Bookkeeping ch 1 6 - Study guides, Class notes & Summaries

Bookkeeping Ch 1-6 Questions and Answers Already Passed What is the primary purpose of bookkeeping? The primary purpose of bookkeeping is to systematically record and organize financial transactions to provide accurate financial information. What is an account in bookkeeping? An account is a record used to track financial transactions related to a specific asset, liability, equity, revenue, or expense. What is the difference between a debit and a credit? A debit increases a...

Bookkeeping Ch 1-6 Exam/55 Accurate Questions with Solved Answers

Bookkeeping Ch 1-6 Exam Questions and Answers

Bookkeeping Ch 1-6 questions with complete solutions graded A+

Bookkeeping Terms Question and answers already passed 2024 Bookkeeping Terms, Accountancy, Coursera Intro to accounting (bookkeeping, Bookkeeping Ch 1-6 Journal - correct answer Record of financial transaction from original documents ( checks, receipts, invoices) Chart of accounts - correct answer Acts like folders where specific transactions are placed Assets - correct answer anything of value owned by a business Liabilities - correct answer amounts owed by the business ...

Bookkeeping Ch 1-6 Questions With Solutions 100% Correct Bookkeeping the activity of recording business transactions Double-entry bookkeeping a system of recording and classifying business transactions that maintains the balance of the accounting equation General ledger the ledger that contains all of the financial accounts of a business Cash receipts journal a special journal used to record ONLY cash receipt transactions Cash disbursement journal is a chronological listing of all payme...

Bookkeeping Ch 1-6

BOOKKEEPING CH #1-6 REVIEW EXAM QUESTIONS AND ANSWERS Revenue accounts (P. 93) - ANSWER-First up in the income statement portion of the Chart of Accounts are accounts that track revenue coming into the business. The most common income accounts are: - Sales of Goods or Services - Sales Discounts - Sale returns Other income accounts that may appear include: 1. Other income 2. Interest Income 3. Sale of Fixed Assets Tracking Cost of Sales - ANSWER-Before you can sell a product, you ...

Bookkeeping Ch 1-6 Bookkeeping - Answer- the activity of recording business transactions Double-entry bookkeeping - Answer- a system of recording and classifying business transactions that maintains the balance of the accounting equation General ledger - Answer- the ledger that contains all of the financial accounts of a business Cash receipts journal - Answer- a special journal used to record ONLY cash receipt transactions Cash disbursement journal - Answer- is a chronological li...