Bookkeeping ch 1 6 - Study guides, Class notes & Summaries
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Bookkeeping Ch 1-6 Questions and Answers Already Passed
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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...
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Bookkeeping Ch 1-6 Exam/55 Accurate Questions with Solved Answers
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Bookkeeping Ch 1-6 Exam/55 Accurate Questions with Solved Answers
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Bookkeeping Ch 1-6 Exam Questions and Answers
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Bookkeeping Ch 1-6 Exam Questions and Answers
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Bookkeeping Ch 1-6 questions with complete solutions graded A+
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Bookkeeping Ch 1-6 questions with complete solutions graded A+
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Bookkeeping Terms Question and answers already passed 2024
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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 
 
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Bookkeeping Ch 1-6 Questions With Solutions 100% Correct
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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...
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Bookkeeping Ch 1-6 Questions and Answers 2024
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Bookkeeping Ch 1-6
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Bookkeeping Exam Bundle (Graded A+)
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Bookkeeping definitions Exam Study Guide with Correct Answers


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Bookkeeping Class by Intuit Exam Questions with Correct Answers


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Bookkeeping Ch 1-6 Exam Questions with Correct Answers


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Bookkeeping Certification Exam Questions with Correct Answers


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BOOKKEEPING CH #1-6 REVIEW EXAM QUESTIONS AND ANSWERS
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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 ...
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Bookkeeping Ch 1-6 Questions and Answers
- Exam (elaborations) • 7 pages • 2024
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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...
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