Penn Foster Question and answers verified to pass 2024
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Course
Bookkeeping
Institution
Bookkeeping
Penn Foster Question and answers verified to pass 2024 Penn Foster: Bookkeeping, Bookkeeping - Adjusting Entries, Accounting, Bookkeeping Basics Week 4 Assumptions
Bookkeeper - correct answer A person in charge of keeping the financial records of an organization.
Service Business - correct...
Penn Foster: Bookkeeping, Bookkeeping
- Adjusting Entries, Accounting,
Bookkeeping Basics Week 4
Assumptions
Bookkeeper - correct answer ✔A person in charge of keeping the financial
records of an organization.
Service Business - correct answer ✔A business that performs a service in
exchange for payment.
Bookkeeping - correct answer ✔The process of recording business
transactions.
Accounting - correct answer ✔The art of recording, classifying, and
summarizing in a significant manner and in terms of money, transactions and
events which are of a financial character,and interpreting the results.
Account Title - correct answer ✔The name given to an account.
Transaction - correct answer ✔Any activity that occurs in the business that
changes part of the accounting equation (assets, liabilities, or owner's equity).
Account Balance - correct answer ✔The amount in an account.
, Asset - correct answer ✔Anything of value that is owned.
Capital - correct answer ✔Account used to summarize owner's equity.
Liability - correct answer ✔(Creditor's Equity) Anything OWED by a business.
Owner's Equity - correct answer ✔The value remaining in the business when
liabilities have been deducted from assets.
Account Payable - correct answer ✔A liability account recording that money
is or will be owed.
Line One of Balance Sheet - correct answer ✔Who (Business Name)
Line Two of Balance Sheet - correct answer ✔Type of Accounting Statement
Line Three of Balance Sheet - correct answer ✔When? (the date the
statement is made)
Current Assets - correct answer ✔Assets that can be easily converted into
cash and cash equivalents (typically within a year).
Types of Current Assets - correct answer ✔- Cash
- Cash equivalents
- Short-term deposits
- Stock
- Marketable securities
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