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DIT-Bookkeeping Exam Study guide Exam with Complete Solutions
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DIT-Bookkeeping Exam Study guide Exam with Complete Solutions
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DIT-Bookkeeping Exam Study guideExam with Complete Solutions
When should a company adjust its inventory balance? - -When the physical
count does not match inventory balance on the books.
-What is FICA - -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? - -A comparative income statement
-When you subtract COGS from sales revenue, what do you get in return? - -
Gross Profit
-What are some variants of the accounting equation? - -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? - -Date, description account name, and
amount
-What is the natural balance of Revenue? - -credit
-What is the natural balance of liabilities? - -credit
-What is the natural balance of stockholder's equity? - -Credit
-What is the natural balance of assets? - -debit
-What is the natural balance of expenses? - -debit
-What is the 1st step of the accounting cycle? - -Identify transactions
-What is the 2nd step in the accounting cycle? - -Record transactions as
journal entries
-What is the 3rd step in the accounting cycle? - -Post entries to the general
ledger
-What is the 4th step in the accounting cycle? - -Prepare an unadjusted trial
balance
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