Bookkeeping basics - Study guides, Class notes & Summaries

Bookkeeping Basics Part 10 Exam Questions With Solutions 100% Correct Anything a business owns of value, or a resource of value, that has the potential to be transformed into cash. Asset The list of all of the accounts and sub-accounts used to categorize transactions. Chart of accounts The report covering the sources and uses of cash by a business. Statement of cashflows The financial statement that reports a business's assets, liabilities, and equity at a specific point in time. Bal...

Quiz Lesson 12: Bookkeeping Basics-Good Business Management Exam Questions and Answers

Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Basics Questions Exam With Solutions 100% Correct 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

Bookkeeping Basics questions with 100% correct answers

Bookkeeping Basics Exam Questions With Solutions 100% Correct Accounting Principle #1 Economic Entity Assumption* The business and its financial transactions are separate from the owner's personal financial transactions. Accounting Principle #4 Cost Principle 1) Financial transactions are shown, forever, as the original and historical cost. 2) We do NOT adjust for inflation or the increase or decrease in the value of an item. Accounting Principle #7 Matching Principle* 1) forces u...

Bookkeeping Basics Exam Questions and Answers 100% Correct | Latest Update What does a bookkeeper typically do? - Bookkeepers have many responsibilities which include, record financial transactions, reconcile bank accounts and manage bank feeds, manage accounts receivable, work with tax preparers and assist with tax compliance, and generate financial statements. Honesty - As a bookkeeper, you must always act with integrity and honesty. This means: Reporting financial data in accurate a...

Quiz Lesson 12: Bookkeeping Basics-Good Business Management ExamQuestions Exam With Solutions 100% Correct The general expenses necessary to run the business are called operating expenses. How long should sales records such as invoices and monthly statements be stored? 6 years Employee theft and embezzlement can be prevented by having a CPA or outside bookkeeper perform periodic audits. A break-even analysis includes operating expenses and total monthly debt payments, plus gross prof...

Intuit Academy Bookkeeping Professional Certificate- Bookkeeping Basics Exam

BOOKKEEPING BASICS STUDY GUIDE EXAM QUESTIONS WITH CORRECT ANSWERS

Bookkeeping Basics Questions With Solutions 100% Correct What is the difference between accounting and bookkeeping? 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? and why is it used? Double-entry bookkeeping is a bookkeeping system that records each transaction twice. This is by displaying a positive and negative financial ef...