Double entry bookkeeping - Study guides, Class notes & Summaries

MIE 201 Test 5 accounting - correct answer the recording, measurement, and interpretation of financial information certified public accountant (CPA) - correct answer an individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records forensic accounting - correct answer accounting that is fit for legal review, involves analyzing financial documents in sea...

Double Entry Bookkeeping questions with correct answers

Double Entry Bookkeeping

4; DOUBLE ENTRY BOOKKEEPING

Double entry accounting - ANSWER-A method of bookkeeping which records each financial transaction twice using debits and credits. Double entry bookkeeping system - ANSWER-A method of bookkeeping that reflects the dual nature of each transaction as it affects the business. Ledger - ANSWER-A book in which entries posted from the journals are re-organized into accounts. Journal - ANSWER-A book or set of books where your transactions are first entered. Journal entries - ANSWER-A term use...

Financial Edge Training Exam 2023 Copy right - Excel - ANS-Ctrl + r Formulas involving cells - Excel - ANS-=(Inset cell + Insert other cell) * Other cell The use of the plus sign or Asterix above is just one of many examples of how one can use equations Copy down - Excel - ANS-Ctrl + d Summing in excel - ANS-=Sum(input source cell and shift down/up) Balance Sheet - ANS-A financial statement that reports assets, liabilities, and owner's equity on a specific date. Assets = Liabilities + ...

ACCOUNTING - DOUBLE ENTRY BOOKKEEPING QUESTIONS WITH COMPLETE ANSWERS

The 3 components of a balance sheet - ANSWER-Assets, Liabilities and Capital The two main statements in a set of financial accounts - ANSWER-Balance sheet and Profit and loss account. Reasons accounting records are kept by businesses - ANSWER-To provide a permanent record of financial transactions. To provide information from which financial accounts can be prepared. To provide information from which management reports can be prepared. To provide a means of controlling assets. To provi...

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...

Chapter 15 Bookkeeping Test Review Questions and answers verified to pass 2024 Chapter 15 Bookkeeping Test Review Questions, Double Entry Book Keeping ( Chapter 6 ), Bookkeeping, Chapter 19 Bookkeeping and Banking Chapter Vocabulary, The double entry system of book-keeping Amounts owed to creditors are known as - correct answer Accounts payable Professional discounts, courtesy adjustments, and disallowances by insurance companies are examples of - correct answer Adjustments In a m...