Exam (elaborations)
Bookkeeping Certification Exam Questions and Answers
- Course
- Institution
Bookkeeping Certification Exam Questions and Answers
[Show more]
Content preview
Bookkeeping Certification ExamQuestions and Answers
If assets are $15,000 and liabilities are 5000 and owners equity equals 10,000 - Answer
-True
Match each business type to its corresponding characteristic, - Answer -sole
proprietorship is the easiest type of business to form, corporation offers limited liability
to its owners partnership owned by two or more individuals
Place the account types in the order they are listed within the trial balance - Answer -
Asset, liability, capital, withdrawal, revenue, expense
Which of these is equivalent to the accounting equation - Answer -
Which of these is not an owners equity account - Answer -
Unneeded revenue is considered. What type of account - Answer -
Kamala Chan owner of timepiece masters withdrawals $2000 from the business to pay
personal expenses. What are the two accounts - Answer -
What cannot be a source document for a business? - Answer -
What are the steps of the accounting cycle? - Answer -
Match and identify all of the generally accepted accounting principles - Answer -
When is revenue recognized under the accural base of accounting? - Answer -
The proper journal entry for recording the payment of storage rent on account is the
debit accounts payable and a credit to what - Answer -
Which of these describes how to record service revenue on account - Answer -
Which account increases the debit side of a account - Answer -
What would the adjusting entry to account for the use of supplies consist of? - Answer -
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now