Bookkeeping Certification Exam UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Certification Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Accounting provides information for employees within a business but not for those outside of a
business. T o F - CORRECT ANSWER - F
Assets represent amounts owed to entities outside of the business. - CORRECT
...
Bookkeeping Certification Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Accounting provides information for employees within a business but not for those outside of a
business. T o F - CORRECT ANSWER -F
Assets represent amounts owed to entities outside of the business. - CORRECT
ANSWER -F
Notes Payable is a liability account. - CORRECT ANSWER -F
The Nathaniel H. Spencer, Capital account represents amounts withdrawn from a business by the
owner. - CORRECT ANSWER -F
With double-entry bookkeeping, at least two accounts are impacted by every transaction. -
CORRECT ANSWER -T
All transactions must involve at least three accounts. - CORRECT ANSWER -F
The sale of services to a customer on account increases the Service Revenue and the Accounts
Receivable accounts. - CORRECT ANSWER -T
The accounting equation must be in balance after every transaction. - CORRECT
ANSWER -T
Recording transactions allows a company to maintain a running balance for each account. -
CORRECT ANSWER -T
, What is the accounting equation? - CORRECT ANSWER - Assets = Liabilities + Owner's
Equity
Which account is NOT an owner's equity account?
Rent Expense
John Doe, Capital
Service Revenue
Supplies - CORRECT ANSWER - Supplies
Identify the action that is NOT a transaction.
Renaming a business
Purchasing office furniture for cash
Selling goods to a customer
The owner investing cash into a business - CORRECT ANSWER - Renaming a Business
What two accounts are impacted when a business purchases pens and pencils on account?
Furniture and Cash
Supplies and Accounts Payable
Cash and Supplies
Accounts Receivable and Accounts Payable - CORRECT ANSWER - Supplies and
Accounts Payable
What is something a bookkeeper is NOT typically responsible for, per the U.S. Bureau of Labor
Statistics?
Analyzing quarterly results
Recording financial transactions
Updating statements
Checking financial records for accuracy - CORRECT ANSWER - Analyzing Quarterly
Results
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