Exam (elaborations)
Bookkeeping(questions with 100% correct answers)
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Bookkeeping(questions with 100% correct answers)
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BookkeepingWhat tasks would a bookkeeper do? - correct answer ✔✔Handle bank feeds and reconciles bank
accounts, managing accounts receivable/payable, and record financial transactions
Accounting Equation - correct answer ✔✔Assets = Liabilities + (Owner's) Equity
Mortgage - correct answer ✔✔a long-term loan extended to someone who buys property (*money
owed to the lender)
Assets - correct answer ✔✔It will provide value to the business, ONCE received
Liability example - correct answer ✔✔Credit card (the company BORROWS $ from a bank when putting
purchases on a CC and HAS to PAY IT BACK
Equity - correct answer ✔✔Money invested in the company (by 1 or more owners) = what you own
Assets (example) - correct answer ✔✔Investments (in other companies)
Liability (example - correct answer ✔✔Payroll 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? - correct answer ✔✔Add $600 to assets
5 account types - correct answer ✔✔Assets, liabilities, equity, revenue, expenses
Balance sheet (equation) - correct answer ✔✔Assets = Liabilities + Owner's Equity
Income statement (equation) - correct answer ✔✔Revenues - Expenses (= Net Income)
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