Basic Bookkeeping Fill-In-Blank

Fill in blank exercise

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1. The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the method.

2. A listing of the balances in the accounts in the general ledger in order to determine whether debits are equal to credits is a balance.

3. Liability accounts will normally have a balance.

4. Assets, liabilities, and equity accounts are known as accounts.

5. The basic bookkeeping or accounting equation is Assets = Liabilities + Owner's .

6. The normal balance side of an account is the side.

7. The accountant's term to indicate that an entry will be recorded on the left-side of an account is a .

8. The of is a listing of the accounts in the general ledger.

9. Every transaction affects or more accounts.

10. will cause owner's equity to increase.

11. Another name for the balance sheet is the statement of .

12. A balace is the normal balance for an asset account.

13. The profitability of a company for a specified period of time is reported in the statement.

14. Prepaid insurance is reported as an on a company's balance sheet.

15. The accounting method that matches earned revenues with expenses incurred is the method.

16. The income statement is prepared for a of time.

17. The balance sheet is prepared for a specific in time.

18. Net Sales minus the Cost of Goods Sold equals .

19. A corporation's net income will cause an increase to .

20. The inventory system that does NOT update the Inventory account automatically at the time of each purchase or sale is the method.

21.The inventory system that DOES update the Inventory account automatically at the time of each purchase or sale is the method.

22. Checks that have been written by a company but have not yet cleared the bank are referred to as checks.

23. A is often referred to as the book of original entry.

24. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the statement.

25. The financial statement that reports the assets, liabilities, and owner's equity at a specific date is the sheet.