Bookkeeping Chapter 3 UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Chapter 3 UPDATED
ACTUAL Exam Questions and CORRECT
Answers
With double-entry bookkeeping, all of the following are correct, except - CORRECT
ANSWER - A credit may decrease a liability
With respect to the role of a bookkeeper, tagging and monitoring fixed assets, issuing invoice...
Bookkeeping Chapter 3 UPDATED
ACTUAL Exam Questions and CORRECT
Answers
With double-entry bookkeeping, all of the following are correct, except - CORRECT
ANSWER - A credit may decrease a liability
With respect to the role of a bookkeeper, tagging and monitoring fixed assets, issuing invoices to
customers, paying suppliers in a timely manner, and preparing financial statements are referred
to as principal - CORRECT ANSWER - Accountabilities
Accounts receivable are to short-term amounts due from customers as accounts _______ are to
short-term obligations to pay for purchases on credit. - CORRECT ANSWER - Payable
During an accounting period, all of the following refer to individual transactions EXCEPT -
CORRECT ANSWER - Preparing a preliminary trial balance
You should record any transaction that might impact any shareholder whose income depends on
returns on investment. Among accounting principles, this statement is best associated with the
_______ principle. - CORRECT ANSWER - Materiality
A/an _______ balance is a test to determine that the sum of credits is equal to the sum of debits
in given accounting period. - CORRECT ANSWER - Trial
If it is assumed that accounting software will automatically cancel out an accrual in the following
month, accruals are initiated as _______ accruals. - CORRECT ANSWER - Reversing
With depreciation, the estimated amount of money that can be expected from some buyer at the
end of asset's useful life is its - CORRECT ANSWER - Salvage Value
On a balance sheet, accounts receivable appears as - CORRECT ANSWER - An Asset
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