Bookkeeping - Study guides, Class notes & Summaries

The Accounting Principle - You can't mix business and personal assets or expenses. Accounting Equation - Assets = Liabilities + Owner's Equity or Assets - Liabilities = Owner's Equity Expanded Accounting Equation - Assets = Liabilities + Equity + Revenue - Expenses - Dividends The Five Account Types - Assets, Liabilities, Equity, Revenue, Expenses Normal balance of the five account types - Assets- Normal Dr balance Expenses- Normal Dr balance Dividends- Normal Dr balance Equity- Nor...

BBK99E1 Practical Final Exam Answers Sheets. Basic Bookkeeping – Level 1 F I N A L EX A M V4.0 CU07-08-FEB07 PRACTICAL EXAM ANSWER SHEETS No. of Pages to this Answer Sheet Section: Total available marks from Practical Exam Questions: 60 The Online Exam is made up of 50 multiple choice and/or True or False questions. Each question is worth 2 marks. Of the 50 questions, 30 are directly related to the information you will enter on the Answer Sheets during the Practical portion of the Fi...

Bookkeeping Certification Questions and Answers Rated A+ What is the purpose of an asset management report? An asset management report provides details on the company's assets, including their value, condition, and how they are being utilized. How do you record a capital investment in bookkeeping? A capital investment is recorded by increasing the company's equity account and reflecting the new assets or cash brought into the business. What is the function of an accounts rece...

Bookkeeping Basics Questions and Answers Graded A+ What is a subsidiary ledger? A subsidiary ledger provides detailed information about specific types of transactions that are summarized in the general ledger, such as accounts receivable or accounts payable. What is meant by " accrual accounting"? Accrual accounting recognizes revenues and expenses when they occur, rather than when cash is received or paid. What does a trial balance reveal about a company's financial records...

Intuit Bookkeeping Exam Questions with Verified Solutions What is a financial statement analysis? Financial statement analysis involves evaluating a company's financial statements to assess its performance, profitability, and financial health. How is a purchase order used in bookkeeping? A purchase order is used to document and authorize a purchase of goods or services, serving as a record for tracking and reconciling vendor invoices. What is the purpose of a payroll register?...

Bookkeeping with Quickbooks

Bookkeeping with QuickBooks Questions and Answers 100% Pass How do you categorize an expense in QuickBooks? To categorize an expense in QuickBooks, go to the "Expenses" menu, select "Enter Bills" or "Write Checks," choose the expense account from the drop-down list, and enter the expense details. What is a QuickBooks balance sheet report? A balance sheet report in QuickBooks shows the company’s financial position at a specific date, listing assets, liabilities, and equity. ...