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Basic Bookkeeping Questions and Answers 2024 $14.99   Add to cart

Exam (elaborations)

Basic Bookkeeping Questions and Answers 2024

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  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

Exam of 2 pages for the course Bookkeeping at Bookkeeping (Basic Bookkeeping)

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  • August 3, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Bookkeeping
  • Bookkeeping
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Dreamer252
Basic Bookkeeping


Which of the following accounts is an asset account? - answer cash, inventory,
accounts receivable, all of the listed answers are correct

Economic events that affect the financial position of a business are called> - answer
Transactions

Paying an amount owed to a supplier? - answer Decreases assets and decreases
liabilities

A debit to which of the listed accounts increases the account's balance? - answer
Assets
Owner's Draw
Expense

Which of the following statements is not correct? - answer The normal balance of a
liability account is a debit balance.

_____ are properties used in the operation or investment activities of a business. -
answer assets

____ are creditor's claims to the property (assets of a business. - answer Liability

A book containing the account balances for a business's assets, liabilities, equity,
revenue, expense, and draw accounts is called? - answerThe general Ledger

Which of the following is not information normally provided by an Accounts Receivable
Subsidiary Ledger? - answerAmount Owed by each supplier

A balance sheet is a formal financial statement that summarizes revenues and
expenses for a specific period of time. - answerFalse

Which of the following should not be classified in the balance sheet as property, plant,
and Equipment? - answercars held for sale

The normal balance of any account is? - answerSide which increases the account

Which of the following is considered to be good cash management practices? -
answerAll:
Preparing monthly bank reconciliations

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