What is bookkeeping - Study guides, Class notes & Summaries
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BOMI- BUDGETING AND ACCOUNTING
- Exam (elaborations) • 54 pages • 2024
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Which key components make up the bookkeeping process? (2) - Answer-recording and classifying transactions is known as bookkeeping. 
 
Describe the roles filled by a accountant (3) - Answer-Accounting is a system of summarizing, interpreting, and communicating financial data. 
 
What are the primary functions associated with accounting ? (4) - Answer-Accounting is the next step in the process. Accounting is the system of summarizing, interpreting, and communicating financial data. 
 
Specify func...
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Professional Bookkeeping with QuickBooks Online Questions with complete solution 2024
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Professional Bookkeeping with QuickBooks Online Questions with complete solution 2024 Professional Bookkeeping with QuickBooks Online, Bookkeeping Certification Course, AAT LEVEL 2 INTRO TO BOOKKEEPING 
 
Keeping track of the business transactions of your employer or clients - correct answer What is the primary role of a bookkeeper? 
 
Set compensation for employees - correct answer The key duties of a bookkeeper? 
 
You usually have a great opportunity to gain breadth of experience as a boo...
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BOMI- Budgeting and Accounting All Possible Questions and Answers with complete solution
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- Chapter 1- older version 
-what are the services required, which can be eliminated, what needs to be added, has occupancy 
changed , what's include din lease agreements - then determine upcoming contracts for the next 
year 
. As property manager, Rudy approves invoices for payment, but he knows that some 
invoices, such as an invoice for ..blank.., will require approval from the owners. - a. new carpeting 
for a 20,000-square-foot unit 
b. one new desk chair for the management office 
c. sal...
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BOMI CHAPTER 1-14 KEY CONCEPT STUDY GUIDE: BUDGETING & ACCOUNTING CUMULATIVE
- Exam (elaborations) • 63 pages • 2024
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1-1. Which key components make up the bookkeeping process? (1-2&4) 
 
Is the process of recording and classifying transactions 
 
(a financial event that is shown within a financial statement/report) 
 
 
 
1-1a. What is budgeting (1-2)? 
 
It is an ongoing process coordinating resources and expenditures. It is comprised of: 
• Analysis of the past 
• Benchmarking (reviewing performance metrics) 
• Future Projections 
 
 
1-1b. What does a budget reflect (1-2)? 
 
A business' priorities a...
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Bookkeeping Class by Intuit Question and answer correctly solved 2024
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Bookkeeping Class by Intuit Question and answer correctly solved 2024 Bookkeeping Class by Intuit, BUSINESS STUDIES, Bookkeeping, Chapter 15- Book Keeping, Bookkeeping, Bookkeeping Basics, Double Entry Bookkeeping 
 
Bookkeepers typically... - correct answer Record financial transactions, reconcile bank accounts, manage accounts receivable, manage accounts payable, work with tax preparers and assist with tax compliance, and generate financial statements. 
 
As a bookkeeper what would Honesty ...
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Bookkeeper Practice Test with Complete Solutions
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Bookkeeper Practice Test with Complete 
 
Solutions 
 
What is the main purpose of a general journal? 
 The main purpose of a general journal is to record all types of transactions in chronological 
order before they are posted to individual ledger accounts. 
 
What does "depreciation" refer to in bookkeeping? 
 Depreciation refers to the gradual reduction in the value of a fixed asset over time due to 
wear and tear or obsolescence. 
 
How is an expense invoice typically handled in bookkeepin...
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AAT Level 2 - Bookkeeping Controls Questions and Answers 100% Pass
- Exam (elaborations) • 11 pages • 2024
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AAT Level 2 - Bookkeeping Controls 
Questions and Answers 100% Pass 
 
What is the function of a sales ledger in bookkeeping? 
 The sales ledger records all transactions related to sales on credit, including amounts owed 
by customers and details of each sale. 
 
How should discrepancies between internal records and the bank statement be addressed? 
 Discrepancies should be reviewed and investigated to determine the cause, and necessary 
adjustments should be made to ensure accuracy in the recor...
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Bookkeeping Basics Questions with Certified Solutions
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Bookkeeping Basics Questions with 
 
Certified Solutions 
 
What is a cash disbursement journal used for? 
 A cash disbursement journal records all payments made in cash, including payments to 
suppliers, employees, and other expenses. 
 
How do you handle unrecorded transactions? 
 Unrecorded transactions are identified and entered into the journal and ledger to ensure all 
financial activities are accurately reflected in the records. 
 
What is the purpose of a purchase journal? 
 A purchase j...
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Bookkeeping Basics Questions and Answers Graded A+
- Exam (elaborations) • 34 pages • 2024
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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...
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Bookkeeping Final Exam review with Complete Solutions
- Exam (elaborations) • 14 pages • 2024
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Bookkeeping Final Exam review with 
 
Complete Solutions 
 
What is the purpose of maintaining a fixed asset register? 
 A fixed asset register tracks details about a company's long-term assets, including their 
purchase price, depreciation, and current value, helping manage and account for these assets 
effectively. 
 
How should a company record the receipt of a loan? 
 When a company receives a loan, it debits the cash account to increase its balance and 
credits the loans payable account to...
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