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Upwork Book keeping Test Answer - Part 2

Please check the Part 1 of Upwork book keeping test answers for more than 100 test answers. In this post you will have only 8 answers of the book keeping test.

1. 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?
 Answers: • $220,000.

 2. '2/10, net 30' is an example of:
 Answers: • Terms

 3. A check issued by you, but not yet passed through the banking system, is:
 Answers: • a standing order

 4. Documents used to control a bank account include the following except
 Answers: • a signature card

 5. Account books are typically closed on a _________ basis.
 Answers: • Yearly

 6. Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in them (Retained Earnings)?
 Answers: • Net income.

 7. A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified in a multiple-step income statement?
 Answers: • Income taxes

 8. Accounts payable refer to the current
 Answers: • Liability of a business or an organization

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