and fundamental key term in accounting for managing financial transactions. And if you are in this area of study or work, you must take this quick test on the same. So, welcome to Bookkeeping Skills Test - Level 1. If you can achieve 90% or better - then you have a basic level of bookkeeping understanding.


Questions and Answers
  • 1. 
    A source document is:
    • A. 

      Proof of a certain transaction

    • B. 

      Paperwork that applies to bookkeeping

    • C. 

      Only paperwork created for a customer or vendor

  • 2. 
    Examples of bookkeeping forms are:
    • A. 

      General Ledger, General Journal

    • B. 

      General Journal, General Ledger, Bank Reconciliation

    • C. 

      Just the General Journal

  • 3. 
    • A. 

      Decreased

    • B. 

      Increased

    • C. 

      Sometimes both decreased and increased

  • 4. 
    If a revenue account is increased, it is:
    • A. 

      Credited

    • B. 

      Debited

    • C. 

      Both

  • 5. 
    Debits and Credits should balance in a general journal entry:
    • A. 

      Sometimes

    • B. 

      No

    • C. 

      Yes

  • 6. 
    • A. 

      4

    • B. 

      5

    • C. 

      6

  • 7. 
    The Chart of Accounts is used to:
    • A. 

      Properly classify and record transactions

    • B. 

      Decide if they are assets or liabilities

    • C. 

      Determine if they belong to revenue accounts

  • 8. 
    An Asset is:
    • A. 

      Refers to amounts that are owed to others

    • B. 

      Refers to items that are owned

    • C. 

      Refers to amounts earned as revenue

  • 9. 
    Expenses are those items that are:
    • A. 

      All the company outflows

    • B. 

      Direct costs for producing goods

    • C. 

      Costs associated with operating a business

  • 10. 
    To journalize business transactions, refers to:
    • A. 

      Recording them in the general journal

    • B. 

      Recording them in the general ledger

    • C. 

      Organizing the company paperwork