
Record keeping steps
Authored by Macy Lamkin
Other
10th Grade
Used 3+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be included in the beginning of the year inventory?
Only breeding livestock
Only accounts payable and receivable
All owned assets, accounts payable, accounts receivable, prepaid expenses, and the beginning cash balance
Only livestock and crops purchased for resale
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be included in the detailed breakdown of all outstanding loans?
Principal, interest, remaining loan balance, and accrued interest
Only the principal amount
Only the interest amount
Only the remaining loan balance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be set up for all capital assets?
An income ledger
A depreciation schedule
An expense ledger
A cash flow statement
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of setting up an expense ledger or journal?
To record cash income by category of product sold
To record cash expenses by expense category
To record all outstanding loans
To record the beginning cash balance
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be continuously entered into the appropriate accounts in an expense ledger?
Receipts
Expenses
Loans
Inventory
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of setting up an income ledger or journal?
To record cash expenses by expense category
To record cash income by category of product sold
To record all outstanding loans
To record the beginning cash balance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should be continuously entered into the appropriate records in an income ledger?
Receipts
Expenses
Loans
Inventory
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