Bookkeeping Study guides, Class notes & Summaries

BUSINESS STUDIES, BOOKKEEPING EXAM QUESTIONS AND ANSWERS

CHAPTER #4 THE BOOKKEEPING PROCESS EXAM QUESTIONS WITH CORRECT ANSWERS

DOUBLE-ENTRY BOOKKEEPING QUESTIONS WITH COMPLETE SOLUTIONS The return of a sales item reduces the income of the business in receipt of the returned goods. What is the double entry required for this transaction? - ANSWER-Debit to the sales return account Credit from the customer's account When does a creditor arise - ANSWER-When payments for goods or services are deferred until a later date When payment is made to a creditor, the payee will experience a reduction in its asset, as payme...

ENTREPRENEURSHIP BOOKKEEPING EXAM QUESTIONS WITH CORRECT ANSWERS Receiving report - ANSWER-It is a document used within the business upon receipt of the goods shipped by the courier or forwarder. Check - ANSWER-It is a document that orders a payment of money from the current account maintained in the bank. Voucher - ANSWER-It is an internal business document that authorizes the incurrent or payment of obligations. Compound entry - ANSWER-Two debit values and one credit value. Simp...

FUNDAMENTALS OF ACCOUNTING AND BOOKKEEPING EXAM QUESTIONS WITH CORRECT ANSWERS Accrual Principle - ANSWER-Concept that accounting transactions should be recorded in the accounting periods when they actually occur. The foundation of the Accrual Basis of accounting. Conservatism Principle - ANSWER-Concept that you should record expenses and liabilities as soon as possible, but record revenues and assets only when certain that they will occur. Consistency Principle - ANSWER-Concept that ...

INTRODUCTION TO BOOKKEEPING EXAM REVIEW QUESTIONS WITH CORRECT ANSWERS

INTRODUCTION TO BOOKKEEPING REVIEW EXAM QUESTIONS WITH COMPLETE SOLUTIONS 2024 fiscal year - ANSWER-an accounting period for 12 months ending on a date other than December 31 Transaction - ANSWER-a business event that has a monetary impact on an entity's financial statements and is recorded as an entry in its accounting records. Accounting Cycle - ANSWER-a sequential series of activities to identify and record an entity's individual transactions, which are then aggregated at the end o...

INTUIT ACADEMY BOOKKEEPING, PROFESSIONAL CERTIFICATE BASIC BOOKKEEPING QUESTIONS AND ANSWERS

KEY BOOKKEEPING TASKS, LOSS IN BUSINESS, AND REPORT ACTIVITY EXAM QUESTIONS AND ANSWERS Revenue - ANSWER-value of the goods the business has sold or the services we have performed Income/Revenues - ANSWER-represent the value of the goods or services provided -service revenue -sales revenue interest revenue - ANSWER-examples of revenue accounts Service revenue - ANSWER-revenue from completing a service, could be specific Sales revenue - ANSWER-value of product you sell Interes...

MAINTAINING A BOOKKEEPING SYSTEM EXAM QUESTIONS AND ANSWERS Bookkeeping can create a? - ANSWER-A daily journal that provides a financial record showing patients seen services provided, charges, payments made, and outstanding balances. A deposit slip is created from? - ANSWER-the totals entered as payment is made Most agencies use password protection for? - ANSWER-for only authorized individuals are allowed access to the financial information