Bookkeeping Certification Course UPDATED Exam Questions and CORRECT Answers
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Certification Course
UPDATED Exam Questions and
CORRECT Answers
A schedule that contains all accounts needed to prepare financial statements is known as: -
CORRECT ANSWER - general ledger
Reorganizing all the journal entries and grouping them by account is known as: - CORRECT
AN...
Bookkeeping Certification Course
UPDATED Exam Questions and
CORRECT Answers
A schedule that contains all accounts needed to prepare financial statements is known as: -
CORRECT ANSWER - general ledger
Reorganizing all the journal entries and grouping them by account is known as: - CORRECT
ANSWER - posting to the ledger
Chart of Accounts (COA) - CORRECT ANSWER - an ordered listing of accounts that a
company has identified and made available for recording transactions
Journal Entry - CORRECT ANSWER - an accounting method for expressing the effects of
a transaction on accounts in a debits-equal-credits format
General Ledger - CORRECT ANSWER - A ledger that contains all accounts needed to
prepare financial statements
Financial Statements - CORRECT ANSWER - Financial reports that summarize the
financial condition and operations of a business
To find the balance of the account types that INCREASE with a DEBIT (asset and expense
account), bookkeeper's will: - CORRECT ANSWER - Subtract total credits from total
debits (Debits-Credits=)
Accounting Cycle Steps - CORRECT ANSWER - 1. Analyze business transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
, 5. Journalize and post adjusting entries
6. Prepare an adjusted trial balance
7. Prepare financial statements
8. Journalize and post closing entries
9. Prepare a post-closing trial balance
The accounting cycle step 1 - CORRECT ANSWER - Analyze business transactions
After analysis, the business transaction is recorded in the journal in what order: - CORRECT
ANSWER - Chronological
A form or statement that lists the titles and balances of ALL ledger accounts at a given date is
known as a: - CORRECT ANSWER - trial balance
Sydney is entering a transaction in QuickBooks. What are the two steps of manual accounting
that will happen simultaneously as she does this? - CORRECT ANSWER - Creating a
journal entry and posting to the ledger
Account numbers beginning with a 1 or a 6 signifies what type of accounts: - CORRECT
ANSWER - Asset and and operating for example
A trial balance where total debits equal total credits indicates: - CORRECT ANSWER --
The ledger is in balance.
To determine a companies financial position was on a certain date, which would be the best
report to look at? - CORRECT ANSWER - The balance sheet because it reports a
company's assets, liabilities, and equity at a specific point in time. A company can use this to
determine the financial position on the day it needs it
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