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Penn Foster Question and answers verified to pass 2024

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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...

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  • August 30, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • penn foster
  • penn foster question and answers verified to pass

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  • Bookkeeping
  • Bookkeeping

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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.


Accounting Equation - correct answer ✔Assets = Liabilities + Owner's Equity

, 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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