Bookkeeping Exam Bundle (Graded A+)

bookkeeping - ANSWER-Bookkeeping is the recording of all financial transactions, and is part of the process of accounting in business. There are several methods of bookkeeping, such as the single-entry bookkeeping system and the double-entry bookkeeping system, but, while they may be thought of as...

A listing of the account numbers and titles but without account balances is the ______________ of accounts. - ANSWER-Chart Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and ______________ order should be compared. - ANSWER-Purchases The report that sorts a ...

Journal - ANSWER-Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - ANSWER-Acts like folders where specific transactions are placed Assets - ANSWER-anything of value owned by a business Liabilities - ANSWER-amounts owed by the business ...

When should day sheets be updated? - ANSWER-As each transaction takes place In which of the following ledgers must an outstanding patient be recorded? - ANSWER-Both the patient ledger and the accounts receivable ledger Payments received by mail do not have to be posted to the patient ledger - ...

The two main methods of bookkeeping and accounting are - ANSWER-The cash method and the accrual method Double entry - ANSWER-bookkeeping means that every transaction will affect two or more accounts A (blank) amount will appear on the left side of a T-account - ANSWER-Debit A listing of bal...

1. Each accounting transactions begins with some type of source document, which differs depending on the type of transaction. Which source document is not a purchases source document? Incorrect A) Vendor invoices B) Purchase orders C) Packing slips D) Sales orders E) Receiving reports - ANSWER...

Balance Sheet - ANSWER-A financial statement that reports assets, liabilities, and owner's equity on a specific date. Assets - ANSWER-All things a company owns such as buildings, cash, land, and cars Liabilities - ANSWER-Amounts owed to creditors in the form of debts and other obligations. ...

Source Document - ANSWER-Proof of a certain transaction Examples of bookkeeping forms - ANSWER-General ledger, general journal, bank reconciliation If an asset and/or expense account is debited it is - ANSWER-Increased If a revenue account is increased, it is - ANSWER-Credited Debits and...

The two main methods of bookkeeping and accounting are - ANSWER-1) The Cash method 2) The Accrual method ____________ bookkeeping means that every transaction will affect two or more accounts. - ANSWER-Double-Entry A __________ amount will appear on the left side of a T-account. - ANSWER-Debi...

Bookkeeper - ANSWER-A person in charge of keeping the financial records of an organization Bookkeeping - ANSWER-The process of recording business transactions Service business - ANSWER-A business that performs a service in exchange for payment Accounting - ANSWER-The art of recording, class...

Bookkeeping - ANSWER-Routine, systematic method of accumulating financial information analyzing that information, in putting it into the accounting system. Provides information so individuals can make decisions. Collecting information getting things recorded. The preservation of a systema...

The 3 components of a balance sheet - ANSWER-Assets, Liabilities and Capital The two main statements in a set of financial accounts - ANSWER-Balance sheet and Profit and loss account. Reasons accounting records are kept by businesses - ANSWER-To provide a permanent record of financial transact...

What account does the following describe? Cash, Accounts Receivable, Land, Equipment - ANSWER-Asset What account does the following describe? Loans Payable, Accounts Payable, Bonds Payable - ANSWER-Liabilities What account does the following describe? Common stock, retained earnings ...

Accounting - ANSWER-The recording, measurement and interpretation of financial information Bookkeeping - ANSWER-Typically limited to the routine, day-to-day recording of business transactions Difference between accounting and bookkeeping - ANSWER-Bookkeeping is responsible for obtaining and re...

Who needs financial information about a business besides the owner(s) ? - ANSWER-Internal users are the managers and the owners and employees who actually work for the business. External users include lenders and other creditors (suppliers), investors, customers, and governmental regulatory and taxi...

When should day-sheets be updated? - ANSWER-As each transaction takes place Which manual bookkeeping system has a built-in way to check for errors? - ANSWER-Double-entry system In which of the following ledgers must an outstanding patient balance be recorded? - ANSWER-Both the patient ledger a...

Chart of accounts - ANSWER-A Systematically arranged listing of accounts Current assets.(debit) Fixed assets (debit) Current liabilities (credit) Trust accounts (debit) Equity (credit) Income (credit) Expense (debit) Assets - ANSWER-101 Cash in Bank, Checking 102 Petty Cash 103 Cash in ...

J Company has $350,000 in assets and $150,000 in liabilities. How much is equity? - ANSWER-$200,000 A business owner pays $25,000 for a vehicle to use in the business. This transaction increases _____ (choose asset, liability, or equity) and decreases _____ (choose asset, liability, or equity). -...

List as many assets as you can - ANSWER-A/R, cash, savings, building/land, equipment, supplies. List as many liabilities as you can - ANSWER-A/P, mortgage payable, bank loan, credit card payable. What is the accounting equation? - ANSWER-ALOE. A=L+OE What is the acronym for the rules of acc...

Accounting Principle #1 Economic Entity Assumption* - ANSWER-The business and its financial transactions are separate from the owner's personal financial transactions. Accounting Principle #4 Cost Principle - ANSWER-1) Financial transactions are shown, forever, as the original and historical c...

What is the difference between accounting and bookkeeping? - ANSWER-A bookkeeper's job is to record transactions in the books of an entity. An accountant's job is to use the information given by bookkeepers to prepare financial statements. What is double-entry bookkeeping? and why is it used? -...

A schedule that contains all accounts needed to prepare financial statements is known as: - ANSWER-general ledger Reorganizing all the journal entries and grouping them by account is known as: - ANSWER-posting to the ledger Chart of Accounts (COA) - ANSWER-an ordered listing of accounts that a...

The review of financial statements to assess their fairness and adherence to GAAP is -ANSWER- auditing An independent accountant who performs financial audits is a -ANSWER- Certified Public Accountant (CPA) To become a CPA, an individual -ANSWER- must have a certain number of college credits i...

Bookkeeping - ANSWER-the activity of recording business transactions Double-entry bookkeeping - ANSWER-a system of recording and classifying business transactions that maintains the balance of the accounting equation General ledger - ANSWER-the ledger that contains all of the financial account...

Bookkeepers typically... -ANSWER- Record financial transactions, reconcile bank accounts, manage accounts receivable, manage accounts payable, work with tax preparers and assist with tax compliance, and generate financial statements. As a bookkeeper what would Honesty mean? -ANSWER- Reporting fin...

accounts payable - ANSWER-The management of debit incurred and not yet paid; money the provider owes to others. accounts receivable - ANSWER-Money that is expected but has not yet been received adjustments - ANSWER-Credits posted to the patient account record when the provider's fee exceeds t...