Exam (elaborations)
Bookkeeping Exam Questions with correct Answers
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Exam of 3 pages for the course Bookkeeping at Bookkeeping (Bookkeeping Exam)
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Bookkeeping ExamWhat tasks would a bookkeeper do? - answerHandle bank feeds and reconciles bank
accounts, managing accounts receivable/payable, and record financial transactions
Accounting Equation - answerAssets = Liabilities + (Owner's) Equity
Mortgage - answera long-term loan extended to someone who buys property (*money
owed to the lender)
Assets - answerIt will provide value to the business, ONCE received
Liability example - answerCredit card (the company BORROWS $ from a bank when
putting purchases on a CC and HAS to PAY IT BACK
Equity - answerMoney invested in the company (by 1 or more owners) = what you own
Assets (example) - answerInvestments (in other companies)
Liability (example - answerPayroll or sales tax owed to the government
If Lou's purchase increased liabilities by $600, what would also need to happen for the
accounting equation to be in balance? - answerAdd $600 to assets
5 account types - answerAssets, liabilities, equity, revenue, expenses
Balance sheet (equation) - answerAssets = Liabilities + Owner's Equity
Income statement (equation) - answerRevenues - Expenses (= Net Income)
Expanded accounting equation - answerAssets + Expenses = Liabilities + Equity +
Revenue
To INCREASE an account, you will... - answerDebit an Expense or Asset (DEA)
With a credit, you will... - answerCredit a liability, equity, or revenue an account (LER)
Expense (example) - answercheck
Liability (example) - answerLong term loan
(value of the business) Equity = - answerAssets - liabilities
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