BOOKKEEPING AND ACCOUNTING BUNDLE PACKAGE QUESTIONS AND ANSWERS

Bookkeeping Test A listing of the account numbers and titles but without account balances is the ______________ of accounts. - Answer- Chart Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and ______________ order should be compared. - Answer- Purchases ...

Bookkeeping Certification The review of financial statements to assess their fairness and adherence to GAAP is - Answer- auditing An independent accountant who performs financial audits is a - Answer- Certified Public Accountant (CPA) To become a CPA, an individual - Answer- must have a cer...

BOOKKEEPING BASICS What is the difference between accounting and bookkeeping? - Answer- A bookkeeper's job is to record transactions in the books of an entity. An accountant's job is to use the information given by bookkeepers to prepare financial statements. What is double-entry bookkeeping...

Bookkeeping Class by Intuit Bookkeepers typically... - Answer- Record financial transactions, reconcile bank accounts, manage accounts receivable, manage accounts payable, work with tax preparers and assist with tax compliance, and generate financial statements. As a bookkeeper what would Hone...

Ch. 15: Bookkeeping What is accounts payable? - Answer- Amount owed to creditors Give examples of why a medical practice makes adjustments (write off) accounts? - Answer- Professional discounts Courtesy adjustment Disallowances by insurance company In manual bookkeeping systems, the pati...

Accounting v. Bookkeeping Accounting - Answer- The recording, measurement and interpretation of financial information Bookkeeping - Answer- Typically limited to the routine, day-to-day recording of business transactions Difference between accounting and bookkeeping - Answer- Bookkeeping is ...

Bookkeeping Quiz When should daysheets be updated? - Answer- As each transaction takes place In which of the following ledgers must an outstanding patient be recorded? - Answer- Both the patient ledger and the accounts receivable ledger Payments received by mail do not have to be posted to ...

Bookkeeping Terms Journal - Answer- Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - Answer- Acts like folders where specific transactions are placed Assets - Answer- anything of value owned by a business Liabilities - Answer- amou...

Bookkeeping/Accounting Terms Accounting - Answer- The process of recording and communicating financial information that is intended to be useful in making economic decisions. Entity assumption - Answer- A business is considered a separate entity distinguishable from its owners, creditors, empl...

BOOKKEEPING DEFINATIONS accounts payable - Answer- The management of debit incurred and not yet paid; money the provider owes to others. accounts receivable - Answer- Money that is expected but has not yet been received adjustments - Answer- Credits posted to the patient account record when...

Bookkeeping chapter 1 Liability - Answer- Debt owed to others Fiscal year - Answer- Only 12 consecutive months for an accounting period Bookkeeping - Answer- A process of recording business transaction in a set of books Accounts payable - Answer- Debt owing to suppliers Accounts recei...

Intuit Bookkeeping Exam Four Key Elements of Bookkeeping Ethics - Answer- Honesty, Objectivity, Confidentiality and Professionalism What is DEALER - Answer- Dividends + Expenses + Assets = Liabilities + Owner's Equity (beginning) + Revenue What's is the accounting Equation? - Answer- Asse...

Basic Bookkeeping Which of the following accounts is an asset account? - Answer- cash, inventory, accounts receivable, all of the listed answers are correct Economic events that affect the financial position of a business are called> - Answer- Transactions Paying an amount owed to a supp...

Chapter 19 Bookkeeping and Banking Chapter Vocabulary Open Accounts - Answer- Accounts that are open to charges made from time to time; physicians' patient patient accounts are usually called open-book accounts. Record of business transactions on the books that represents an unsecured account re...