Exam (elaborations)
Bookkeeping Final Exam review Questions and Answers
- Course
- Institution
Bookkeeping Final Exam review Questions and Answers
[Show more]
Content preview
Bookkeeping Final Exam reviewQuestions and Answers
Balance Statement - Answer -(Records)
This shows what you own
Assets + Liabilities
Owner's Equity is the difference between these two
Income Statement - Answer -This shows the revenue (income) earned and the
operating cost incurred. Net Income is the difference between revenue & cost
Assets - Answer -Things of value
Ex. cash, buildings, equipment, merchandise for sale
Increased with a debit and decreases with a credit
Liabilities - Answer -Debts owing to others
Ex. Credit cards, bank loans, and mortgages
Increases with a credit & decreases with a debit
Owners Equity - Answer -The value of assets that remains after all debts have been
paid off
Increases with a credit and decreases with a debit
Revenues - Answer -Earnings from the sales of goods and services to customers
A business can have more than one kind of revenue
Increases with a credit and decreases with a debit
Expenses - Answer -Cost of operating the business
Ex. Rent, Salaries, Electricity, Water, Advertising
Increases with a debit and decreases with a credit
5 Classes of Accounts - Answer -Assets
Liabilities
Owners Equity
Revenue
Expenses
Business Entity Concept - Answer -All accounts must be kept separate from personal
expenses
Conservatism Principle - Answer -Information must be fair and reasonable
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now