Exam (elaborations)
Bookkeeping Vocab Exam Questions and Answers
- Course
- Institution
Bookkeeping Vocab Exam Questions and Answers
[Show more]
Content preview
Bookkeeping Vocab Exam Questionsand Answers
credit balance - Answer -a condition that occurs when the total of the credits in an
account is larger than the total of the debits in that account.
debit balance - Answer -a condition that occurs when the total of the debits in an
account is larger than the total of the credits in that account.
Adjustment - Answer -A change in a posted account
Balance - Answer -The costs minus the payments.
asset - Answer -Anything of value that is owned
liability - Answer -a debt; something disadvantageous
Collections - Answer -Payments collected by the bank and added to the customer's
bank account in the form of a credit memorandum
Posting - Answer -transferring information from a journal entry to a ledger account
day sheet - Answer -used to list or post each day's financial transactions: charges,
payments, adjustments, and credits
patient ledger - Answer -a report that lists the financial activity in each patient's account
bank deposit - Answer -a claim on a bank that obliges the bank to give the depositor his
or her cash when demanded
bank statement - Answer -A report of deposits, withdrawals, and bank balances sent to
a depositor by a bank
receipt - Answer -A business form giving written acknowledgement for cash received
petty cash - Answer -an amount of cash kept on hand and used for making small
payments
Accounts Receivable - Answer -The total amount of money owed to a business.
Accounts Payable - Answer -money owed by a company to its creditors.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now