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Bookkeeper Practice Test Exam Questions and Answers 100% Pass Already Graded A+
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Bookkeeper Practice Test Exam Questions and Answers 100% Pass Already Graded A+ Laws passed by congress in 1933 and 1934 gave the SEC final say on matters of financial reporting by publicly owned corporations. True/False - True Tax planning is any activity associated with the preparation of t...

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  • September 26, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Bookkeeper
  • Bookkeeper

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JOSHCLAY

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Bookkeeper Practice Test Exam

Questions and Answers 100% Pass

Already Graded A+


Laws passed by congress in 1933 and 1934 gave the SEC final say on

matters of financial reporting by publicly owned corporations.

True/False - ✔✔True

Tax planning is any activity associated with the preparation of tax returns

and the audit of those returns.

True/False - ✔✔False

All financial statements submitted to the SEC by publicly owned

corporations must include an auditor's report prepared by

a) an internal auditor

b) the firm's managerial accountant

c) an independent certified public accountant

d) anyone in the accounting department - ✔✔c

Amounts that a business must pay in the future are known as

a) accounts receivable

, b) accounts payable

c) capital

d) expenses - ✔✔b

If during the year total assets increased by $75,000 and total liabilities

decreased by $16,000 by how much did the owner's equity increase?

a) $91,000

b) $59,000

c) $75,000 - ✔✔a

When equipment is purchased for cash,

a) assets decrease and expenses increase

b) one asset increases and another asset decreases

c) assets and owner's equity increase

d) assets increase and liabilities decrease - ✔✔b

On a typical chart of accounts, the accounts are arranged in the same

order as they appear in the trial balance.

True/False - ✔✔True

The Income Statement is prepared first because the Net Income amount is

a line item on the Balance Sheet.

True/False - ✔✔False

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