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Bookkeeping questions with verified solutions graded A+
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Bookkeeping questions with verified solutions graded A+
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BookkeepingBookkeeping vs. Accounting, what is bookkeeping? - correct answer ✔✔Data entry, Bank reconciliation,
Invoicing, Paying bills
Bookkeeping vs. Accounting, what are the crossover tasks? - correct answer ✔✔Monthly reports,
Payroll, Tax Prep
Bookkeeping vs. Accounting, what is accounting? - correct answer ✔✔End of year reports, Business
strategy, Monthly reports, Payroll, Tax Prep
What does bookkeeping encompass? - correct answer ✔✔Bookkeeping encompasses recording, storing,
and retrieving financial transactions. It centers on the transactional, day-to-day recording and upkeep of
a business's financial records.
Accounting refers to - correct answer ✔✔Accounting refers to analyzing, reporting, and summarizing a
business's transactions.
Which three of the following tasks are typically performed by a bookkeeper?
Business strategy
a. Analysis of financial and management reports
b. Retrieving of financial transactions
c. End-of-year reports
d. Recording of financial transactions
e. Storing of financial transactions - correct answer ✔✔b. Retrieving of financial transactions
d. Recording of financial transactions
e. Storing of financial transactions
Which of the following options best describe double-entry bookkeeping? Select all that apply.
a. Double entry means you add each transaction to the same account twice
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