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Lesson 17 Finance Basics. Quiz Questions and Answers $8.49   Add to cart
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Lesson 17 Finance Basics. Quiz Questions and Answers
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  • FIN701
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  • FIN701

Any dealing that involves money is termed _____. - Answer-transaction Which is an itemized expansion of the accounting equation, listing assets, liabilities and the resulting owner's equity? - Answer-balance sheet When reconciling, what do you do with the interest earned? - Answer-Add the amo...

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  • August 23, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • lesson 17 finance basics quiz questions and answe
  • any dealing that involves money is termed

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  • FIN701
  • FIN701

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Lesson 17 Finance Basics. Quiz
Questions and Answers
Any dealing that involves money is termed _____. - Answer-transaction

Which is an itemized expansion of the accounting equation, listing assets, liabilities and
the resulting owner's equity? - Answer-balance sheet

When reconciling, what do you do with the interest earned? - Answer-Add the amounts
to your check register.

An income statement tracks profit by listing revenues and subtracting _____. - Answer-
expenses

What term(s) refers to maintaining an office's financial records to keep everything
balanced? - Answer-keeping the books

What is money resulting from selling a product or service? - Answer-revenue

Which is not an advantage of computerized accounting? - Answer-It takes more time to
accomplish but uses less paper.

Which is a false statement of petty cash? - Answer-The amount at the beginning of
each day may vary.

Which is not a common financial responsibility for medical office managers? - Answer-
Manage the accounting department

The money owed to the company is called an asset or _____. - Answer-accounts
receivable

Which tracks all of an employee's expenditures and allowing for work-related activities
to be reimbursed? - Answer-expense reimbursement reports

What is the net result of comparing revenues to expenses? - Answer-profit

The person who writes the check - Answer-drawer

The person who receives the check - Answer-payee

Allowed to access a checking account - Answer-Authorized signature

Conditions set out by the authorized signature - Answer-restricted endorsement

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