Book Keeping Exam Questions and Answers 100% Solved | Rated A+
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Course
Book Keeping
Institution
Book Keeping
Book Keeping Exam Questions and
Answers 100% Solved | Rated A+
A list of business transactions recorded as debits and credits in the order
the transactions occurred - General Journal
What are the 4 basic Financial Statements? - 1. Balance Sheet
2. Income Statement
3. Statement of Stockholder'...
A list of business transactions recorded as debits and credits in the order
the transactions occurred - ✔✔General Journal
What are the 4 basic Financial Statements? - ✔✔1. Balance Sheet
2. Income Statement
3. Statement of Stockholder's Equity
4. Statement of Cash Flows
A worksheet used to verify that debits equal credits in the accounting
records - ✔✔Trail Balance
All of the accounts used by a business collected together - ✔✔General
Ledger
A list of accounts used by a business - ✔✔Chart of Accounts
What is contained on a Balance Sheet? - ✔✔assets, liabilities, equity
What is contained on an Income Statement - ✔✔Revenues, expenses,
and net income or net loss
, What is contained on a Statement of Equity - ✔✔Common Stock,
Retained Earnings
May have Preferred Stocks and Bonds
What is contained on the Statement of Cash Flows? - ✔✔Cash flows
from operating, investing and financing activities
A form used to record the increases and decreases to a single financial
statement item - ✔✔Account
The process of transferring debit and credit amounts from the place where
transactions are first recorded to the actual accounts - ✔✔Posting
Balance Sheet Accounts are - ✔✔Permanent Accounts
Income Statement Accounts are - ✔✔Temporary Accounts (closed at
end of the accounting period)
Things that are resources owned by a company and which have future
economic value that can be measured and can be expressed in dollars. -
✔✔Assets
Which are examples of Assets:
A. Cash, Receivables, Inventory, Property Plant and Equipment, Prepaid
Expenses
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