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General MCQ for Bookkeeping

1. Which of the following statement about the perpetual inventory system is TRUE?

2. The golden rule of accounting says that, for every debit entry, there must be...

3. Inventories encompass all of the following, except:

4. Net Sales minus the Cost of Goods Sold equals ...?

5. In the double-entry bookkeeping system, financial transactions are first recorded in the:

6. Which one of the following is a Contra-Asset account?

7. The broad accounting principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is known as ...?

8. Treasury stock is classified under which account group?

9. On December 1 a company borrowed $100,000 at 12% per year. The interest will be paid quarterly, with the first payment due on March 1. What interest expense amount should the company report on its income statement for the month of December?

10. Investments securities held for the purpose of retiring bonds payable shall be classified as:

11. If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing:

12. How often can a company change its inventory valuation methodology and still be compliant with GAAP?

13. The correct journal entry to reconcile an EFT payment of insurance expense is:

14. Gerald's had opening total stockholders' equity of $160,000. During the year, total assets increased by $240,000 and total liabilities increased by $120,000. Their net income was $180,000. No additional investments were made. However, some amount was paid as dividend during the year. What was the amount of the dividend paid?

15. Which of the following best describes the meaning of 'Purchases'?

16. The following statements are true regarding the Cash short and Over account except

17. Why would a company choose to invoice customers weekly rather than monthly?

18. An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the final inventory valuation is:

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Bookkeeping Subjects
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Bookkeeping MCQ
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Budget and Planning
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