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DIT-Bookkeeping Exam Study guide 2024 $7.99   Add to cart

Exam (elaborations)

DIT-Bookkeeping Exam Study guide 2024

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  • Course
  • Bookkeeping
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  • Bookkeeping

DIT-Bookkeeping Exam Study guide

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  • August 8, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Bookkeeping
  • Bookkeeping
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millyphilip
DIT-Bookkeeping Exam Study guide

When should a company adjust its inventory balance? - Answer -When the physical
count does not match inventory balance on the books.

What is FICA - Answer -It is a combination of Social Security, and Medicare taxes

What test displays previous financials in side-by-side columns, enabling investors to
identify trends, track a company's progress and compare it with industry rivals? -
Answer -A comparative income statement

When you subtract COGS from sales revenue, what do you get in return? - Answer -
Gross Profit

What are some variants of the accounting equation? - Answer -A=L+E
E=A-L
L=A-E

When reading a journal that was generated by the accounting software, what should
you expect to find? - Answer -Date, description account name, and amount

What is the natural balance of Revenue? - Answer -credit

What is the natural balance of liabilities? - Answer -credit

What is the natural balance of stockholder's equity? - Answer -Credit

What is the natural balance of assets? - Answer -debit

What is the natural balance of expenses? - Answer -debit

What is the 1st step of the accounting cycle? - Answer -Identify transactions

What is the 2nd step in the accounting cycle? - Answer -Record transactions as journal
entries

What is the 3rd step in the accounting cycle? - Answer -Post entries to the general
ledger

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