Bookkeeping Study guides, Class notes & Summaries

BOOKKEEPING CERTIFICATION COURSE EXAM QUESTIONS AND ANSWERS on financial statements that it would be misleading. This is very subjective and bookkeeper should ask for advice from colleges or an accountant when needed Consistency Principle - ANSWER-A business should use the same accounting methods and procedures from period to period. this principle applies to line items on all financial statements and reports. Only change an accounting principle or method if the new version improves report...

BOOKKEEPING CERTIFICATION EXAM QUESTIONS WITH COMPLETE ANSWERS Centrum Services purchased $36,000 worth of equipment. The equipment has an estimated useful life of five years and no salvage value. Using the straight-line method, the depreciation for the first month is -ANSWER- $600. On a worksheet, the adjusting entry to account for depreciation of equipment consists of a -ANSWER- debit to Depreciation Expense and a credit to Accumulated Depreciation. The adjusting entry to account for ...

BOOKKEEPING CH #1-6 REVIEW EXAM QUESTIONS AND ANSWERS Revenue accounts (P. 93) - ANSWER-First up in the income statement portion of the Chart of Accounts are accounts that track revenue coming into the business. The most common income accounts are: - Sales of Goods or Services - Sales Discounts - Sale returns Other income accounts that may appear include: 1. Other income 2. Interest Income 3. Sale of Fixed Assets Tracking Cost of Sales - ANSWER-Before you can sell a product, you ...

BOOKKEEPING CHAPTER #15 EXAM QUESTIONS AND ANSWERS Simplest bookkeeping system that is not self balancing - ANSWER-Single entry accounting Amount that is written off and not collected - ANSWER-Adjustment Amounts paid out for expenses of the business practice - ANSWER-Accounts payable Small cash fund available for minor office expenses - ANSWER-Petty cash Checks received from insurance companies - ANSWER-Voucher Increases assets - ANSWER-Debit Decreases assets - ANSWER-Credit

BOOKKEEPING CLASS BY INTUIT ASSSESSMENT TEST QUESTIONS WITH CORRECT ANSWERS What is the fifth step to the Accounting Cycle? -ANSWER- Preparing an adjusted Trial Balance. What is the sixth step to the Accounting Cycle? -ANSWER- Preparing Financial Statements. What is an UNADJUSTED Trial Balance? -ANSWER- A listing of general ledger account balances at the end of a reporting before adjusting entries are made. What is an ADJUSTED Trial Balance -ANSWER- A listing of ledger account balanc...

BOOKKEEPING DEFINITIONS EXAM QUESTIONS WITH CORRECT ANSWERS

BOOKKEEPING DOUBLE ENTRY EXAM QUESTIONS WITH CORRECT ANSWERS

BOOKKEEPING EXAM ASSESSMENT TEST QUESTIONS WITH COMPLETE ANSWERS

BOOKKEEPING EXAM QUESTIONS AND ANSWERS

BOOKKEEPING EXAM QUESTIONS AND ANSWERS Journalize - ANSWER-Record business transactions in a general journal Double-Entry Bookkeeping - ANSWER-A system of bookkeeping where every entry is composed of two parts: a debit and a credit Foot and Balance - ANSWER-To figure the balance of an account Post Reference - ANSWER-Reference that connects the same entry in the general journal and the general ledger Drawing - ANSWER-The account title used for owner's withdrawals Revenue & inve...