Japan Chamber of Commerce Bookkeeping Grade 3 | Bookkeeping Fundamentals
Problem 1 ・ Question 1 / 10
What are the things a company holds that will bring future economic benefit, such as cash and buildings, called?
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Cash, accounts receivable, buildings and the like are assets held by the company.
Problem 1 ・ Question 2 / 10
Under which heading on the balance sheet do accounts payable and borrowings appear?
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Accounts payable and borrowings, being obligations to pay in the future, are liabilities.
Problem 1 ・ Question 3 / 10
Which part is formed by contributions from shareholders and accumulated profits?
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Net assets are the interest remaining once liabilities are subtracted from assets.
Problem 1 ・ Question 4 / 10
Sales from selling goods fall under which of the five elements?
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Sales are revenue, increasing the company's results for the period.
Problem 1 ・ Question 5 / 10
How do expenses change when utility costs are recognized?
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Incurring utility costs is recorded on the debit side as an increase in expenses.
Problem 1 ・ Question 6 / 10
On which side is an increase in assets entered?
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An increase in assets is entered on the debit side and a decrease on the credit side.
Problem 1 ・ Question 7 / 10
On which side is an increase in liabilities entered?
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An increase in liabilities is entered on the credit side and a decrease on the debit side.
Problem 1 ・ Question 8 / 10
Which system records a single transaction in equal amounts on the debit and credit sides?
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Double-entry bookkeeping records the two sides of a transaction in equal amounts as debit and credit.
Problem 1 ・ Question 9 / 10
Which book records transactions as journal entries in the order they occur?
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The journal is a principal book recording all transactions in date order.
Problem 1 ・ Question 10 / 10
Which book records what is in the journal by account?
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The general ledger classifies transactions and records them in the individual accounts.
Result
More sets in this exam
- Japan Chamber of Commerce Bookkeeping Grade 3 | Cash, Deposits, Receivables and Payables 02
- Japan Chamber of Commerce Bookkeeping Grade 3 | Fixed Assets, Expenses and Taxes 03
- Japan Chamber of Commerce Bookkeeping Grade 3 | Everyday Transaction Entries 04
- Japan Chamber of Commerce Bookkeeping Grade 3 | Subsidiary Books, Slips and Trial Balances 01
- Japan Chamber of Commerce Bookkeeping Grade 3 | Closing Adjustments and Financial Statements 01
- Japan Chamber of Commerce Bookkeeping Grade 3 | Books and Slips 02