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Bookkeeping Final Exam review with Complete Solutions
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Bookkeeping Final Exam review with Complete Solutions What is the purpose of maintaining a fixed asset register? A fixed asset register tracks details about a company's long-term assets, including their purchase price, depreciation, and current value, helping manage and account for these a...

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  • September 15, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bookkeeping final exam review with complete solut

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  • Bookkeeping
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Bookkeeping Final Exam review with
Complete Solutions

What is the purpose of maintaining a fixed asset register?


✔✔ A fixed asset register tracks details about a company's long-term assets, including their

purchase price, depreciation, and current value, helping manage and account for these assets

effectively.




How should a company record the receipt of a loan?


✔✔ When a company receives a loan, it debits the cash account to increase its balance and

credits the loans payable account to reflect the obligation to repay the loan.




What are accrued expenses, and how are they recorded?


✔✔ Accrued expenses are costs that have been incurred but not yet paid. They are recorded by

debiting the appropriate expense account and crediting the accrued expenses liability account.




What is the significance of the revenue recognition principle in bookkeeping?


✔✔ The revenue recognition principle dictates that revenue should be recorded when it is

earned, regardless of when cash is received, ensuring that financial statements reflect accurate

financial performance.

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, How does one adjust for an error found in an account balance that was previously reconciled?


✔✔ To adjust for an error found in a reconciled account, you make a correcting journal entry to

adjust the account balance and document the nature of the error and the correction made.




What is a petty cash fund, and how is it managed?


✔✔ A petty cash fund is a small amount of cash kept on hand for minor expenses. It is managed

by keeping receipts for expenditures, periodically reconciling the fund, and replenishing it as

needed.




How do you record a customer prepayment in the books?


✔✔ A customer prepayment is recorded by debiting the cash account and crediting the unearned

revenue account, reflecting that the revenue has been received but not yet earned.




What are adjusting entries, and why are they necessary?


✔✔ Adjusting entries are made at the end of an accounting period to update account balances

before preparing financial statements, ensuring that revenue and expenses are recorded in the

correct period.




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