Bookkeeping Question and answers already passed 2024
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Question and answers already passed 2024 Bookkeeper - correct answer A person in charge of keeping the financial records of an organization
Bookkeeping - correct answer The process of recording business transactions
Service business - correct answer A business that performs...
Bookkeeping
Bookkeeper - correct answer ✔A person in charge of keeping the financial
records of an organization
Bookkeeping - correct answer ✔The process of recording business
transactions
Service business - correct answer ✔A business that performs a service in
exchange for payment
Accounting - correct answer ✔The art of recording, classifying, and
summarizing in a significant manner and in terms of money, transactions and
events which are of a financial character, and interpreting the results
Account title - correct answer ✔The name given to an account
Transaction - correct answer ✔Any activity that occurs in the business that
changes part of the accounting equation (assets, liabilities, or owner's equity)
Account balance - correct answer ✔The amount in an account OR The
difference between the increases and decreases (debits and credits) in an
account
Asset - correct answer ✔Anything of value owned and used in a business
Liability - correct answer ✔Anything owed by a business
, Owner's equity - correct answer ✔The value remaining in the business when
liabilities have been deducted from assets - Total Assets - Total Liabilities.
The amount of claim an owner has to the assets of a business
Account payable - correct answer ✔A liability account recording that money
is or will be owed
Creditor - correct answer ✔An entity or person who has lent money
Debtor - correct answer ✔An entity or person who owes money
General Journal - correct answer ✔A two-column journal is a book in which
original transactions of the business are first recorded; it's sometimes called
the book of original entry.
General Ledger - correct answer ✔A company's set of numbered accounts
for its accounting records; it provides a complete record of financial
transactions over the life of the company
Journal sides - correct answer ✔Must always equal, left side is assets, right
side is liabilities and owner's equity
Chart of Accounts - correct answer ✔a list of account titles in the order in
which they can be found in the ledger.
Opening a ledger account - correct answer ✔preparing a page in the ledger
for use.
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